BTC remains rangebound while ETH shows positive price action

Bitcoin got rejected at \(19,700 yesterday and made another attempt at resistance today, only to get stopped at \)19,500. Meanwhile, ETH, however, surged sharply from below \(1,350 to test \)1,390.

The recent surge appears to have lifted sentiments somewhat, while a DXY breakdown from 111.8 to 110.8 also led to equities moving up toward 3,850. However, market participants may want to watch the day’s closing before jumping to conclusions.

Top altcoin gainers and losers

Gainers

• Klaytn KLAY (+13.31%)
• Axie Infinity AXS (+6.11%)
• Chiliz CHZ (+5.59%)

Losers

• Aptos APT (-6.06%)
• Aave AAVE (-4.42%)
• Lido DAO Token LDO (-3.37%)

BTC Technical Analysis

Despite all the rallies and dips, Bitcoin price has ultimately ended up around \(19,000 - \)19,700. Currently, it is trading around \(19,500 despite the drop in DXY and bounce in equities. Spot CVD for popular exchanges such as FTX and Binance still signals distribution with every pump. We need to see if Bitcoin maintains \)19,500 in the coming hours otherwise any move below $19,300 could confirm that this was a bull trap to get liquidity before heading down.

ETH Technical Analysis

Ethereum has been explosive, to say the least, jumping from \(1,300 to \)1,388 in 3 days. Currently, it is consolidating at $1,380, however, we can see a bearish divergence forming between both recent highs, which signals buyer exhaustion. 

If the price of ETH continues this move, the next major resistance lies at \(1,400. A clean break and a retest of \)1,400 could mean Ethereum will finally exit this 40-day-old trading range.

Coin360 Daily Digest

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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.