Since the price of BTC remains locked at its resistance level, it might have a breakout target of USD 14,300. The value of ETH remains locked at the USD 1,220 resistance level as it comes across other daily obstacles.
After reaching a new low of around USD 15,400, Bitcoin (BTC) has remained stable between USD 15,000 and USD 17,000. Investors are waiting for the resolution of that range to know where the price might head next.
Bitcoin is trading at around USD 16,661 and has accumulated a 0.57% loss over the last 24 hours. While its daily trading volume is above USD 14.61 billion, its market capitalization is about USD 320.07 billion, according to CoinDataFlow.
The daily chart shows that the price of BTC remains locked at its resistance level. Therefore, the market might continue to be bearish with a breakout target of USD 14,300.
The bearish outlook will last longer if the price moves below the previous range of less than USD 18,500. BTC might drop, as the target corresponds to a relevant weekly support at 1,618 Fibonacci, equivalent to a falling wedge bottom.
Ether Might Drop Further If It Loses Its Resistance Level
The price of Ether (ETH) remains locked at the USD 1,200 resistance level as it faces other daily obstacles. The bearish scenario remains valid and indicates a likely return to a price of around USD 762.
Ether is trading at around USD 1,209 and has accumulated a 0.91% loss over the last 24 hours. While its daily trading volume is above USD 4.02 billion, its market capitalization is about USD 145.71 billion, according to CoinDataFlow.
If the value of Ether rallies back above USD 2,000, it might target a break out of this long bearish momentum. However, there is much resistance, which seems to hinder an increase in the current context.
The Decline in the Prices of BTC and ETH to Continue
Although the prices of Bitcoin and Ether are stable, they remain bearish while keeping clear objectives. The decline should last longer if their weekly resistance levels fail to recover as support.
Despite the bearish trend, Amid Nayib Bukele, the president of El Salvador, stands firm in emptying the national treasury to fill it with BTC. After he announced that he would buy one bitcoin daily, Justin Sun, the CEO of Tron, said he would do the same.
Investors should research Bitcoin and Ether before buying them to learn about their all-time highs, behavior, and possible future price. It is a matter of time before seeing where the market will take the two leading cryptocurrencies.
By Alexander Salazar