As Bitcoin struggles to reclaim the $68,000 level, the continuation of profit-taking reflects individual investor sentiment regarding the peak of the bear market. According to Rekt Capital, price declines can be expected ahead of the upcoming halving event, and large drops similar to previous cycles may occur. Factors such as slowing spot Bitcoin ETF inflows and the upcoming Fed meeting could impact the market.
Bitcoin’s Struggle
Bitcoin managed to find support above $64,500, but high profitability and resistance zones may increase selling pressure. The bounce from the 20-day EMA on March 17 showed the effectiveness of buyers. If bulls return to the rising channel, targets of $73,777 and $80,000 are possible.
Ethereum’s Test
Although Ethereum price fell below the 20-day EMA, it can rise if it reclaims the $3,616 region. On the other hand, in a bearish scenario, targets at $3,400 and $3,200 can be aimed. The results of the Fed meeting will be crucial for both Bitcoin and Ethereum and could determine the market direction.
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