Technical Analysis
Bitcoin Analysis
Despite the Sunday loss, BTC avoided a break below the trend line, with the trend line rejecting a fall to sub-$25,700. BTC remained above the trend line this morning. However, investor angst toward the future of the BTC-Spot ETF market leaves the trend line and $25,506 support level in play.
Any adverse news related to the SEC cases against Coinbase or Ripple could drive BTC prices below $25,000.
A break above the trend line would signal a bullish trend toward the $26,755 resistance level. However, BTC would likely need a significant crypto event to trigger such a breakout.
The 14-Daily RSI reading of 37.51 shows BTC has some room remaining before entering oversold territory.
Ethereum Analysis
ETH currently traded below the $1,626 resistance level, with ETH continuing to face rejection at $1,650. If ETH breaks out from the $1,626 resistance level and surpasses $1,650, it could pave the way for a bullish run toward the 50-day EMA and the $1,746 resistance level.
Favorable updates from the ongoing SEC cases against Coinbase and Ripple would support a breakout session.
Failure to move through the $1,626 resistance level would leave sub-$1,600 and the $1,502 support level in play.
The 14-Daily RSI reading of 34.93 indicates further downside and an ETH return to sub-$1,600 before entering oversold territory.
