As we conclude the week, let's take a moment to review the major developments in the crypto market.
7 Days Heatmap
After rejecting the $60,000 resistance level, BTC dipped by -1.98%, and ETH followed, ending the week bearish by over -0.65%.
This dip in BTC was mirrored across the crypto market, as most altcoins closed the week on a bearish note.
BTC Analysis
As per our previous outlook, BTC rejected the $60,000 resistance level and is currently bearish, trading within the falling channel highlighted in red.
Currently, BTC is hovering within a narrow range. For the bulls to take over and shift the momentum again, a break above the last major high at $59,700 is needed.
Meanwhile, BTC would remain bearish, and a break below the last low at $56,300 could lead to a continuation towards the $52,000 mark.
ETH Analysis
As per our previous outlook, ETH rejected the $2,750 - $2,900 support zone and then broke above the last major high marked in blue.
The bulls will remain in control as long as the last low at $3,018 holds.
In parallel, if the last low at $3,018 is broken downward, a bearish movement within the $2,750 - $2,900 support zone would be anticipated.
Quote of the week
Where you want to be is always in control, never wishing, always trading, and always, first and foremost, protecting your butt.
~ Paul Tudor Jones
Closing Remarks
In summary, Bitcoin (BTC) faced resistance at $60,000 and dropped by 1.98%, while Ethereum (ETH) also ended the week bearish. This bearish trend was reflected across most altcoins.
BTC struggled to break past $60,000 and is now trading within a falling channel. For the bulls to regain control, BTC needs to break above $59,700. In parallel, if BTC falls below $56,300, it could head towards $52,000.
ETH bounced off the $2,750 - $2,900 support zone and managed to climb above the previous high. The bulls remain in control as long as ETH stays above $3,018.
Also read our detailed market outlook article.
