- The price of bitcoin has been calm for the third day in the zone around the $21,000 level.
- The price of Ethereum pulled back below the $1600 level again this morning.
- Bitcoin miners’ income falls to a 12-month low due to difficulties in the crypto industry.
Bitcoin chart analysis
The price of bitcoin has been calm for the third day in the zone around the $21,000 level. Yesterday we saw an attempt to climb to the $22000 level, but the price of Bitcoin did not have the strength to do such a thing. This morning we retested the $21000 support zone. We have a minor bullish impulse that moved us to the $21330 level. We need to at least climb to $21600 to get support in the MA20 and MA50 moving averages. After that, we could expect a continuation of the bitcoin price growth up to the $22,000 level. Potential higher targets are $22500 and $23000 levels. We need a negative consolidation and a return to the $21000 support zone for a bearish option. Then we need a break below for further continuation to the bearish side. Potential lower targets are $20500 and $20000 levels.
Ethereum chart analysis
The price of Ethereum pulled back below the $1600 level again this morning. Today’s low is at the 15254 level. Then we see a short recovery to $1577, and we could once again climb to the $1600 level. If we succeeded, we would get additional support in the MA20 and MA50 moving averages. Potential higher targets are $1650 and $1700 levels. For a bearish option, we need a continuation of the negative consolidation and a further decline towards the $1500 support level. The price of Ethereum is already slowly encountering the obstacle at $1600 and turning downwards. The moving averages are certainly on the bearish side and direct us towards the $1500 level. Below we could find new support for the next bullish impulse. Otherwise, we continue to look for the next support zone. Potential lower targets are $1450 and $1400 levels.
Market Overview
Bitcoin miners’ income falls to a 12-month low due to difficulties in the crypto industry. The total income of Bitcoin miners was $19.65 million. That’s a 12-month low or a 61% drop from the $50.73 million seen in August last year.
BONUS VIDEO: Weekly news summary from the markets
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.