Return Incoming? Can Bitcoin (BTC) Regain $70,000 Momentum? Ethereum (ETH) Is Doing Better Than You Think By U.Today
The U.Today – ‘s pattern indicates a potential reversal. The bullish indication of this reversal pattern suggests that XRP may finally experience an upward movement following a period of crisis. But with bearish volume still prevailing, the general market sentiment continues to pose a threat to XRP’s momentum.
Looking at the daily chart, XRP has been trying to break down towards the $0.51 support level, which is a key area to avoid further declines. If the trading volume moves in the direction of buying pressure in the coming days, a positive candlestick pattern at this level may indicate a reversal.
XRP may return to key resistance levels, with $0.54 and $0.56 as immediate targets if a confirmed reversal occurs. If XRP breaks above these levels, it may start to grow strongly, but this depends on the volume and the interest of the buyer continues to rise. Even with a positive candlestick pattern, there are more bearish than bullish contributions to the overall volume trend.
This means that while there may be a short-term upward movement, the general mood is not very positive. The fact that there has not been much buying interest in XRP suggests that market players are still cautious, and the asset may continue to be under pressure in the absence of major inflows.
Any upward momentum can pass, and without it, XRP can retest lower support levels. In addition to any possible changes in volume dynamics, traders will be closely monitoring XRP’s reaction to current support.
it did not reach ATH
Bitcoin’s recent drop below $70,000 shows how resilient it is to growing selling pressure. Bitcoin price briefly moved above this key level before retracing, indicating a brief reversal of bearish momentum. Bitcoin is moving in a wide range on the given chart, finding it difficult to sustain its higher momentum as it approaches resistance levels.
The question of whether Bitcoin can regain its bullish trend or if further consolidation is in store is raised by this latest pullback. According to chart analysis, Bitcoin showed significant momentum at the beginning, when it broke out of the downward channel that held its price for several months.
The breakout brought Bitcoin very close to its recent highs, but the price fell due to the massive increase in volume that accompanied the surge, indicating increased profit-taking. A rejection around $72,000 may indicate an important short-term resistance level. Bitcoin could set the stage for a long-term rally if it can break through this barrier with enough volume.
A few key levels should be monitored if the bearish pressure continues. The first significant support is found at $67,000, which is in line with the 50-day EMA and the previous breakout area. Bitcoin may test the $64,000 mark, where there may be more buying interest if it breaks below this. For Bitcoin to gain momentum again, it must close above $70,000. Reaching this goal would indicate that buyers are pulling back and could cause the rally to return to the resistance level of $72,000.
As of now, the Bitcoin price movement shows a cautious climate. While still positive in the long term, the short-term trend is very volatile right now, with buyers and sellers fighting for control around key levels. In order for investors to determine the possibility of a strong upward trend in the coming weeks, they should take a close look at Bitcoin’s reaction to $67,000 and $64,000, as well as a potential retracement of $70,000.
not that it’s bad
Ethereum isn’t exactly doing well, though it’s not seeing the same kind of explosive gains as Bitcoin during its recent rally. Ethereum maintains a positive trend within the ascending channel, despite some volatility, according to the strong structure of the ETH chart.
This technical pattern indicates that ETH may recover soon, especially as it approaches key channel support levels. According to the chart, Ethereum has been trading in a rising channel since mid-2023, and is currently trying to test the lower boundary of the channel.
A recovery from this position may indicate that Ethereum is ready to move again in the direction of higher resistance levels. One of the most important levels for traders and investors to keep an eye on is the $2,500 support, which serves as a potential starting point for any upward momentum. The 50-day and 100-day EMA are converging around $2,700, which could be resistance for Ethereum if it can recover from this area.
This article was originally published on U.Today
