As we conclude the week, let's take a moment to review the major developments in the crypto market.
7 Days Heatmap
After breaking above the $60,000 resistance level, BTC surged by over 11%, while ETH remained stubborn, ending the week where it started with a -0.55% change.
This parabolic movement in BTC was reflected across the whole crypto market, as most altcoins closed the week on a bullish note.
BTC Analysis
As per our previous outlook, BTC broke above the $60,500 previous major high and traded higher as if there were no tomorrow.
Currently, BTC is rejecting the $66,000 mark. For the bulls to remain in control and push towards the $70,000 round number, a break above $66,000 is needed.
In parallel, if the last low at $62,500 is broken downward, a bearish correction towards the $58,000 - $60,000 support zone is expected.
ETH Analysis
As per our previous outlook, ETH broke above the $3,018 major high and has been bullish since then, trading within the rising channel marked in blue.
For the bulls to maintain control, a break above the $3,500 mark is needed.
In parallel, if the last low at $3,325 is broken downward, a bearish correction towards the $3,000 round number is expected.
Quote of the week
The stock market is filled with individuals who know the price of everything, but the value of nothing.
~ Philip Fisher
Closing Remarks
In summary, BTC surged by over 11% after breaking above the $60,000 resistance level, reflecting a bullish trend across the market, although ETH remained relatively flat with a slight -0.55% change.
BTC's rejection at the $66,000 mark indicates a need for a break above this level for bulls to push towards $70,000.
In parallel, a drop below $62,500 could trigger a bearish correction towards the $58,000 - $60,000 support zone.
ETH has been bullish after breaking above $3,018, but for continued upward momentum, a break above $3,500 is necessary. A fall below $3,325 could lead to a bearish correction towards the $3,000 support level.
Also read our detailed market outlook article.
