In the dynamic world of cryptocurrency, key developments are capturing the attention of investors. Bitcoin (BTC) faces a crucial challenge, needing to close above $69,000 to maintain its bullish momentum. Meanwhile, Ethereum (ETH) is relying on the importance of its EMA21 support level, a vital indicator for its short-term stability. Amidst these market movements, Furrever Token is making waves with its unique and charming approach. Combining the appeal of meme coins with strategic tokenomics, Furrever Token is offering an irresistible 25% bonus for new purchases until June 10, 2024, making it an attractive option for early investors.
Bitcoin (BTC) Needs to Close Above 69k
After facing selling pressure at the $72k resistance following the Non-Farm Payrolls data, Bitcoin (BTC) is trying to close the week above the $69k resistance. The leading cryptocurrency started yesterday at $69,355 and, after a flat day, closed down 0.07% at $69,310. On the last day of the week, Bitcoin (BTC) continues to trade flat and is currently trading at $69,359.
Bitcoin (BTC) Chart Analysis
The leading cryptocurrency, Bitcoin (BTC), fell from $72k to $56k between March and May 2024, then retested the $72k resistance. After the Non-Farm Payrolls data from the United States, Bitcoin (BTC) faced strong selling pressure at the $72k resistance and is currently trading at $69,359 above the $69k support. Examining the daily chart of Bitcoin (BTC), we see that it has not broken the $72k resistance and has pulled back to the $69k support. As long as Bitcoin (BTC) stays above the $69k support, I do not see any issues. However, investors should be cautious with daily closes below the EMA21, which is at $68,527. For Bitcoin (BTC) to continue its upward movement, it must break the $72k resistance.
Ethereum (ETH) and the Importance of EMA21 Support
The second-largest cryptocurrency, Ethereum (ETH), with a market cap of $443.30 billion, started yesterday at $3,672.5, tested $3,707.6, and closed with a 10% increase at $3,680.6. Ethereum (ETH) has started the new day slightly positive and is currently trading at $3,688.9, up 0.23%.
Ethereum (ETH) Chart Analysis
The second-largest cryptocurrency, Ethereum (ETH), started a downtrend from $4k in March, continuing to the $2,858 support. After receiving a strong buy prior to the spot ETF approval news, Ethereum (ETH) rebounded from the $2,858 support and broke the two-month downtrend. Following the spot ETF approval, Ethereum (ETH) has been trading between $3,750 and $3,950 (shown in purple on the chart) for the past two weeks. After the Non-Farm Payrolls data from the US, Ethereum (ETH) broke below the $3,750-$3,950 range due to the selling pressure seen in Bitcoin (BTC) and is now holding at the EMA21 support. For Ethereum (ETH), the first scenario shows a flag formation on the daily chart, with a target of $4.8k, 30% above the current price, if it closes above $4k. In the negative scenario, if Ethereum (ETH) fails to break above $4k, it may form a double top and could pull back to its starting point at $2,858.
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