- Yesterday was a positive day for Bitcoin as the price jumped from $19,000 to today’s $20,000 level.
- Ethereum’s price is in a bullish consolidation for the second day after finding support at the $1260 level yesterday.
- US President Joe Biden’s administration has advised Congress to proceed with cryptocurrency regulations.
Bitcoin chart analysis
Yesterday was a positive day for Bitcoin as the price jumped from $19,000 to today’s $20,000 level. Once again, we found ourselves in the zone of potential resistance. And if the price fails to maintain this level, a pullback and a new drop to the lower support zone will occur. For something like that, we need a negative price consolidation and the first pullback to the 23.6% Fibonacci at $19360. The price’s inability to find support there either takes us to the $18500-$18000 support zone. We need a positive consolidation above the $20000 level for a bullish option. The first next target is 50.0% Fibonacci at $20600. Additional resistance in that zone is the upper resistance line.
Ethereum chart analysis
Ethereum’s price is in a bullish consolidation for the second day after finding support at the $1260 level yesterday. Today’s maximum is at the $1360 level. This level coincides with the 23.6% Fibonacci level; we need a break above to continue the price recovery. Potential higher targets are $1400 and $1450 at the 38.2% Fibonacci level. We need a negative consolidation for a bearish option, and after that, we will see a price drop. The price could find potential support at the $1300 level. If the pressure on the ETH price continues, we could see a drop to the $1200-$1250 support zone.
Market Overview
US President Joe Biden’s administration has advised Congress to proceed with cryptocurrency regulations. The big move comes amid growing industry demand for clear digital property laws. Reports suggest that Congress is still months away from passing cryptocurrency-related legislation. The Biden administration’s fears are of a repeat of another collapse as well as Terra’s stablecoin.
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