As the new week begins, new candlesticks fuel continued scrutiny of Bitcoin's price trajectory. Cryptocurrency analyst Crypto World draws attention to the big price movements of Bitcoin and Ethereum, providing details on the pivotal levels and emerging market signals.
Starting with Bitcoin, Crypto World explained the importance of recently retesting important support levels in the short term. Bitcoin price is currently moving within a range with support around $61,000 to $62,000 and resistance around $65,000 to $66,000. In particular, Bitcoin has lost momentum and is trending sideways.
Impact of ETF outflows on Bitcoin
Regarding the impact of Bitcoin ETFs on market trends, Cryptoworld discussed three consecutive days of significant net outflows from these ETFs (totaling approximately $421.8 million). These outflows are considered bearish as they involve selling spot Bitcoin to collect USD and can affect short-term price trends.
Technical analysis revealed an ascending wedge, a short-term bearish pattern, with a price target of approximately $62,500 previously indicated. Bitcoin recently reached this goal, running into support around $62,000. However, a break below $62,500 could lead to further downside towards $60,000.
On the positive side, a potential bullish divergence pattern has emerged on the 2-hour time frame, suggesting bearish momentum has weakened. If this pattern is confirmed, it could lead to some short-term bullish easing.
Breakthrough potential for Ethereum and Solana
In its analysis of Ethereum, Cryptoworld suggested a retest of the key resistance level near $3,350. Ethereum price is currently stable within a range with support at $3,100 and resistance between $3,250 and $3,300. A break above $3,250-$3,300 could support a potential cup-and-handle pattern and indicate further upside toward $3,590.
Solana's price analysis reveals support around $120 to $128 and resistance around $150 to $155, with a sideways trend within the range. Solana's short-term momentum remains neutral until a breakout occurs.
