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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.
BTCUSD
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.
ETHUSD
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.
conclusions
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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