According to Santiment data, Bitcoin whales continue to buy. During this period, Bitcoin encountered selling pressure at the EMA 20 level. While Bitcoin's struggle to find direction continues, Ethereum investors are carefully monitoring the $ 2,850 level. Uncertainty continues on the Bitcoin front as bears and bulls fight for control of the market.
Glassnode founders Jan Happel and Yana Allemann believe that the price will continue to rise and stated in a social media post that they expect a bigger rise in Bitcoin. Uncertainty about the next move hasn't stopped whales from buying. Blockchain data analysis firm Santiment reported that whale wallets holding 1,000 to 10,000 Bitcoins purchased approximately $941 million worth of Bitcoin in 24 hours.
Bitcoin Chart Analysis
Bitcoin bulls are trying to keep the price above $60,000 but are facing selling pressure at the 20-day exponential moving average (EMA) of $62,959. Downward moving averages and the Relative Strength Index (RSI) in the negative zone show that the bears have the upper hand. If Bitcoin breaks the $59,650 support level, BTC/USDT could decline as low as the 61.8% Fibonacci retracement level at $54,298.
Conversely, this negative outlook will become invalid if the price rises and surpasses the 50-day simple moving average (SMA) level of $65,620. The pair could then gain momentum towards the critical resistance at $73.777.
Ethereum Chart Analysis
Ethereum has been trading between the 20-day EMA of $3,087 and $2,850 for several days. The falling moving averages and the RSI in the negative zone show the advantage of the sellers. If there is a break and close below $2,850, the ETH/USDT pair could enter a downtrend and decline to the support line of the channel.
The area between Ethereum's 20-day EMA and the resistance line constitutes critical resistance. For a potential trend change, buyers need to push the price above this zone. If this happens, the pair could have an upward trend towards $3,350.
While these analyzes provide clues about the volatile nature of the cryptocurrency market, they show that investors should proceed with caution. Since cryptocurrency investments involve high risk, risk management and portfolio diversification are always important elements.
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