Last week, Bitcoin was in a narrow price range from $39,595 to $44,451. At the time of publication, the first cryptocurrency is trading in the $42,000 zone, while Ethereum is trading at $3,100.
What to expect from the market this week? We analyze the price levels of bitcoin and Ethereum on the cryptocurrency exchange Bybit.
After a short-term drawdown of bitcoin quotes below $40,000 on January 10, the bulls bought the offer, but were unable to push the price significantly above this level. The weekly candlestick closed at $41,924.
At press time, buyers are trying to keep BTCUSD above the uptrend line. However, for a more confident recovery, Bitcoin needs to break through the resistance at around $45,500.
In case of resumption of sales, the bears can push through the uptrend line and test the $40,000 level.
Bulls in the market ETHUSD failed to overcome the resistance level at around $3400.
If the downward dynamics in the market continues, the price of Ethereum may again test the psychological level of $3,000. The next strong support zone is around $2650.
Last week, buyers were able to defend important support levels of $40,000 for Bitcoin and $3,000 for Ethereum. Nevertheless, the market shows a weak recovery, so the bears can test these marks again.
Growth may continue if the bulls break through the resistance at $45,500 in the BTCUSD market and $3,400 in the ETHUSD market.
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