Bitcoin: Bulls Struggle to Break $26,000 Level
Bitcoin began the weekend trading near the $26,000 mark, with bulls attempting to push through this price zone. On Friday, bitcoin reached a peak of $26,414.01, but as the day progressed, the price slipped when bulls failed to surpass a key resistance point. In today’s session, BTC/USD hit a low of $25,730.12, but it has slightly risen and is now at $25,862.51. This slight increase coincides with the relative strength index (RSI) edging closer to the crucial resistance level of 45.00. Currently, the RSI is at 39.66, after reaching a low of 35.00 on Friday. There is a potential cross between the 10-day and 25-day moving averages, which could trigger a rise in bullish sentiment.
Ethereum: Market Volatility Eases as Bulls Defend Support Level
Ethereum (ETH) has been hovering around the key support level of $1,630 at the start of the weekend, as market volatility calms on Saturday. After reaching a low of $1,624.48 on Friday, ETH/USD made marginal gains today, reaching a peak of $1,637.98. For most of the week, bulls have successfully defended against bearish attempts to break below the support level. However, for the market sentiment to turn bullish, a breakout above the 42.00 level on the RSI is necessary. Currently, the price strength sits at 38.67, with ethereum trading relatively flat around the $1,634 region.
Hot Take
Both bitcoin and ethereum are facing key resistance levels that could determine the direction of their respective trends. Bitcoin needs to break above the $26,000 level to gain momentum, while ethereum requires a breakthrough above the $1,630 level. Traders are closely monitoring the RSI for signs of a shift in sentiment. A rise in bullish sentiment could lead to potential price increases for both cryptocurrencies. However, if bulls fail to overcome the resistance levels, the prices may experience further downward pressure. As the market remains uncertain, it is important to monitor key levels and indicators before making any trading decisions.
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