Bears Drive Price Below $70K, Weakening Ethereum Bulls

The two-day Bitcoin chart has revealed a bullish price structure, characterized by breaking above key resistance levels and forming higher lows and higher highs. According to analyst Josh of Crypto World, this trend hints at a positive outlook for Bitcoin, suggesting that despite short-term fluctuations, the overall trajectory remains bullish.

The daily Bitcoin chart shows that Bitcoin is currently encountering resistance in the $72,000 to $74,000 range. This area has historically acted as significant resistance from March through June, making it a crucial level to monitor. A breakout above $74,000 could pave the way for new all-time highs, signaling strong bullish momentum.

Support Levels

Key support levels are identified between $66,700 and $68,300, based on previous resistance levels now acting as support, along with insights from the Volume Profile Indicator (VPI). Additional minor support is found around $69,500, derived from a previous high now serving as support.

In summary, while short-term movements may show bearish tendencies, the larger time frame continues to reflect a bullish outlook for Bitcoin, especially as long as it remains above the $65,000 support line.

Ethereum Technical Analysis

A review of Ethereum (ETH) on the 3-day chart showed minimal recent changes. However, the 12-hour chart hints that ETH is maintaining support above a crucial ascending line, positioned around $2,460.

Key Support Levels

Significant support is present between $2,440 and $2,475. This range has historically acted as both resistance and support, making it essential for price stability. Currently, Ethereum is bouncing off this level, which is a positive indicator in the short term.

Resistance Levels

On the resistance front, Ethereum faces challenges in the range of $2,550 to $2,580, with more substantial resistance found between $2,700 and $2,800. This area has been previously flagged as critical due to earlier rejections.