- BTC remains optimistic but struggles to gather upward strength, consolidating around the support floor at $41,762.
- Ethereum retests the $3,061 weekly support zone before catalyzing a 20% surge towards $3,675.
- Altcoins await bullish reactions.
Bitcoin (BTC) price slows down around a critical support mark without visible volatility. Alternative coins mimic the leading crypto, consolidating without directional trends. However, assets in the crypto space cling to a bullish thesis.
BTC Price Unwilling to Surge
Bitcoin has had its price wavering near the barrier of $41,672 for almost fourteen days and appears not ready to surge. For now, the leading crypto has chances to dip beneath Monday’s low of $39,628 before launching an upside action.
In such conditional, market participants may witness Bitcoin rallying high towards $43,096, weekly open. Overcoming this value area will see Bitcoin on the road towards the yearly open around $46,225. Amplified bullishness will mean BTC, rising to retest 200-day SMA at $48,663.
Though Bitcoin appears undecided, a 4hr candle close under $39,487 will mean potential downtrends. With that, Bitcoin might revisit the support floor at $36,684 before launching another upward move. For now, enthusiasts may remain in watching mode before BTC displays directional bias.
ETH Revisits Significant Obstacles
Ethereum had its price producing four daily candle closes beyond the $3,061 weekly support, translating to a 12% upswing. However, the leading alternative coin could not overcome the 200-day Simple Moving Average, and lower retracement followed.
The retracement currently retests the mentioned weekly support, awaiting an upward move. A swift rebound off this zone will send Ether towards retesting 200-day Simple Moving Average at $3,484. Overcoming this obstacle will see the ‘smart’ contract crypto tagging 2-day supply region in the $3,675 – $3,862 range.
Though the bullish case, Ethereum will likely dip whenever Bitcoin crashes. Losing the support barrier at $3,601 will see Ether retesting the obstacle near $2,712. Buyers can use this mark as a launchpad for new upswings. However, ETH’s daily close beneath this barrier will ruin Ether’s bullish case. Such developments may see the 2nd-largest crypto hitting lower levels at $2,440.
Meanwhile, most altcoins display positive reactions despite the bearish mode in the crypto space. Nevertheless, the assets will mimic Bitcoin’s actions in the upcoming sessions.