The crypto market started the week with losses, as both Bitcoin (BTC) and Ethereum (ETH) experienced significant corrections. Technical analysis highlights the importance of Bitcoin maintaining the $90,000 support level and Ethereum holding steady at $3,250 to avoid further declines. As panic selling subsides, a short-term recovery appears increasingly likely for both assets.
Bitcoin: Technical Outlook
Bitcoin is currently trading at $93,241.66, having dropped 2.46% in the last 24 hours. Its trading volume stands at $61.47 billion, indicating active market participation. The RSI indicator is at 34.63, close to the oversold zone, while the MACD shows a bearish trend. However, a narrowing histogram suggests that selling pressure may be easing, potentially stabilizing the price. Key levels to watch are the $90,000 support and the $95,000 resistance.
Ethereum: Technical Outlook
Ethereum is performing slightly better, trading at $3,335.98, with a 1.00% increase in the past 24 hours. The trading volume remains robust at $32.89 billion. With an RSI value of 42.75, Ethereum sits in neutral territory, suggesting room for upward movement if buying pressure intensifies. The MACD indicates bullish momentum, signaling the start of a potential recovery. Critical levels include the $3,250 support and the $3,400 resistance.
Market Sentiment and Recovery Potential
Despite the current downturn, market data from Santiment indicates that these price dips often serve as accumulation opportunities for large investors, laying the groundwork for future recoveries. While short-term uncertainty looms, both Bitcoin and Ethereum could see renewed upward momentum if key support levels hold and buying interest increases.
What Investors Should Watch
Investors are advised to monitor technical indicators closely and avoid emotional reactions. Effective risk management is crucial as the market navigates this period of heightened volatility. For more updates on cryptocurrency trends, follow Turkish NY Radio.
