Bitcoin Price Slides Again: Is Bear Market Momentum Returning?
Recently, the price of Bitcoin started a new round of decline from the 68,500 resistance area and fell below the 66,500 support level. This change shows that BTC may be accumulating bearish momentum and may test the 63,200 support area again.
From a technical perspective, Bitcoin’s price action does show some worrying signs. Not only did the price break below the key support of 66,500, it also broke an important uptrend line on the hourly chart that provided support at 66,000. In addition, the price also fell below the 100 hourly simple moving average, which is usually an important indicator of market strength.
More specifically, the price has retraced below 50% of the move from the $63,225 low to $68,313 high, which is often seen as a technical warning sign that could foreshadow a deeper correction. Meanwhile, BTC price fell below $66,000 and the 100 hourly simple moving average, further dipping towards the 76.4% retracement level, which suggests that selling pressure is increasing.
It is worth noting that if the price were to rebound, it could face resistance around 65,200. Stronger resistance could be found around 65,500, and if the price is able to break above this level, it could see a shift in sentiment and potentially trigger a fresh round of buying interest. However, as things stand, this seems like a remote possibility.
In the current market environment, Bitcoin faces more downside risks. If the price fails to hold the immediate support of 64,000, the main support level of 63,200 will be severely tested. Once this support is broken, the price may quickly slide to 62,500 or even lower.
From the technical indicators, the MACD on the hourly chart is accelerating into the bear market area, and the RSI (Relative Strength Index) has also fallen below the 50 level, which further confirms the weakness of the market.
Ethereum price plunges 8%: Where does the cryptocurrency giant go from here?
Ethereum prices have recently fallen sharply from the $3,500 resistance level, falling by more than 8%, which has attracted widespread attention in the market. This decline shows that Ethereum may continue to slide to the $3,120 support level.
From a technical perspective, Ethereum encountered strong selling pressure at the $3,500 resistance area, and the price quickly fell below $3,400 and lost the 100 hourly simple moving average. More importantly, on the hourly chart of ETH/USD, the price fell below the key descending channel support line at $3,380, which is a clear bearish signal.
Ethereum performed even worse than Bitcoin in this decline, with a larger drop. Not only did the price fall below $3,200, it also hit a low of $3,180. Currently, a low has been formed around $3,183, and the market price action shows signs that it may fall further.
Looking at technical indicators, Ethereum is now trading below $3,400 and the 100 hourly simple moving average, which is a clear sign of market weakness. If the market rebounds, the price is likely to face strong resistance near the 23.6% Fibonacci retracement level of the move from the $3,500 high to $3,183 low, which is around $3,250.
A bigger resistance is located near $3,300 and $3,350. In particular, $3,350 is not only a psychological level but also represents the 50% Fibonacci retracement level of the decline from the $3,500 high to $3,183 low. If Ethereum can recover and stabilize above $3,350, the market sentiment is likely to improve.
However, as things stand, Ethereum faces more downside risks. An initial support is near $3,180, while a critical support area is located at $3,120. If the price breaks below the $3,150 support, it could quickly slide towards $3,080, or even lower.
