Futures analysis: Bulls press the attack

Last week, Bitcoin traded in a narrow range from $45,500 to $49,000. At the time of publication, it was trading at $48,500.

What to expect from the market this week? We analyse price levels for Bitcoin and Ethereum on the crypto exchange Bybit.

BTCUSD

On December 7, Bitcoin reached $51,957 but failed to hold above $50,000. The leading cryptocurrency then posted a series of lower local highs: December 12 ($50,755), December 15 ($49,451) and December 19 ($48,333).

On December 21, buyers attempted to break through the downtrend line: Bitcoin rose by 3.5%.

If it closes above $47,500 and holds above this level on the next daily candle BTCUSD may again test $50,000.

If bears intensify their pressure on Bitcoin, a fall below $47,500 would renew the downtrend toward the support in the $42,000 area.

ETHUSD

As of the publication, ETHUSD is attempting to settle above $4,000.

If Bitcoin cannot manage to hold above the rising trend line, Ethereum could decline toward $3,400 with subsequent consolidation around that level.

Conclusions

At present Bitcoin is trying to break the downtrend from December 13, and Ethereum is trying to hold the $4,000 level.

A sustained move above these levels could lay the groundwork for a renewed uptrend.

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