Jackis, a top crypto analyst, recently intriguing insights into the current state of Bitcoin and Ethereum. His observation, shared via a detailed post on the X platform, shed light on the distinct market behaviours of these leading crypto assets. His analysis points to a notable absence of buyers, setting this period apart from previous sell-offs.
Very interesting chart here for both #Bitcoin & #Ethereum and the conclusions to draw from them1) The buyers are absolutely missing for both unlike in prior major sell-offs being even below average2) The main problem with that is that $BTC now printed & LL on the Weekly TF,… pic.twitter.com/fKOPHblFML
— JACKIS (@i_am_jackis) July 9, 2024
Bitcoin (BTC)and Ethereum (ETH) Price Analysis
Jackis emphasized that Bitcoin has printed a lower low on the weekly timeframe. This lower low, appearing within an impulsive leg higher from $39,000, marks a shift.
He noted that Ethereum, while relatively stronger than Bitcoin, has not yet confirmed a lower low on the weekly timeframe. This strength is not so much due to a bullish trend but rather Ethereum’s resistance to further decline.
Potential Impact of a Spot ETF and the Macro Trend
The possibility of a Spot ETF could change the current dynamics, according to Jackis. He believes that a break above $4,000 for Ethereum might be crucial.
Despite the bearish control in the medium-term timeframe, Jackis maintains a bullish outlook on the macro timeframe. This suggests a potential recovery once the market stabilizes.
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Forced Sellers and Future Prospects
Jackis pointed out that forced sellers, including miners, the German government, and Mt. Gox, will eventually run out. As Bitcoin exchanges hands, the macro trend is expected to resume. This transition could pave the way for a more stable and bullish market environment.
Jackis’s analysis provides a nuanced understanding of the current market trends for Bitcoin and Ethereum. The absence of buyers, the crucial lower lows, and the potential influence of a Spot ETF all contribute to a complex market scenario. However, the eventual exhaustion of forced sellers offers a glimmer of hope for a bullish resurgence in the macro timeframe.
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The post Bitcoin and Ethereum Price Analysis: BTC’s Lack of Buyers and ETH Spot ETF Potential – What’s Next? appeared first on CaptainAltcoin.