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Futures analysis: the bears continued their offensive

Futures analysis: the bears continued their offensive

On January 24, the price of bitcoin set a local low at $32,903. This was followed by a quick recovery to above $37,000. At the time of publication, the former cryptocurrency is trading around $36,000 and Ethereum is at $2400.

Can the crypto market recover in the current situation? Let's analyze the price levels of bitcoin and Ethereum on the cryptocurrency exchange Bybit.

BTCUSD

Last week, the bears were able to sell the $40,000 level, which led to a rapid decline in quotations to around $34,000.

Support and resistance levels on the daily chart of BTCUSD Perpetual Contract (Bybit). Data: TradingView.

If the negative dynamics persists, the next important support level for BTCUSD will be $30,000. In July 2021, it started to grow from there to a historical high of $69,182.

Although bitcoin fell 20% last week, there is still a chance of a recovery to $40,000. In case of an unsuccessful retest of the former support level, bears may continue the downtrend with targets below $30,000.

ETHUSD

The ETHUSD market has also recovered a little bit. After hitting the low at $2155, the price rose to the level of $2500.

Support and resistance levels on the ETHUSD Perpetual Contract (Bybit) daily chart. Data: TradingView.

If the downward trend continues, Ethereum may test the psychological $2000 level. The next strong support zone is near $1700.

Conclusions

Last week, buyers failed to protect important support levels of $40,000 for bitcoin and $3,000 for Ethereum. However, the current market recovery suggests that the bulls may once again test those levels.

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