As we approach the end of the week, it's time to review the major developments in the crypto market.
7 Days Heatmap
After breaking below the major low of $63,000, BTC dipped over -20% but managed a swift recovery by the end of the week, closing with a loss of around -6.81%.
The dump and pump in BTC and ETH were reflected across the entire crypto market, resulting in mixed bearish and bullish sentiment across altcoins.
BTC Analysis
As per our previous outlook, BTC has broken above the $58,000 - $60,000 resistance zone.
The momentum has now shifted again from bearish to bullish.
As long as the $58,000 support level holds, we expect a bullish continuation towards the upper bound of the channel and the $70,000 round number.
ETH Analysis
As per our previous outlook, after rebounding from the $2,100 support level, ETH has surged by over 26% and broke back above the $2,500 resistance zone.
As long as the $2,400 support level holds, we expect bullish control to persist and push towards the upper bound of the falling channel and the $3,000 round number.
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, after BTC dipped below the major low of $63,000 and lost over 20%, it managed a swift recovery, closing the week with a smaller loss of around 6.81%.
This volatility in BTC and ETH impacted the entire crypto market, leading to mixed sentiment across altcoins.
BTC has broken above the $58,000 - $60,000 resistance zone, with momentum shifting back to bullish. As long as the $58,000 support level holds, we expect further bullish movement toward the $70,000 target.
ETH rebounded from the $2,100 support level, surged over 26%, and broke above the $2,500 resistance. If the $2,400 support holds, ETH is likely to continue its bullish trend, targeting the $3,000 mark.
Also read our detailed market outlook article.
