Last week the price of Bitcoin slid below the $45,000 level that bulls have been trying to hold since December 2021. At press time, the leading cryptocurrency is trading around $42,000.
What to expect from the market this week? We analyse Bitcoin and Ethereum price levels on the cryptocurrency exchange Bybit.
BTCUSD
On January 10, Bitcoin for the first time since September 2021 fell below $40,000, but bulls quickly bought the dip and pushed quotes back above $41,000.
Bulls managed to hold the $40 000 level and close the daily candle above the uptrend line. However, for further upside BTCUSD must break through resistance at $45,500.
If selling resumes, bears could push BTCUSD to the support around $37 000.
ETHUSD
The bulls on the market ETHUSD managed to hold the round level $3000. To resume the uptrend, buyers need to break through resistance at $3400.
If bearish momentum persists in the market, Ethereum’s price could fall to the support around $2,650.
Conclusions
On January 10, buyers managed to defend important support levels — $40,000 for Bitcoin and $3,000 for Ethereum.
To resume the uptrend, resistance at $45,500 on the BTCUSD market and $3,400 on the ETHUSD market must be broken.
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