Ether, the leader of Bitcoin and altcoins, started to show signs of recovery by exceeding the $ 66,000 level after the fluctuations in the cryptocurrency market. The stable performance of Bitcoin and Ether has increased interest in altcoins.
Crypto Market Started an Active Day
With signs of recovery in Bitcoin and Ether, signs of stabilization began to be seen throughout the market. Semir Gabeljic from Pythagoras Investments stated that outflows from ETFs led to a decline in the market, while QCP Capital analysts emphasized that the market was in the consolidation phase. Narrow range fluctuations in the prices of Bitcoin and Ethereum indicate that the market is in a neutral position.
Bitcoin's Decline and Recovery
Bitcoin has been in a downward trend since the weekend. However, a recovery was seen in the market after the Fed left interest rates constant on March 20. The leading cryptocurrency rose from $60,770 to $68,300, an increase of 11%. However, after this rise, there was profit selling and the Bitcoin price fell to the level of $ 66,000.
Future of BTC
Bitcoin may enter an uptrend by maintaining the support point at $66,150. However, if the price falls below $66,150, there could be a correction towards the $65,300 level. A break below this level could cause the price to decline towards $63,250. On the other hand, Bitcoin's rise above $68,000 could start a new upward wave in the price and bring the $70,000 target to the agenda.
Situation in Ether
Ether managed to stay above the critical support level by resisting the fluctuations experienced in recent days. ETH, which dropped below the $3,050 level, later recovered and regained the $3,500 level with an increase of more than 15%. $3,500 is an important resistance level for Ether, and persistence above this level could increase interest in altcoins.
Future of ETH
Ether will remain neutral as long as it maintains the $3,500 level. However, it will need to climb above $3,650 for any positive momentum. Once this level is exceeded, ETH may begin a movement towards the $3,775 level and even head towards the $4,000 target.
In summary, while the situations in Bitcoin and Ether create an equilibrium in the market, the developments in the coming days will determine how this balance will be shaped.
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