Bitcoin Gearing Up for Next Leg Above $69K, Ethereum Eyes $4K: Key Trading Levels
Bitcoin started the first half of this week with positive momentum, but faced a quick selling pressure as it tried to break through the previous record high of $69K.
The selling pushed the cryptocurrency down to the $59,000 band. While that did not cause a trend change, it did cause a loss of momentum in the cryptocurrency's mid-term upward trajectory.
Against this backdrop, Ethereum recovered better than Bitcoin in this week's pullback and returned to its uptrend and continued its movement towards the $4,000 band.
Bitcoin saw a sharp reversal after a bounce early last week, but managed to maintain its upward momentum as large investors saw the week's lows as a buying opportunity. After the volatility at the start of the week, the crypto saw its trading zone rise above $65,000.
When we look at Bitcoin's partial retracement in January, the resistance at the $ 69,000 limit in the 2024 trend this week attracted attention. This point corresponded to Fib 3,618 according to the last correction, indicating a meaningful reaction according to Fibonacci levels.
From here, we see that the first resistance for BTC at the average level of $ 68,975. If this price is broken in the coming days with daily closes or hourly volume purchases, we can see that the cryptocurrency's new ATH level will be in the $ 74,000 band, corresponding to Fib 4,236.
On the daily chart, the Stochastic RSI indicator also started to signal a correction with a loss of momentum from the sideways trend in the second half of last week. In order for the assumption that the correction occurred quickly in Tuesday's pullback to be valid, it is extremely important for Bitcoin to step into the $ 69,000 band.
If this rise occurs, we will see that the Stochastic RSI will
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