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Cryptocurrency markets are still marked by uncertainty, and BTC prices are stuck below $67,000. Analysts trying to predict the direction are closely monitoring whale addresses. A recent significant development that briefly increased excitement was the transfer of $1.3 billion USDC to the Coinbase exchange, but we have yet to see its impact on the price.
Bitcoin (BTC)
The king of cryptocurrencies finds buyers above moving averages, yet bears are targeting the $60,775 support level. Despite the weakness in bulls, reduced selling at lower levels looks promising. Investors are caught between the 50-day simple moving average ($67,404) and the support targeted by bears, eagerly awaiting the next major move.
The RSI has dipped below the neutral zone, and the 20-day exponential moving average has started to turn downwards. Below, the levels at $60,775 and $59,600 could increase volatility negatively. If closures occur below the second support, sales could intensify towards $54,298. A rise above the 50-day SMA could trigger a new attempt at $73,777.
Ethereum (ETH)
Ether is stuck between $3,209 and $3,056. Hopes for the approval of a Spot Ether ETF have diminished, leading to weak risk appetite as we approach May 23. Moreover, the SEC’s expanded war within the Ethereum ecosystem justifies the hesitancy of investors. An optimistic scenario for ETH would target $3,436 following a close above the 20-day EMA, with subsequent targets potentially updating to $3,679 and above $4,000.
For bears, closures below $3,056 could lead to falls to $2,852 and $2,700. A likely rejection decision in May could increase pressure in favor of the bears. The battle between the SEC and the Ethereum community does not seem to be resolving soon. The regulatory body starting to investigate the ties between the Ethereum Foundation and crypto companies raises questions about its intentions.
At some point, we might see days when Ethereum is centralized through the Foundation and thus stamped as a security, leading to lawsuits against the Ethereum Foundation.
Binance Coin (BNB)
BNB is struggling to surpass the $635 resistance. The overall market sentiment’s weakness favors the bears. If the price strongly recovers from the moving averages, it could surpass the resistance level and focus on targets of $692 and $775.
