What to Expect This Week?

• Bitcoin price still fails to break above the MA200 moving average significantly.
• The price of Ethereum today formed a new monthly high at the $1688 level.
• Analytical firm Glassnode, in a new report, found that the Bitcoin market remains volatile.

Bitcoin chart analysis

The price of bitcoin still fails to break above the MA200 moving average significantly. In addition, our resistance is at the $20,000 psychological level. The price is again leaning to the bearish side, in the last couple of hours. If it continues like this and breaks the support at the $19600 level, we could see a decline to the $19000 level. for a bullish option, we need a positive consolidation and a return above the $20000 level. Then it is necessary to hold above and move upwards in a new bullish impulse. Potential higher targets are $20500 and $21000 levels.

Ethereum chart analysis

The price of Ethereum today formed a new monthly high at the $1688 level. She failed to hold on to that spot, and now we see a pullback. The current price is $1650, and based on the current picture, we could expect a pullback to the $1600 support level. Additional support at that level is in the MA50 moving average. A price break below could further disrupt Ethereum, and a continuation of the pullback would likely occur. Potential lower targets are $1550 and $1500 levels. We need a new positive consolidation for a bullish option, and we must try to break above the $1700 level again. Potential higher targets are $1750 and $1800 levels.

Market Overview

Analytical firm Glassnode, in a new report, found that the Bitcoin market remains volatile. In its assessment, Glassnode looked at how differently different groups of BTC owners have behaved as the entire market moves through a bear market. Despite the severe drop in the market caused by the collapse of LUNA, investors started to accumulate BTC. After this period of accumulation, the final phase, which we are currently in, involves investors seeking exit liquidity through coin distribution and profit taking.

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