Bitcoin consolidates at $27,500 post last week’s short-term rally

economictimes.indiatimes.com:

Bitcoin traded between US$27,500 and US$27,800 this week. Factors such as a surge in the US 10-year Treasury yield by 11 basis points to reach 4.8% on Tuesday, and traders capitalizing on recent profits, led to a period of consolidation.

The immediate resistance levels for Bitcoin on the upside are located around US$27,650 and subsequently US$28,000. A decisive breakthrough above the US$28,000 resistance level could trigger another bullish run. However, if Bitcoin fails to maintain its upward momentum, the next support level is positioned around US$27,400, with further support possibly at US$27,200.
It's noteworthy that Bitcoin has demonstrated a remarkable year-to-date performance, surging by 65%, although it remains down by 59% from its all-time high.

In parallel with Bitcoin, Ethereum closely followed a similar trajectory in its price action. Ethereum initiated an attempt at recovery, originating from the US$1,630 zone. Key resistance levels for ETH are seen at US$1,650 and then US$1,720. Failing to breach these immediate resistance levels could lead to a retracement, with the next crucial support situated at US$1,600. Despite a 66% decline from its all-time high, Ethereum has shown resilience in 2023, registering a 34% increase year-to-date.

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