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Bitcoin BTC $77,871.87 Bitcoin -0.27% Market capitalization $1.56 trillion VOL. 24 hours $0.8 billion remains below the critical resistance zone, and analysts warn of a possible correction before the market gets a boost. As of now, the first cryptocurrency is trading at $ 109,901, having lost almost 2% over the week. The asset’s market capitalization is $ 2.18 trillion.
Michael van de Poppe, founder of MN Trading, noted that bitcoin failed to overcome the resistance zone and the 20-week EMA. According to him, the rejection of the level around $ 111,900 increases the likelihood of a new local low. The key demand zone for buyers, which the analyst points out, is located near $ 103,000.
Ethereum ETH $2,415.01 Ethereum -1.64% Market capitalization $291.45 billion VOL. 24 hours $0.74 billion repeats the weakness of bitcoin, trading around $ 4,275 after failing to break through higher levels. Poppe suggests a possible correction to $ 3,600-$ 3,900, which he sees as a promising area for long-term accumulation.
Historically low volatility creates additional tension in the market. According to Crypto Rover, monthly volatility for bitcoin remains around 30−35%, which often precedes sharp price movements. «Bitcoin is like a ticking time bomb,» the trader emphasizes.
According to analysts, the market may take a decisive step in the coming weeks. If bitcoin loses $ 103,000, the next significant support will be at $ 100,700. To resume the uptrend, it needs to gain a foothold above $ 114,700-$ 116,800, which will open the way to $ 119,500 and $ 123,000. In the case of Ethereum, the key support remains in the range of $ 3,600-$ 3,900, and resistance is around $ 4,500.