- If Bitcoin defends the critical support it holds, $BTC will magnify its odds of rallying past $60,000.
- Bulls still dominate Ethereum despite the correction, but it needs support above $4,000.
The crypto market still bleeds 24 hours following the pullbacks seen by Ethereum and Bitcoin from their respective weekly peaks. CoinGecko reported that most alternative tokens, excluding Shiba Inu, sustained plummets as a result. Remember, Shiba Army seems to turn all stones on its way, as market participants see $0.0001 as the next stop.
Cardano led the losers in the top ten today, plunging by 1.7% to stand at $1.93. Also, Ripple dropped 10% as it weakens around the $1 mark. Other alternative coins that lost over 10% include Dogecoin, Chainlink, Avalanche, and Terra.
Bitcoin (BTC)
Bitcoin bears try to activate their action around the support level beyond $58,000. Keep in mind that bears started fighting for this price area after the leading coin declined under $60K on Wednesday after Bitcoin failed to conquer the resistance near $64,000.
At this publication, the dominant crypto trades at $58,900 as bulls and bears enter a tug of war. Meanwhile, a surge past $60,000 will mean that the coin’s bulls dominate. That would attract buying activities as speculation increase for the anticipated upswing beyond $70,000.
However, we cannot ignore a downward force according to the Relative Strength Index. The indicators suggest that sellers might dominate the crypto space. A significant daily close below $58,000 might catalyze another plunge towards the range from $54,000 to $55,000.
Ethereum (ETH)
Ethereum still shows bulls’ dominance through the recent correction from peaks beyond $4,200. That is because of the massive support inside the demand zone on the daily price chart. Provided the leading altcoin maintains inside or beyond this territory, buyers will dominate for a trend’s direction.
Meanwhile, the Relative Strength Index already shows recovery signs as the indicator bounces from the level at 55. If the index maintains its upward move, bulls will push the coin higher. However, bulls require a daily close past $4,000 to dominate. With that, the cryptocurrency will attract more sidelined buyers, targeting to touch $4,400, then $5,000.
