In the coming hours, the cryptocurrency market will focus on several factors that may affect price movement. Here are the most important points to focus on to make informed trading decisions:
1. Bitcoin and Ethereum Trend:
• Bitcoin: After hitting record highs above $76,000, Bitcoin is showing strong support around the $74,000-75,000 levels. If it continues to hold this area, it could see a fresh rally to $78,000. It is important to monitor the trading volume, as any significant drop in volume could signal a possible price correction is imminent.
• Ethereum: Ethereum has risen to nearly $2,000 and needs to hold the $1,920 support to continue the upward momentum. Breaking this level could lead to a correction towards lower levels, especially if selling by speculators increases.
2. Influential economic factors:
• US inflation data: Any hints of stabilization or decline in inflation rates may support riskier assets such as cryptocurrencies. Stable or no interest rate hikes will boost market confidence, allowing Bitcoin and Ethereum to make additional gains.
• Impact of US elections: Following the recent results, there may be market volatility due to expected changes in economic policy. Policies such as investments in technology may increase the flow of funds towards cryptocurrencies.
3. Fluctuations in alternative currencies:
• Medium and small liquid currencies may experience greater volatility during this period. Coins similar to Pi and Sidr may experience increased volatility due to large trading operations by whales.
4. Global trends and breaking news:
• With the growing global interest, any announcement from major companies or governments about adopting digital currencies could lead to rapid price movements. It is essential to follow live news.
Recommendations for trading in the coming hours:
• Focus on the mentioned support and resistance levels for both Bitcoin and Ethereum.
• Follow economic news and any new statements from official bodies about the US economy.
• Monitor whale movements as a large movement in any of the cryptocurrencies may indicate the entry of new liquidity or potential selling operations.
In short, the market appears relatively stable, but volatility can quickly return based on any sudden changes in economic or political factors.
