Cryptocurrency Week Ago: Will Bitcoin and Ethereum hit new highs?
In the past seven days, both Bitcoin (BTC) and Ethereum (ETH) have seen significant gains, with the weekly charts all green, which looks quite encouraging. However, many voices in the market are saying that the price may need to take a breather and adjust.
The gains are impressive, but don't rush to chase highs
According to CoinMarketCap data, Bitcoin has risen by more than 3% this week, and Ethereum is not to be outdone, rising by about 2%. Now, Bitcoin is hovering around $64,000, while Ethereum is hovering around $35,000. However, some experts have analyzed that Bitcoin is still some distance away from its "ceiling" of $97,000, while Ethereum may reach a high of $52,000. But these are all predictions, and whether they can reach it depends on the market.
Market sentiment is a bit subtle
Let's take a look at market sentiment. Now, everyone is optimistic about Bitcoin and Ethereum, and sentiment indicators are rising, indicating that there are many optimistic people in the market. However, there is an indicator called the MVRV ratio, which is also rising, which usually means that the market may rebound, but you have to be careful not to be a "last gasp".
The little secret in the chart
Go deeper and look at their price charts. Ethereum's MACD indicator is quite powerful, showing a signal of rising. But other indicators, such as RSI and MFI, are about to enter the "overbought zone", which is not a good thing. It may mean that someone is starting to want to sell and the price may fall.
Bitcoin is in a similar situation. Both RSI and MFI are falling, which is not a good sign.
You may have to take it easy next week
Although Bitcoin and Ethereum performed well this week, there may be some twists and turns next week. The market is always changing, so we should be cautious and not chase high on impulse. After all, making money is not easy, and keeping your wallet is more important!
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