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Bitcoin’s movement around $66,000 is starting to raise some questions, with the digital gold struggling to punch through. The 50-day EMA is represented by the blue line on the chart. This average has been a ceiling that Bitcoin just cannot seem to crack. Currently, it aligns with the $67,000 level, which Bitcoin has not surpassed.
On the downside, Bitcoin has a support at $61,000. This is the level where Bitcoin has previously found support, meaning it dropped to this price and then bounced back up, showing that there is some buyer conviction.
However, the path upwards is blocked by a major resistance range around $71,000, an area the price of Bitcoin has hit multiple times and not managed to move beyond. This range is the current “unfortunately” since it has proven to be a tough nut to crack for Bitcoin’s price.
Looking at the future, if Bitcoin can gather the momentum to break above the 50 EMA and clear the $67,000 mark, the next target will be this $71,000 resistance. A convincing move above that could signal stronger growth ahead. But if the price drops, and especially if it falls below that $61,000 support level, we might see a deeper pullback, possibly shaking out some of the weaker hands before any new attempts to rise.
Bonk’s massive surge
Bonk has made headlines with an astonishing 80% price jump in the past three days. This surge in value, signals strong bullish momentum as BONK breaks past its previous resistance levels with remarkable force.
A closer look at the charts shows a consistent increase in trading volume accompanying the price spike. It is not an aggressive leap though, but rather a sustained climb that indicates growing investor interest. The gradual volume build-up provides a backdrop of stability for the recent price hike.
Now, we are set on the next resistance level at $0.000028-29. The trajectory BONK is carving out suggests that there is a good chance it will pierce through this barrier, continuing its rally.
The narrative created by BONK’s price and volume activity shows that the cryptocurrency is gaining traction and has managed to attract a pool of traders and investors who are riding the wave of its current upswing.
Ethereum in stress
Ethereum is currently on the edge, self-possessed for a potential price movement that will move it forward. Recently, ETH has been inching toward the 26-day Exponential Moving Average (EMA), a crucial technical threshold many use to gauge short-term market trends. The price is close to this line, currently at around $3,250, hinting at a possible breakout.
Traders are watching with bated breath as Ethereum flirts with this 26 EMA. A decisive push above this line could open the doors to further gains, signaling fresh buyer confidence.
However, Ethereum is also facing off with the 50 EMA, a bit higher on the chart, representing a more significant test of its strength. This convergence of the 26 and 50 EMAs may squeeze the price into a tight spot, potentially triggering a surge in volatility as the asset battles between these two averages.
While the fight at the EMAs unfolds: the volume is descending. This dropping trading activity can sometimes be a prelude to a reversal since the current trend is losing support among traders.
If Ethereum manages to gain the strength to rise above the 26 EMA and maintain its foothold, we could see the price target the next significant resistance level at around $3,500. However, failing to break through could result in a retest of lower supports, potentially at the $3,000 level, a round number that often plays a psychological role.
