Bitcoin (BTC) Stabilizes, Ethereum (ETH) Surges: Latest Analysis and Predictions
Jakarta, Pintu News – Bitcoin has recently started an upswing and reached the $105,000 zone, while Ethereum continues to advance towards the $2,750 resistance. The two cryptocurrencies are showing different dynamics, providing investors with diverse opportunities and risks.
Bitcoin (BTC) Price Consolidation
Bitcoin (BTC) started its rise from the $100,500 support zone and managed to break the $102,000 resistance. Buyers even pushed the price to close to $105,000, with a peak recorded at $104,980. Currently, Bitcoin (BTC) is undergoing a minor correction below the 23.6% Fibonacci retracement level of the upside move from $100,772 to $104,980.
Currently, Bitcoin (BTC) is trading above $103,500 and above the 100-hour simple moving average. There is also a new bullish trend line with support at $103,650 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $104,500 level, with the first key resistance at $105,000.
Also Read: Bitcoin (BTC) Breaks $100K: What are the Hidden Risks Lurking?
Bitcoin (BTC) Price Increase Potential
If Bitcoin (BTC) manages to break the $105,000 resistance, there is potential for further gains. The next key resistance is at $105,500. A close above this level could push the price towards $106,800. If the bullish momentum continues, the price could reach $108,000, providing significant profit opportunities for investors.
Technical indicators show that the MACD (Moving Average Convergence Divergence) is starting to lose momentum in the bullish zone, while the RSI (Relative Strength Index) is still above the 50 level. This suggests that despite a potential correction, the short-term trend is still likely to be positive.
Bitcoin (BTC) Price Downside Risk
However, if Bitcoin (BTC) fails to break the $105,000 resistance zone, there could be another downward correction. Immediate support is at $103,500, with the next major support at $102,850, which is also the 50% Fibonacci retracement level of the last rise. Further support is at the $101,750 zone.
In case of further declines, the price could head towards $100,200 support in the short term. The key support is at $98,800, which if broken, could signal a larger and more bearish trend change.
Conclusion
With Bitcoin (BTC) consolidating and Ethereum (ETH) continuing to surge, investors need to consider their strategies carefully. Observing the support and resistance levels mentioned can help in making the right investment decisions amidst rapid market fluctuations.
Also Read: GD Culture Group Invests $300 Million in Bitcoin and Trump Memecoins
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.