- Bitcoin price holds in crucial support, which, if defended, could a rally above $60,000.
- Ethereum is still in the bulls’ hands despite the pullback, but support is needed beyond $4,000.
The cryptocurrency market is still bleeding 24 hours after Bitcoin and Ethereum started to pull back from their weekly highs. According to CoinGecko, these losses have affected most crypto assets in the market except Shiba Inu. As reported, the Shiba Army is leaving no stone unturned in their fight to highs above $0.0001.
Cardano is among the most significant losers, trading 1.7% lower at $1.93. Similarly, Ripple is down 10% and can barely hold $1. Other altcoins with losses of more than 10% include Terra, Avalanche, Chainlink, and Dogecoin.
Bitcoin bears are harrowing into the support above $58,000 and marked green on the daily chart. The need to fight for this anchor zone emerged after BTC slipped below $60,000 on Wednesday from a resistance close to $64,000.
When writing, the bellwether cryptocurrency is trading at $58,900 as the tug of war between the bulls and the bears intensifies. A return above $60,000 would prove to buyers that Bitcoin was back in the bulls’ hands. Thus, encouraging them to buy more as speculation rises for the next swing high past $70,000.
Realize that the downward force cannot be ignored based on the RSI, which shows that sellers have the potential to become the dominating force. A daily close under the green zone could trigger another selloff to the region between $54,000 and $55,000.
BTC/USD Daily Chart
Despite Ethereum retreating from highs above $4,200, it is still mainly in the bulls’ hands. This is due to the immense support within the demand area in green on the daily chart. As long as the smart contracts gigantic token can keep within or above this zone, buyers will have more say regarding the eventual trend’s direction.
Besides, the RSI has already started showing signs of recovery as it bounces from 55. If the technical index keeps moving upward, bulls will aggressively push the price higher.
ETH/USD Daily Chart
A daily close above $4,000 is needed to ascertain the control of the bulls. Here, more buyers will come into the market from the sidelines, aiming for a taste of $4,400 and later $5,000.
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