Bitcoin, Ethereum Prices Test Support After Rally

After showing a significant upside on Saturday, Bitcoin and Ethereum remain flat this Sunday as the crypto assets test support. Bitcoin is trading at $24.5k, while Ethereum holds its price of the high $1,900s. The trading volume for Bitcoin is down 20%, while there’s an even sharper decline of 30% in trading volume for Ethereum. We’re likely to see little movements for crypto markets this Sunday as traders remain on the sidelines, waiting for Monday’s move.

Key Points:

  • Bitcoin Price Remains above $24k, while Ethereum holds in the high $1,900s.
  • BTC bears are calling a “double top,” potential reversal incoming next week.
  • BlackRock’s launch of a private Bitcoin trust could catapult the global cryptocurrency market cap to new heights as trillions of funds flow into the market.
  • Trading volume is declining this Sunday. BTC and ETH are likely to make their next moves on Monday.

Little Change in Crypto Markets This Sunday

Since yesterday, there has been little change in Bitcoin and Ethereum prices. While both crypto assets are retracing slightly to test support, the declining trading volume signals that we’re unlikely to see any major moves today.

Looking at the monthly chart, Bitcoin is struggling to break past the $25k level, signaling a potential “double top.”

1M BTCUSD // Source: CoinMarketCap

1M BTCUSD // Source: CoinMarketCap

As the name suggests, a double top is a highly bearish technical reversal pattern that can form when a stock or an asset reaches a high price twice. For a true double top, there must be a moderate decline between the two highs, signaling a reversal pattern.

However, keeping in mind that today is Sunday, and trading volume is declining rapidly, this could be an anomaly, and BTC will likely attempt to breach the $25k resistance level on Monday.

Regarding relevant news that could affect BTC prices, BlackRock’s recently established private Bitcoin trust is an extremely bullish signal for the crypto asset. After the leading asset management platform partnered with Coinbase to provide exposure to cryptocurrencies for their private clients, BlackRock continues to show interest and expand its platform to digital assets.

As the largest asset management group worldwide, with over $10 trillion in assets under its control, BlackRock could open up the floodgates to a new paradigm of liquidity and investments into crypto that could catapult the cryptocurrency market cap from $1 trillion to over $10 trillion within months. BlackRock investor funds flowing into crypto could create bullish momentum for months on end as institutional and retail traders open long positions for Bitcoin.

Bitcoin’s price will likely continue wrestling the $24k support level before the market makes its next move on Monday. Ethereum will likely test the $2k range next week as the crypto asset manages to outperform BTC weekly. The global cryptocurrency market cap is at $1.18 trillion and will likely remain above the $1.1 trillion mark as BTC and ETH continue their rally.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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