Crypto Analyst Raises Concerns About Bitcoin’s Support Levels
A popular crypto analyst has expressed concerns that Bitcoin (BTC) may lose its support and experience further decline. The analyst, known as Rekt Capital, shared on Twitter that while the loss of support has not been confirmed yet, a weekly close below the range low is necessary for a breakdown to occur. At the time of writing, BTC is valued at $40,950, with a 4% decrease in the past 24 hours.
Deep Dive into Ethereum’s Recent Rally
Rekt Capital also examined Ethereum (ETH) in his Altcoin Newsletter, questioning if the recent rally of the leading smart contract platform is coming to an end. He highlighted that Ethereum reached the range high area after a 19% move within its red-red range. However, it narrowly missed the top of the range by approximately 2%. The analyst suggests that ETH could potentially drop to the range low again, leading to volatility in its value.
Evaluating Ethereum’s Future Support Levels
According to Rekt Capital, if the retest is volatile like the previous month, ETH could drop to the very low $2000s. Alternatively, if there is an even more volatile retest, the green macro Higher Low could serve as key support in the high $1900s. The extent of volatility at this range low support is difficult to determine in advance. Overall, the analyst believes that ETH has completed its significant move for now.
Bitcoin and Ethereum’s Current Performance
Bitcoin is currently trading at $40,950 with a 4% decrease in the last 24 hours. Ethereum is valued at $2,470 and has experienced an 8% decline over the past week.
Hot Take: Uncertainty Surrounds Bitcoin and Ethereum
The crypto market is currently facing uncertainty as both Bitcoin and Ethereum navigate critical support levels. While Bitcoin may lose its support and undergo further decline, Ethereum’s recent rally may be coming to an end. Traders and investors should closely monitor these developments to make informed decisions in the volatile crypto market.
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