Bitcoin’s price has been working tirelessly to surge above $17,000, which has recently become a new control point. After nearly a month of stagnation, volatility bottomed out, driving long-term holders into heavy losses and short-term holders withdrawing small gains. there is.
Short-term BTC price is trading within an upward triangle and is largely viewed as bullish. The price has repeatedly tested the immediate resistance near $17,000 and is facing constant refusal. However, one sharp bullish push is expected to push the price above the resistance. However, a pullback within the same triangle could be imminent as the trade has yet to reach its apex.
Therefore, Bitcoin price could continue to break below the key resistance of $17,000 this week, and in the absence of extreme bearish pressure, an interim rebound below $16,500 could be seen if the bulls are exhausted. It could be enough
Ethereum’s price, meanwhile, is very high relative to Bitcoin and could rise to its target of $1300. ETH price has surged significantly with frequent pullbacks reducing the chances of extreme bearish action. Additionally, bullish volume has also been accumulating significantly and may continue to rise throughout the weekend.
The price of ETH is rising and has formed a constant bullish flag since the beginning of 2023. Therefore, the current pullback may pull the price down a bit, which could trigger a notable rally in the next few hours. With a notable rally, Ethereum’s price could eventually return to $1300 anytime during the next week.