Investors and traders in the cryptocurrency market are closely monitoring Bitcoin and Ethereum for any signs of a potential breakout during the upcoming weekend. Both cryptocurrencies have been experiencing a choppy session lately, with Bitcoin failing to extend its upward rally and losing some ground today. This could be attributed to ongoing regulatory scrutiny in the cryptocurrency sector, with US regulators becoming increasingly stringent towards companies dealing with cryptocurrency.
Bitcoin’s current trading price stands at $27,530, accompanied by a 24-hour trading volume of $25.9 billion. Technical analysis suggests that the BTC/USD pair is currently displaying a bullish trend, but may encounter some resistance around the $28,950 level. If Bitcoin manages to break through this resistance level, it could potentially drive its value upwards to $29,200 or even $30,700. However, if there is a bearish trend, support levels of around $26,600 and $25,200 are expected to provide substantial support.
Ethereum’s live trading price is currently $1,751, accompanied by a 24-hour trading volume of $1.5 billion. Ethereum has experienced a decline of 4% in the last 24 hours and is currently experiencing a challenge in surpassing the $1,800 resistance level. It is predicted to face resistance at the $1,900 level if the ETH/USD pair successfully breaches the $1,800 level. Ethereum currently holds the second spot in the CoinMarketCap ranking, with a live market cap of $214 billion.
Investors and traders should closely monitor Bitcoin and Ethereum for any potential breakouts during the weekend, as they could potentially drive the value of cryptocurrencies in the market.
