Bitcoin recently experienced a dramatic surge, breaching the $69,200 threshold to set a new record high. However, this triumph was short-lived as a strong selling wave brought its value below the $60,000 mark. This downturn resulted in substantial losses, with Coinglass reporting over $1.17 billion in liquidations within the futures market. With the crypto market’s dynamic nature, the question arises about the potential trajectories for both Bitcoin and Ethereum.
Bitcoin’s Market Resilience and Bullish Tendencies
In recent days, Bitcoin has shown a robust uptrend, with investors capitalizing on any pullback as a chance to buy. The cryptocurrency’s resilience was on display on March 5th when buyers aggressively snapped up Bitcoin as it dipped to the 20-day exponential moving average of $58,131, signaling strong demand. If buyers can sustain this momentum and push beyond $69,000, the BTC/USDT pair might embark on a climb, potentially hitting the $76,000 milestone and eyeing the $80,000 range next.
The pressure is on for the bears who aim to provoke a correction soon. To achieve this, they would need to maintain resistance at the $69,000 level and drive Bitcoin’s price down past the 20-day EMA, which could trigger a further slide toward the 50-day simple moving average at $49,107.
Ethereum’s Attempts to Hold Gains Against Bearish Pressure
Ethereum showed promise on March 4th by breaching the $3,600 resistance. Yet, the following day, selling pressure forced the price back to the 20-day EMA average of $3,233 before buyers intervened. This scenario suggests that bulls are keen on defending the 20-day EMA threshold. Continuing their purchases, bull investors are striving to keep Ethereum’s price afloat above $3,822. Conquering this level could see the ETH/USDT pair advance toward $4,000 and then perhaps $4,150.
To reverse Ethereum’s uptrend, bears would need to drive the price beneath the $3,600 breakout level, potentially intensifying a pullback to the 20-day EMA and risking a loss of bullish momentum. Moreover, anticipation is building over spot Ethereum ETF applications, with heavyweight firms like BlackRock closely monitoring the SEC’s decisions. Approval of these ETFs may catalyze a significant bullish wave for Ethereum’s market value.