A widely followed crypto trader evaluated Bitcoin (BTC) and Ethereum (ETH) after BTC’s failed attempt to reclaim $23,450.
In the latest issue of the Cryptocademy newsletter, analyst Justin Bennett said that BTC has fluctuated between support levels.
“Bitcoin tried to reclaim $23,450 but failed. BTC also closed the day below $23,000, this level is likely to serve as resistance at the moment, so the $23,000 relief rally could be problematic.
The next key support for BTC is $22,400, followed by the $21,600 level. For BTC to become constructive again, it will need to retrace $23,000 and $23,450 on a daily close basis.”
BTC is trading at $22,597 at the time of writing.
On the other hand, Ethereum’s current $1,650 value is not surprising for Bennett, who says ETH is weak below $1,700.
“ETH is still trading sideways and looks relatively weak below $1,700. […]
For now, if we see the markets pull back this week, the $1,520 area is likely to act as critical support for ETH. A close below this will open the way for $1,420 again. Ethereum will need to close above $1,700 for the day to become constructive again.”
Bennett also tracks total crypto market cap (TOTAL), an indicator of market power. The analyst predicts that the total market cap could rise towards the $1.15 trillion level.
“TOTAL is barely holding the $1,035 trillion support level. The market tried to reclaim $1.05 trillion today but eventually failed. If $1,035 trillion fails this week and a daily close below that, a move to $985 billion seems likely, if not a full pullback to $960 billion.
Alternatively, a rally at $1,035 trillion and a buyback of over $1.05 trillion would be bullish for the crypto market, opening the door to $1.15 trillion.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.