Bitcoin and Ethereum Bulls Taking Control: Market Sees Strong Bullish Momentum
U.Today – Cryptocurrency Market Momentum
The cryptocurrency market is currently experiencing a strong bullish momentum as Bitcoin and Ethereum bulls assert control. A significant development has seen shorts worth approximately $60 million being liquidated, signaling a potential shift in market sentiment as the weekend approaches.
Bitcoin’s Resilience
Bitcoin has demonstrated resilience by sustaining above the crucial support level of $40,000. The coin has recently experienced a rebound from this level, historically a strong psychological barrier for both bulls and bears.
Ethereum’s Recovery
Ethereum is also showing signs of recovery after a recent sell-off. The coin has found support near the $2,100 mark, just above the 200-day exponential moving average, which is a significant indicator of long-term trends.
Support and Resistance Levels
If BTC maintains its position above the support level, the next key resistance to watch will be around $42,000, with potential consolidation before a further push. On the downside, if the $40,000 level fails to hold, traders should look for potential support near the $38,500 region.
If ETH can sustain its rebound, the immediate resistance is expected at $2,400. A breakthrough above this could open the path toward $2,500, a level that previously acted as both support and resistance. A fall below the current support level could see the price testing the next support zone around $2,000.
Liquidation Heatmap and Market Sentiment
The liquidation heatmap provides additional context, illustrating the pressure on short sellers as the market moves against their positions. Bitcoin and Ethereum have seen a significant number of short positions being closed in a short span of time. Overall, the market is currently displaying bullish signs, with strong support levels holding up.
This article was originally published on U.Today
