Thu, February 06, 2025

Bitcoin price is weakening, yet major uptrend support is still there

Bitcoin

Bitcoin price is weakening, yet major uptrend support is still there

The bitcoin price surged past $29,000 but then made a smaller correction and is now stabilizing above the pivot mark of $28,000. The world’s largest crypto has accelerated its upward movement above the $28,500 obstacle, albeit only slightly, and is currently trading above both the $28,000 level and the 100hr simple moving average.

A bullish trend line is forming on the hourly chart of the BTC/USD pair, with support near $27,900. The pair may begin another climb until there is a definite move below the $27,650 support.

However, gains were constrained over $29,000, and before the price began, a new downside decline, a high, was created at around $29,190. The $28,800 and $28,500 thresholds were moved down, and the price tested the level of the upward wave from the $26,600 swing low to the $29,190 high using the 50% Fibonacci retracement formula.

The $28,850 region represents the next significant resistance; at this time, the biggest resistance is forming close to the $29,200 mark. The price might be pushed toward the $30,000 resistance with a decisive rise above the $29,200 level. If there are any further increases, the $32,000 resistance level may need to be tested.

Bitcoin price faces potential downturn

A new slump in bitcoin price may begin if it cannot overcome the $28,800 resistance. Immediate support on the downside is at the $27,900 area or the trend line.

The next significant support is the $27,680 region and the 100hr simple moving average. It is close to where the ascending wave from the $26,600 swing low to the $29,190 high is 61.8% Fibonacci retraced. A downward break below the $27,680 support level might start a new downturn, and the price may challenge $26,600 at the $27,210 mark, where the next significant support is located.

Ethereum’s price was steady

The price of Ethereum held steady above the $1,750 support area, ascended higher, and made an effort to break upward above the $1,840 barrier area. Before there was a negative adjustment, the price reached a high of $1,828. Despite a dip below the $1,800 mark, the price managed to hold above the $1,750 support region, created a low near $1,762 and is currently increasing.

The price of ether is trading above both the 100hr simple moving average and $1,785. It is also trading above the point where the current slide from the swing high of $1,828 to the low of $1,762 is 61.8% retraced on the Fibonacci scale. In the hourly chart of ETH/USD, a connecting positive trend line is also developing, with support located close to $1,780.

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