BTC had another challenging week, trading below the $60,000 mark. How much further might it go? Let’s find out together.
7 Days Heatmap
BTC has been dipping for three consecutive weeks, and this week, it closed bearish with a loss of over 6.15%.
As usual, the entire crypto market followed BTC's lead, with red across the entire heatmap.
BTC Analysis
Following our latest BTC update, it has been, and still is, trading within a falling channel highlighted in red.
As long as BTC continues trading within this falling channel, further bearish movement toward the $50,000 - $52,000 support zone is expected.
For the bearish scenario to become invalid, a break above the previous major high of $58,500 is necessary.
ETH Analysis
ETH has also been bearish, as mentioned in our previous market outlook, especially after breaking below the $2,400 - $2,500 support zone.
As long as the $2,500 resistance holds, a bearish continuation within the falling channel toward the $2,100 support level is expected.
Quote of the week
An investment in knowledge pays the best interest.
~ Benjamin Franklin
Closing Remarks
In summary, both BTC and ETH have experienced continued bearish trends, with BTC trading within a falling channel and facing further downside pressure toward the $50,000 - $52,000 support zone.
For BTC to invalidate the bearish scenario, it needs to break above the $58,500 level.
ETH remains bearish after breaking below the $2,400 - $2,500 support zone, with expectations of further decline toward the $2,100 support level if the $2,500 resistance holds.
Looking for a deeper analysis? Dive into our detailed market outlook for more insights.
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