Analysis of futures: bears increased pressure on bitcoin

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On November 2, the US Federal Reserve (Fed) increased the range of the key rate by 75 basic points. Bitcoin reacted with a slight fall, but the very next day the quotes began to grow, and on Friday they pierced the level of $ 21,000.

However, at the beginning of this week, the price of the first cryptocurrency dropped below $ 21,000 and failed $ 20,000. At the time of publication, Bitcoin is trading about $ 19,800, and Ethereum is below $ 1,500.

Will the market fall continue? We analyze the price levels of cryptocurrencies on the BYBIT exchange.

BTCUSD

After reaching the local maximum on November 5, at $ 21,468, Bitcoin began to decline quickly, interrupting a three -week upward trend with $ 19,000.

To continue growth, you will need the return and consolidation of bitcoin above $ 20,000. When fixing below this psychological mark, the next support will be $ 19,000.

Ethusd

On November 4, the price of Ethereum conducted a retic resistance of $ 1650, but could not gain a foothold above this mark.

To resume the rising trend, Ethusd needs to overcome the resistance of $ 1650. If Bitcoin is fixed below $ 20,000, a re -test of support is possible $ 1400.

conclusions

Bitcoin and Ethereum could not break through the resistance at $ 21,500 and $ 16500, respectively. To continue growth, it is necessary JPMorgan: The internal to return the first cryptocurrency to the mark above $ 20,000.

With the consolidation of bitcoin below $ 20,000, support retests in the zone $ 19,000 is possible, as well as $ 1400 in the Ethereum market.

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