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Last week, the price of bitcoin dropped below the $ 45,000 level that the bulls have been trying to hold since the beginning of December 2021. At the time of publication, the first cryptocurrency is trading in the $ 42,000 zone.
What to expect from the market this week? We analyze the price levels of Bitcoin and Ethereum on the Bybit cryptocurrency exchange.
On January 10, Bitcoin fell below $ 40,000 for the first time since September 2021, but the bulls quickly bought out the offer and returned quotes to levels above $ 41,000.
Support and resistance levels on the daily BTCUSD Perpetual Contract (Bybit) chart. Data: TradingView.
Buyers were able to hold the $ 40,000 level and close the daily candle above the uptrend line. However, for further growth, BTCUSD must break through the resistance at around $ 45,500.
If selling resumes, bears may push BTCUSD towards support in the $ 37,000 zone.
The bulls in the ETHUSD market managed to hold the $ 3000 round level. For the uptrend to resume, buyers need to overcome the resistance at $ 3,400.
Support levels on the daily chart ETHUSD Perpetual Contract (Bybit). Data: TradingView.
If the downward dynamics in the market continues, the Ethereum price may decline to support in the $ 2,650 zone.
On January 10, buyers were able to defend important support levels – $ 40,000 for Bitcoin and $ 3,000 for Ethereum.
To resume the upward trend, it is necessary to break through the resistance levels at $ 45,500 in the BTCUSD market and $ 3400 in the ETHUSD market.
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