Bitcoin (BTC) and Altcoins Experience Recovery
Bitcoin (BTC) and altcoins are finally experiencing the expected recovery after the sharp declines. At this point, BTC rose above $93,000, while Ethereum (ETH), which attracted attention with its weak performance, rose above $1,800.
While significant increases were seen in altcoins, 10X Research founder Markus Thielen explained his BTC and ETH analysis.
What Are The Key Levels In Bitcoin?
As Bitcoin continues its rise, Markus Thielen said that the rise will continue but the next important resistance level is in the $94,000 – $95,000 range.
Markus Thielen noted in his latest report that Bitcoin is turning from a bearish to a bullish trend, with the next significant resistance being between $94,000 and $95,000. Stating that stablecoin inflows have started to increase and fueled the upward momentum in the report, Thielen stated that inflows in US spot Bitcoin ETFs have also increased.
“Bitcoin is rising but the $95,000 level acts as a key resistance area and a potential trigger point for short stop liquidations. We expect a break above this level to lead to further upside.”
Thielen also added that a falling wedge pattern is evident in Bitcoin, indicating that the price could rise to $98,000 to $99,000.
What Awaits Ethereum?
According to Binance TR data, Ethereum (ETH) has gained more than 10% in the last 24 hours, regaining $1,800 and recovering from a sharp decline in market dominance. Ethereum has not met expectations with its weak performance for a long time, but 10xResearch founder Markus Thielen stated that he is optimistic about ETH.
At this point, the analyst said that ETH is technically oversold and that the upcoming Pectra mainnet upgrade is the main driver of the recent rally. He added that ETH can expect a rally from now on.
*This is not investment advice.
