Futures Analysis: Bears fail to push Bitcoin above $20,000

Last week the first cryptocurrency opened higher — on Tuesday its price surpassed $20,000. However the bulls were unable to sustain above the psychological threshold: at the time of publication Bitcoin was trading around $19,000, and Ethereum below $1,300.

What to expect from the market this week? We analyse the price levels of cryptocurrencies on the Bybit exchange Bybit.

BTCUSD

On October 4, the price BTCUSD rose above $20,000, but buyers again failed to overcome resistance at the $20,500 level.

In the coming days, a breakout from the descending triangle formed by the $19,000 support and the resistance line could be expected.

Given the overall bearish trend, a decline toward the $18,000 support zone is more likely.

ETHUSD

Ethereum spent the last seven days trading in a range of $1,300-$1,400.

At the time of publication the price fell below $1,300. If Bitcoin quotes continue to fall, bears will intensify pressure on ETHUSD toward a support around $1,200.

Conclusions

Since September 20, Bitcoin and Ethereum have been in a sideways trend. To resume growth, Bitcoin needs to consolidate above $20,000.

However, at present the market lacks strong buyers, so Bitcoin could breach the $19,000 support, and Ethereum could fall to $1,200.

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