What is Bitcoin's next move?
Bitcoin and Ethereum have been moving forward ever since the new year. Let's see weekly analysis of the cryptocurrencies.
Bitcoin, which closed the last week with an increase of around 8% with the positive data coming from the macro side and the positive atmosphere in the crypto money market, started the new week with a consolidated in the $30,000 region. Bitcoin, which has now found buyers around $ 29,900, retreated a little after touching the upper band of the channel in which it moved. It is critical that Bitcoin, which is currently priced in the middle band of the channel, does not fall below this zone in the short term.
Bitcoin and Ethereum weekly analysis
In the event that it falls below the middle band, Bitcoin may withdraw to $29,350 and then to $28,500, the lower band of the channel. If above, a permanence above $30,000 and a move to $30,700 will be supportive in the short term for Bitcoin price.
Priced in the $1900 region before the Shapella update, Ethereum experienced a rapid rise, reaching $2150 after the update. Thus, it closed the last week with an increase of up to 13% and closed the gap with Bitcoin recently. Additionally, some retracement of Bitcoin dominance continued to support Ethereum. For Ethereum, which is currently at $ 2090, retesting and exceeding the 11-month high of $ 2150 is critical for the continuation of the upward movement. However, at the moment, there is a consolidating Ethereum price movement, where the buyer-seller balance is formed with Bitcoin. Above, $2150 remains the important and first resistance level, while below it appears as the support levels of $2050 and $2000, respectively.
