- Bitcoin slows down after the latest remarkable surge that had it flipping $42,748 obstacle into a footing.
- Ethereum contemplates downswings after encountering a 50-day Simple Moving Average near $3,208.
- Most assets retrace, awaiting a bullish run.
Bitcoin’s rally seems to slow down, allowing bulls to rest before another upsurge. Though some players may argue that the near-term picture appears bearish due to January’s flash crash, the broad outlook suggests the crypto market boasts the potential of continued highs.
A February report by Wells Fargo states that the crypto market is witnessing exponential adoption growth, mimicking the internet adoption curve in multiple ways. Moreover, American financial corporations revealed that the crypto market might soon escape the initial adoption phase and join a hyper-adoption period.
BTC at Decisive Moment
Bitcoin gained 25% within the past four days, printing a swing peak near $45,539. The upward move had the entire crypto market presenting copycat actions, moving into the green zone. Nevertheless, Bitcoin could not record a daily candle close beyond the breaker’s top boundary near $44,387. With that, the crypto attracted a bearish move.
For now, market players need to prepare for either a fill-blow bearish trap or a slight retracement. A positive case will likely witness Bitcoin retesting its weekly support zone around $39,481 before embarking on another bullish rally.
However, a pessimistic case speculates a massive fall for BTC price towards $34,752. Losing this barrier will be vital for a crash towards $30,000.
Though the indecision, a daily candle close past $44,387 will annul Bitcoin’s bearish narrative. A bullish dominance will likely see Bitcoin climbing to the value levels near $52,000. That will mean upswings in the entire crypto marketplace.
Ethereum Pauses after Upward Move
Ethereum price appears to undergo a pullback after meeting the 50-day SMA near $3,208, hovering within the bearish breaker that extends between $2,789 and $3,167. A rejection at this zone might reveal retracements towards $2,812, the level that can attract buyers for a new uptrend.
Presuming bullish strength picks up, Ethereum might overpower the $3,208 hurdle and surge towards the resistance near $3,413. ETH might have its local high near the 50-day SMA and 100-day SMA convergence zone, around the $3,600 mark.
Meanwhile, failure to stabilize beyond $2,812 will show weakness by Ether buyers. Such a development will erase the bullish theory and potentially trigger a drop towards the $2,324 weekly support.