💪 BTC/USDT - The on-chain balance metric for exchanges tracks the inflow of #BTC into exchange wallets and the outflow from them. In recent months, investors have been focused solely on accumulation. This is evident from the constant decrease in the volume of coins offered on exchanges. This trend continued over the weekend, as investors bought 9,000 BTC worth nearly $600 million. One of the key factors contributing to accumulation was the halving event that occurred over the weekend. Traditionally, the reduction in supply is expected to push the price upwards, and such expectations led to BTC wallet replenishment. Forecast: At the time of writing, the price of #Bitcoin is around $66,000. Current investor optimism may drive BTC upwards, but to reclaim above the key level of $70,000, the price must first turn the $66,900 level into support. This will eventually allow the asset to break through the resistance level of $68,500 and reach $70,000. On the other hand, investors may start selling. This possibility is indicated by the price divergence indicator and the daily active addresses (DAA). Divergence occurs when the cryptocurrency price and its DAA move in opposite directions, indicating a potential mismatch between market valuation and network usage. When the price rises and the number of active addresses decreases, the indicator signals a sell-off. BTC may come under pressure if investors start selling to lock in profits. This will cause the price of Bitcoin to lose support at $63,724 and drop to $61,000. In this case, the bullish scenario will prove to be unsustainable.
📊 ETH/USDT - Forecast: #Ethereum is gradually approaching the $3,376 level, which coincides with the 50% Fibonacci retracement from $4,575 to $2,743. If the asset manages to break above it, it can continue the rally and rise to the next important resistance at $3,582. However, a failed attempt to break through will lead #ETH to fall to $3,093. Losing this support will nullify bullish forecasts, sending the altcoin below $3,000.
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