BTC is likely to claw back $70K after a major bullish breakout, while ETH is getting close to exceeding $4000.
Key Results: BTC Technical Analysis
Bitcoin continues to test the $70,000 level despite recent sharp declines from key resistance levels.
If BTC fails to surpass the current resistance, we could see the price return to $64,000.
If the market extends its continued bullish trend, the $74.5K and $80K levels are the next possible targets.
Bitcoin technical analysis – BTC daily chart
BTC/USD could continue its current bullish surge and surpass the $80,000 level within the next month. Source: Distributed
Bitcoin (BTC) price surged northward at 15:30 GMT on Friday, surpassing its previous high of $69,329 to hit a record high of $69,990 on the Binance exchange. Following the high point, there was a rapid decline. This is most likely due to a sell order being triggered.
Despite a quick rejection of $70,000, further upside remains as BTC price pushes towards the barrier.
Momentum continues to rise, as evidenced by the rising relative strength index (RSI) and the increasing histogram bars of the volume indicator. This trend is getting stronger. Increasing buying pressure could push the Bitcoin price back above $70,000. Clearly surpassing this level will open the way to further profits.
Technically, the Bitcoin price still has room to fall and will likely bounce back for another bullish move after retesting important support near $64,000, targeting key pivot levels near $74,500 and $80,000.
See also: Bitcoin and Ethereum technical analysis
Key Results: ETH Technical Analysis
Ethereum hit an all-time high of $4,011 on Binance before the planned Dencun upgrade.
A break above the current support at $3,840 could force the price to retest the $3.5K-$3.6K area.
If the price stays above the $4K level, we could see ETH hitting resistance at $4,161 and $4,385.
Ethereum technical analysis – ETH daily chart
ETH/USD could retest the $4,100-$4,300 resistance area after a possible bullish breakout of the $4,000 level. Source: Distributed
The price of Ethereum reached its first all-time high of $4,012 by the end of December 2021, marking a significant turning point for the altcoin before a major upgrade. Ethereum holders are eagerly anticipating the imminent Dencun update, the biggest improvement since the altcoin switched to proof-of-stake.
The bullish argument for ETH could be disproved if the daily candlestick closes below the 38.2% Fibonacci level, which would push Ethereum towards its 2024 high of $3,307. If the altcoin experiences a correction, it could find support near the psychologically important $3,000 level.
According to the optimistic outlook, a break above the current resistance of $4,020 will push the price to reach the weekly pivot point near the $4,161 and $4,385 levels.
Post-Bitcoin and Ethereum Technical Analysis: BTC Likely to Reclaim $70K After Major Bullish Breakout, ETH Is Closer to Exceeding the $4000 Mark. first appeared on The Distributed.
