Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD, ETH/USD, Ethereum. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
The cryptocurrency is currently correcting lower after forming a double-top pattern.experienced a volatile week, with an initial surge driven by positive statements from US presidential candidate Donald Trump followed by a sharp decline to key support levels as the crypto formed a double-top pattern on the daily chart.
This week's downtrend saw Bitcoin pull back from this boundary, rebounding quickly from the $62,300 region due to rapid buying. While the downward trend persists, the double-top pattern seems complete. Bitcoin may test levels below $63,000 in the coming days. Maintaining daily closes above $63,000 is crucial to prevent a sharper decline.
To summarize, for Bitcoin to avoid further decline, it must break out of the demand zone at $63,000 with strong buying volume. Failing this, a retreat to around $60,000 is likely before any potential recovery.Grayscale’s conversion of its old product into an ETF has led to continued exits, which are also impacting Ether ETFs. This situation mirrors the early days of Bitcoin ETFs.
Technically, after making a move towards $3,500 in the first half of July, ETH encountered resistance at Fib 0.618 relative to the June decline. After July 20, we saw the cryptocurrency begin to retest the falling trendline in the pullback that started.
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