Bitcoin and Ethereum are still under bearish pressure

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Bitcoin and Ethereum are still under bearish pressure

Bitcoin and Ethereum are still under bearish pressure

Bitcoin chart analysis

Bitcoin prices fell for the sixth day in a row on Tuesday, BTCUSD fell to a low of $ 36,361 to start a trading week after reaching a high of $ 39,450 on Sunday. According to market statistics, bitcoin is currently experiencing weak demand, and the price of assets is oscillating around $ 38,000, down 45.00% from its all-time high. On Tuesday, there were about 275 active entities per day on the Bitcoin network. This activity level was significantly lower than its highest levels in the market, which indicates a decrease in demand from new customers. The long liquidations of Bitcoin continued, with more than 30 million dollars spent in just one hour, which is the second-largest amount per hour in four days and the third-largest amount per hour in almost a month.

The fall in the price of Bitcoin seemed to shake up the market and market players; however, the coin seemed to be making some attempts at recovery. BTC is trading at $ 37,566, down 1.39% on Tuesday. On the other hand, the price could meet resistance close to $ 38,000. The next significant resistance is close to $ 38,200, above which the price could rise to $ 39,500.

Bullish scenario:

• We need a new positive consolidation and an increase in the price of Bitcoin to the previous high of $ 39,500.


• At $ 40,000, we come across the MA20 moving average, and we need a break above for a further continuation towards $ 42,000.


• Additional resistance at that level is MA50 and MA200 moving averages.


• The next resistance is in the zone around $ 44,000, then the $ 46,000 level.

Bearish scenario:

• We need to continue this negative consolidation and further raise the price below $ 36,000.


• Our first support is at $ 34,000, and if it doesn’t last, we go down to this year’s low of $ 33,000.

Ethereum chart analysis

Like Bitcoin, Ethereum prices fell earlier in the week, with the world’s second-largest cryptocurrency trading more than 10% lower than on Monday. ETHUSD reached a low of $ 2,571, the lowest level since Feb. 3. Today, the price made a break, forming a new February low at $ 2,499. Uncertainty and growing tensions between and e have plunged the global crypto market to its lowest level this week, resulting in huge losses for investors. n President Vladimir Putin on Tuesday signalled n forces to occupy two ian regions allegedly held by the rebels, sparking outrage from the West. Meanwhile, investors continued to avoid risky assets facing geopolitical tensions, putting pressure on bitcoin and other cryptocurrencies.

Bullish scenario:

• We need new positive consolidation and price recovery above $ 2,600, as well as a new attempt to climb above $ 2,700.


• In the $ 2,800 zone, we encounter the MA20 moving average as the first potential resistance.


• With further bullish consolidation, we are climbing further towards the $ 3,000 price, and additional potential resistance at that level is the MA50 moving average.

Bearish scenario:

• We need continued negative consolidation and a price drop below $ 2,500.


• After that, we can expect the price to continue towards $ 2,400 and seek support there.


• And if the bearish pressure increases, we continue further towards the $ 2,200 level, the January support zone.

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