The broader crypto market in the past 24 hours saw a negative trend but now it’s trying to make up with slight gains. But the majority of cryptocurrencies continue to dwell in the red zone as the dominant bearish trend continues. Ethereum continues to with its positive uptrend than the leading Bitcoin.
At the time of writing this article, BTC price was at $16,713, up by 0.20% in the last 24 hours, while Ether gained 1.10% and was trading at $1,192. Looking at the top two cryptocurrencies, Bitcoin has practically unmoved over the weekend. It saw fractional volatility as US equities fell slightly. Analysts believe the most favored cryptocurrency could potentially test lower levels again.
Rekt Capital, a popular trader, and analyst sees $17,150 as an important level to reclaim to avoid further downside. He believes if Bitcoin continues to reject from the $17,150 resistance, the price could drop up to -20% to the downside in the coming weeks. The analyst said there is still time for Bitcoin to perform a Monthly Close above the $17,150 level later in the month. But he added that a Monthly Close below $17,150 would confirm the beginnings of a breakdown from here.
On the other hand, Michael van de Poppe, the founder, and CEO of Eight, sees positivity. He outlined that Bitcoin has the potential to break to the upside and run for the $17,300 mark as more US economic data is expected toward the end of the week. The analyst also said that if there is no breakthrough, there would be longs around $16,200 or $15,500.