Bitcoin And Ethereum Defend Key Moving Averages – Bullish Signal Or Temporary Relief? 📉
Bitcoin has experienced increased volatility, retracing from recent highs and posing uncertainty for investors. Despite this, BTC maintains its position above critical levels, providing a sign of strength to cautious bulls. Analysts emphasize the need for a decisive move beyond all-time highs.
A critical update from analyst Daan reveals Bitcoin and Ethereum testing their 4-hour 200MA and EMA, bouncing back, thus acting as a potential short-term trend signal. Still, the market conditions remain fragile amid macroeconomic pressures like tightening credit conditions and inflation.
Bitcoin's outperformance emerges, standing resilient against altcoins, while facing risks from an unstable US economy. With BTC holding crucial support zones, the upcoming days could determine the summer's trend. A critical rebound from the $103,600 support zone has been observed, driven by strong buying interest, but a sustained break above $106,600 is needed to confirm the bullish shift.