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The king of cryptocurrencies, Bitcoin (BTC), continues to stay below $26,000. So what are the current predictions for BTC and ETH? Even good news cannot attract the expected demand to the market as investors have a weak risk appetite. In bear markets, periods of sideways movement can be frustrating for investors, although not as much as a decline. This situation has significantly reduced the number of active investors in 2023.
Bitcoin (BTC) Analysis
We saw thousands of BTC being moved on exchanges just hours before the SEC‘s ETF postponement decision was announced. The decline started before the decision was made. Large investors who always look for the right time to sell are causing the resistance levels to strengthen, which negatively affects short-term and long-term performance. Most altcoins have reached price bottoms that they haven’t seen since the November crash.
In a recent note, JPMorgan analysts said that the SEC will eventually approve several ETFs. However, the market turmoil will continue until this happens. Although short-term price movement in Bitcoin remains blurry, Glassnode data shows that supply that has been dormant for three years or longer has exceeded 40.53%. Long-term accumulations that remain inactive are also an indicator of the belief in a future rise.
Regarding the Bitcoin price, it is trading within a narrow range of $24,800 to $31,000. The price is close to support, and it may be difficult to see a big move without breaking one of the two lines.
In the short term, if BTC sees closures below the $24,800 support, it could push the price down to the $20,000 region. As this is the common expectation, if a break occurs, it is likely that panic selling will overwhelm buyers. Another possibility is the price turning upwards from the current level. If bulls can surpass the $26,833 hurdle, the targets could be $28,221 and $31,000.
Ethereum (ETH) Analysis
ETH fell below the strong support of $1,626 at the beginning of the month, but the long tail on the candlestick indicates strong buying at lower levels. Bulls are trying to salvage the situation, but they are struggling to initiate a recovery. This indicates a lack of demand at higher levels. For months, short-term traders have seen support as an opportunity to buy and resistance as an opportunity to sell, resulting in weak medium-term entries and tight price ranges.
If sellers push the price below $1,600, the targets could be $1,550 and $1,368. On the other hand, in the scenario of a break above the 20-day EMA ($1,684), we could see a rise to $1,750.
