The current market situation and technical analysis are as follows:
Bitcoin (BTC):
Bitcoin is currently trading at around $94,788, down about 2.23% from the previous day. The high of the day was $96,980 and the low was $93,712. In technical analysis, Bitcoin is trading near the $90,000 support level. If it breaks below this level, the next support levels could be $87,000 and $85,000. On the other hand, if it breaks above the $94,000 resistance, the next target could be $96,000 to $98,000. The RSI is in the oversold zone, indicating the possibility of a short-term bounce. However, the 200-day moving average is sloping downward, indicating a bearish trend.
Ethereum (ETH):
Ethereum is currently trading at around $3,311.62, down by around 1.82% from the previous day. The high for the day is $3,373.48 and the low is $3,221.57. Ethereum is trading near the $3,200 support level. If it breaks below this level, the next support levels could be $3,000 and $2,800. If it breaks above the $3,400 resistance, the next target could be $3,600 to $3,800. The RSI is in the oversold zone, indicating the possibility of a short-term bounce. However, the 200-day moving average is sloping downward, indicating a bearish trend.
Overall market situation:
The market sentiment is currently bearish, and most cryptocurrencies are trading in the red. The market continues to be volatile, and could be range-bound in the next 12 hours. Bitcoin could be range-bound between $90,000 and $94,000, and Ethereum could be range-bound between $3,200 and $3,400.
Institutional Interest:
Institutional investors are interested in cryptocurrencies. BlackRock recently launched a Bitcoin ETF, which attracted $2 billion in trading volume. MicroStrategy has been increasing its Bitcoin holdings, which total approximately 331,000 Bitcoins. In addition, the price of Bitcoin has increased by 40% since the US election, indicating increased institutional adoption.
Warning:
This analysis is based solely on technical indicators and current market conditions, and is not financial advice. Investors should do their own research and consult a financial advisor.
