As the week comes to a close, let's recap the key events in the crypto market.
7 Days Heatmap
After losing the $60,000 support, BTC dipped by more than 5%, causing almost the entire crypto market to crumble, including ETH, which is down by more than 2%.
BTC Analysis
As per our previous outlook, BTC couldn’t break above $63,000, allowing the bears to take the opportunity to form another bearish leg.
As long as the $60,000 mark holds, bearish pressure will persist, with speculation of a bearish continuation towards the $52,000 support level once again.
BTC will remain bearish unless the last major high at $62,800 is broken to the upside. Only then would a deep bullish correction towards the $70,000 round number be on the horizon.
ETH Analysis
As per our previous outlook, ETH remains bullish and is currently rejecting the $2,500 support and round number.
As long as the lower bound of the support at $2,400 holds, a medium-term bullish impulse towards the $2,900–$3,000 resistance zone could be anticipated.
If the $2,400 support level is broken to the downside, an overextended bearish correction towards the $2,000 weekly support would be in play.
Quote of the week
Trading is very competitive and you have to be able to handle getting your butt kicked.
~ Paul Tudor Jones
Closing Remarks
In summary, BTC's loss of the $60,000 support led to a market-wide decline, with BTC dipping over 5% and ETH down more than 2%.
BTC remains under bearish pressure unless it can break above $62,800, with further declines towards $52,000 possible.
On the other hand, ETH holds a bullish stance above the $2,400 support, with potential gains toward $3,000, but a break below $2,400 could trigger a bearish correction to $2,000.
Check out our in-depth market outlook article.
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