Bitcoin and Ethereum have the potential to reach their local tops this week. For Bitcoin, the resistance band just below $70,000 could pose a significant hurdle for buyers.
Bitcoin has surpassed the $60,000-61,000 resistance level and is currently trading around $63,000. This signals an upward move towards the all-time high of $73.7K. Factors contributing to Bitcoin's rise include the German government reducing the increasing selling pressure and the realization of significant spot ETF investments last week. This situation, together with a positive market opening, has created a positive atmosphere. Analysts suggest that Bitcoin could reach higher liquidity levels by first targeting the $68,000 and $73,000 levels.
Short-Term Market Structure of Bitcoin
According to crypto analyst CrypNuevo, Bitcoin's short-term direction foresees two scenarios. The first scenario is now invalid with a rejection from the old range levels of $60k. The second scenario involves the $60.6 thousand resistance level becoming support. A successful retest of this level could push Bitcoin towards the $68,000 and $73,000 resistance points. In the lower time frames, the market structure turned bullish and the $55,000 liquidity level paved the way for a move towards higher targets. This shift is supported by bull market structures and strong liquidity levels in the north.
Ethereum's current market performance mirrors the positive sentiment seen in Bitcoin. Ethereum's liquidation heat map shows a recovery process towards these levels, indicating the possibility of revisiting the $3.5 thousand-$3.7 thousand range. ETH bulls have successfully defended the critical $2.9K support level and this level is aligned with the 61.8% Fibonacci retracement level, thus supporting the bull trend. Based on these developments, Ethereum is expected to reach $3.7k and perhaps $4k in the coming weeks. This forecast aligns with the overall positive market sentiment observed among major cryptocurrencies.$ETH
Implications for Investors and Traders
In particular, open positions, which have increased by $3.4 billion since mid-July, emphasize the rising bullish sentiment. For traders, a retest of the $61,000-62,000 zone may present an opportunity for long positions towards the $72,000-$73,000 targets. Likewise, bullish expectations are valid for Ethereum and traders are eyeing the $3.7K-$4K range. Traders should carefully monitor these important resistance and support levels and use these insights when making strategic trading decisions.
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