Last week the market continued to rise! Bitcoin price surged to 64,000, and altcoins also performed relatively strongly. Many altcoins continued to break out of large trading ranges, reaching highs not seen since mid-2022. We may see a continued outbreak of altcoins before Bitcoin reaches new highs again. Overall, we have witnessed the market from AI-MEME-GameFi-good rotation, but I do think the market will go through a modest correction as we have now noticed signs of the end of these rotations. $BTC $ETH

ETFs have continued to see strong inflows since last week, driving a sharp rise in Bitcoin from 51,000 to 64,000. This move has put us in a range, and I think we will remain in this range for the next week to consolidate. I expect to see a rise to around 65,000, which is the highest point since April 2021.

Bitcoin analysis this week:

1.   A strong breakout of the April 2021 ATH, 64895, and then another challenge to the new high of 69000. Given that capital inflows always seem to flow in from Monday to Wednesday, this means that we may see a new high for Bitcoin tomorrow or the day after tomorrow, and then continue to advance to 67120, and then challenge 69000. After that, it will enter a pure price exploration phase again.

2.   Breaking below the monthly opening price of 61130 and driving the entire market down. I think the possibility of such a pullback happening next week is very small. The key support levels from 59800 downwards are 58500 and 55300

 

Ethereum's upward trend since the lows has been amazing. I am afraid when others are greedy, but so far there has been no obvious daily shorting signs. The SEC will make a decision on the Ethereum ETF on March 5. The probability of passing is low, which may cause a decline or a spike. Everyone should manage their positions well and place some orders for spikes.

Ethereum analysis this week:

1.   Breakout of 3500. A breakout here could lead to 3585 and 3650 levels. ETH is likely to continue consolidating within the range set last week.

2.    After encountering resistance, I will look for a break below the one-month opening price of 3342. A break below this level sees the 3275 and 3160 levels. A pullback is benign for the market, and I think everyone should not be too resistant to a pullback