Bitcoin and Ethereum are still under bearish pressure

Bitcoin chart analysis

The price of Bitcoin is still in the consolidation in the range of 43000-45000 dollars now, and we are currently in the middle of this consolidation around 44000 dollars. Investors are still undecided on the potential direction of Bitcoin and are tracking the price by looking for a possible break up or down for a more specific move on the chart.

Bullish scenario:

• We need to continue this positive consolidation and break above the $ 45,000 level.

• After that, we’ll probably see the price of Bitcoin at $ 46,000.

• Our next potential resistance is at $ 48,000, the December price movement zone.

• Depending on the bullish pressure, we may visit the upper zone of $ 50,000-52,000.

Bearish scenario:

• We need negative consolidation and a price drop below the $ 43,000 level.

• Then we ask for the first support at 42000 dollars, and additional bearish pressure can create the transition of MA20 to the bearish side.

• Our next necessary support is $ 40,000, with additional support in MA50 and MA200 at that level.

• Break below the descent us further to the previous low at $ 38,000, and if he does not endure, the next support is at $ 36,000 along the lower trend line.

Ethereum chart analysis

Ethereum has so far found support at $ 2,875, and for now, we have a slight price recovery at $ 2,920. The situation is still not great; bearish pressure is still present on the chart. We need to break above $ 3,000 and test the $ 3,200 level for further bullish sequels.

Bullish scenario:

• We need a continuation of the current positive consolidation and a break above the $ 3,000 level.

• Then, the next potential resistance awaits us at $ 3,200.

• A break above would take us to the $ 3,400 level, the January resistance zone.

Bearish scenario:

• We need negative consolidation and a price drop below the $ 2,800 level.

• Then the MA200 and MA20 move to the bearish side, increasing the pressure on the price.

• Our potential support is MA50 in the zone around $ 2750.

• If the bearish pressure continues, our next support is at 2600, the minimum from February 27.

• Next is in the $ 2,400 zone, the February support zone.

Market overview

According to an on-chain analytics firm, the number of addresses of bitcoin traders holding less than 30 days, or short-term owners, is expanding rapidly as Bitcoin prices rise. It is mentioned that this group, which makes up about 7% of all Bitcoin owners, raised its balance sheet by almost 5%. IntoTheblok analytics company reports that retail interest could return to the Bitcoin market.

The number of daily active Bitcoin users is also increasing in tandem with the growth of short-term owners. Daily active addresses are often used as the leading price indicator. The number of DAAs returned above 1 million, according to IntoTheBlock, as BTC rose to $ 45,000.

According to Santimenta, whales have begun to conduct much more massive transactions than ever before. According to the data, the whales have made more than 13,400 transactions worth more than a million dollars in the last three days. This increase in volume could be related to the behavior of BTC prices.

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