Bitcoin Hits $64,000 & Ethereum $2,500-Here’s What to Expect as Bears Remain Vigilant

The crypto markets began the weekly trade on a bullish note with a negligible rise of 0.65% in the market capitalization, which is around $2.14 trillion. A small rise of 4.3% in the trading volume has been recorded, suggesting an average participation of the traders. The market sentiments are uncertain as the ‘Fear & Greed’ index is at 37 after plunging from 42 past week. 

SUI price gains huge attention from the traders regardless of a nominal rise of 2%. Meanwhile, Brett’s (BRETT) price leads the top gainers with a rise of over 21.2%, followed by Ethena’s (ENA) with 14.95%. On the other hand, cryptos like Popcat, Helium, Uniswap, Fantom, EigenLayer, and Litecoin are facing upward pressure. 

Bitcoin’s price has surged above $63,700 for the third consecutive day, displaying a strong determination to achieve $65,000 this month. The rise above $63,500 suggests an increase in the bulls’ strength to reach the pivotal resistance zone of around $64,300. A rise above the range may validate the start of a fresh rise, probably towards a new monthly high close to $67,000. 

The BTC price is about to validate a double-bottom pattern as it heads towards the neckline, surpassing the 200-day MA. The MACD is about to undergo a bullish crossover, while a decrease in volume remains a major concern. Hence, the bullish start for the day may be validated once the price enters the resistance zone, which may offer a strong push to $65,000. Besides, Ethereum’s price reclaimed $2500 after rising above the bearish heat experienced in the first few days of the month. 

After rebounding from the lows at the ascending trend line, the ETH price appears to have gained strength. The token has initiated a recovery but is facing hindrances in reaching one of the important resistances at $2682. Although the RSI is incremental, the OBV flow raises concerns over the next price action. Therefore, the token needs to rise above the resistance and keep up the bullish trend until $2,800, which may prevent the possibility of a rejection. 

The sentiments remain bearish but a slight rise in the BTC price may change the bearish perspective. However, the bulls do not appear to have held the required strength and as a result, the probability of a reversal remains high.