Crypto market overview for week 37

What can we expect this week?

The overall crypto market continues to move within a descending channel. By successfully breaking below the $1.9T zone, the Bears would try to lower the value to the $1.73T zone and then to $1.6T.

If the Bulls defend the $1.9T zone, the next hurdle they must overcome is $2T. Only by breaking above that zone will they try to reach $2.2T and, after that, $2.4T.

BTC

Bitcoin ended last week at $54,881, a 4.22% drop compared to the end of the previous week ($57,291). The Bears dominated most of the week, lowering the price of BTC to $52,530 and almost achieving the goal at $52,200. BTC continues to move within the descending channel. Bears are currently resting, and after a potential return to the $57,000 zone, they would try to lower the price to $52,200.

If the Bulls manage to return the price above $57,500, they will try to raise the price of BTC to $60,500 and, after that, to $65,000.

ETH

After testing the bottom of the consolidation, Ether fell 5.29% last week to end at $2,297.47 (Coinbase). Ether is still in the selling zone and is moving inside the descending channel. The Bears have not been able to lower the price of Ether to the $2,115 zone. The lowest price they reached during the last week was $2,150. With a successful breakthrough below the $2,115 zone, the Bears will try to lower the price to the $1,600 zone.

The Bulls' first goal remains to return the price above the $2,730 zone. If they succeed, the next obstacle is at the $2,925 zone.

Conclusion

The crypto market remains in a precarious position, with bearish sentiment dominating recent price action. Both Bitcoin and Ethereum are moving within descending channels, facing significant resistance levels. While the Bulls are attempting to defend key support zones, the Bears seem to have the upper hand in the short term. Investors should closely monitor the identified price levels for potential breakouts or breakdowns, as these could signal the next major market move.