Last week the price of Bitcoin rose by 8% and breached the $50,000 level. Ethereum rose by 3% and also closed the week above the psychological $4,000.
However, on December 28, sellers intensified pressure on the market. At the time of publication, Bitcoin was trading at $49,000, and Ethereum at $3,900.
When will this correction end? We analyse Bitcoin and Ethereum price levels on the cryptocurrency exchange Bybit.
BTCUSD
On December 23, Bitcoin breached the $50,000 level, but the bulls could not push the asset above $52,147 — after reaching a local high at that level the price for the day dropped below $50,000.
In the event the daily candle closes below $50,000, BTCUSD could continue to decline toward support in the $45,500 zone.
However, if the bulls hold $50,000 through the monthly close, the leading cryptocurrency could begin the next year with a resumption of the uptrend from this level.
ETHUSD
As of publication, ETHUSD also fell below the $4000 mark.
If Bitcoin cannot hold above $50,000, Ethereum could fall toward the $3,700 zone.
Conclusions
The bears have again managed to push Bitcoin and Ethereum below $50,000 and $4,000. If the bulls do not defend these levels by the close of the monthly candle, the assets could begin 2022 in a downtrend.
A break above these levels will form the basis for continuing the uptrend in the new year.
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