Market Analysis by Investing.com (Günay Caymaz) covering: Bitcoin, ETH/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Bitcoin 's momentum strengthens as it approaches crucial resistance levels.Both cryptos face a pivotal weekend; profit-taking may test support levels, while strong buying could fuel bullish momentum.Last week, expectations of a 50 basis point rate cut fueled Bitcoin 's rally, but weekend profit-taking caused a slight pullback to the $58,300 range. This limited retreat signals the potential for the uptrend to continue.
This level, a key Fibonacci retracement from the August recovery, could lead to further profit-taking over the weekend. Breaking out of the descending channel and moving toward $70,000 would signal the end of the lower-high formation and put Bitcoin on track to set new highs. Now back in the $2,500 range and above its short-term descending trendline, Ethereum’s momentum has improved. The last time ETH broke this trendline was in July, but panic selling after the Bank of Japan's rate hike reversed its gains.
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