Renowned crypto analyst il Capo has released a weekend update focusing on the price movements of Bitcoin and Ethereum. In his latest analysis, he highlights key resistance and support levels for both cryptocurrencies.
Bitcoin’s Long-Term Channel and Resistance Levels
According to il Capo, Bitcoin has been moving within a descending channel on its long-term chart since March 2024. Currently, BTC is trading in a crucial resistance zone between $63,000 and $65,000. The analyst pointed out that the recent bounce above $63,000, after dropping to $59,000, may be nothing more than a classic “dead cat bounce.”
In his view, escalating tensions in the Middle East could bring significant selling pressure to the Bitcoin market, which may push prices lower.
Key Support Levels to Watch
If Bitcoin sees a downward move, il Capo identifies the nearest support zone between $48,000 and $50,000. This drop could also affect Ethereum, with corresponding support levels for ETH ranging from $1,800 to $2,000.
Interestingly, the analyst also suggests that if the market reaches these lower levels, it could present a potential buying opportunity for investors. He emphasizes that despite the volatility, this might be a time to take advantage of market corrections.
Final Thoughts
As the weekend unfolds, investors are closely monitoring these key levels. The potential downward move in both Bitcoin and Ethereum could shake the market, but as il Capo points out, it may also open doors for new investment opportunities.
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