Bitcoin price is targeting $61,400 and hovering around $61,288 as of writing. Is it another disappointment? It’s too early to say, but those who saw previous upward attempts as short-selling opportunities might face a big surprise in the next attempts, at least according to historical data.
Bitcoin (BTC)
ETF channel has seen net inflows since August 7, except for two days, and the volatile price has turned into a buying opportunity on the institutional front. Technical analyst SuperBro argues that the recent negative pricing due to the US elections is reasonable. He mentioned that in previous instances, the price hit new lows in July or August. However, this time the dip is connected to global recession concerns, which can be considered a coincidence.
CryptoQuant says that Bitcoin whales have slowed their buying pace since the all-time high in March, but the definite interest rate cut signal from the Fed minutes suggests that the rise should now begin.
BTC needs to close above the 50-day simple moving average of $61,314. Although it was attempted as of writing, it hasn’t succeeded yet due to profit-taking, but the night is long. If we start seeing closures above this level, the rise could continue to $65,660 and $70,000.
The target will be to surpass the $73,777 resistance level and aim for above $80,000 for a real ATH. Conversely, there could be a drop back to $55,724 and $49,000.
Ethereum (ETH)
ETH needs to surpass the EMA20 level of $2,707 to talk about a reversal. The price is at $2,636 as of writing. If $2,500 is lost, a drop to $2,300 and $2,111 could occur. However, closures above EMA20 could initiate a move towards the $2,850 breakout level. We also saw delayed pricing in the BTC ETF process.
If ETH repeats this, it will need to move towards ATH soon. Of course, for this process to proceed healthily, BTC needs to surpass $70,000.
