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The crypto market ended the day deep in the red as the price of the two largest cryptocurrencies by market capitalization Bitcoin and Ethereum both sold off.
This sell-off took place despite the positive results collated from a new survey carried out on U.S crypto investors to see how long investors are willing to hold onto their crypto investments for How Many U.S Investors Will Hold their Crypto and Why? New Survey Reveals.
Bitcoin Trading Below Key Level
The Bitcoin price is leading the way in this crypto bearish sell-off. The price of the cryptocurrency has just broken through a very key level in the 4-hour timeframe.
This price break below the $48,078 support level is a very bearish sign and points to more weakness in the Bitcoin price in the coming days.
As far as the Bitcoin price continues to trade below this $48,078 key level in the 4-hour timeframe, we can expect to see Bitcoin continue to dump in the coming days.
However, Ethereum is not following this Bitcoin sell-off closely, there is still a very high probability that we might soon see a bullish rally in the Ethereum market soon!
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Ethereum Still Ranging!
Ethereum on the other hand is still trading sideways, ranging within an ascending channel pattern in the 4-hour timeframe.
This pattern is a very bullish indication for the Ethereum price and it gives us high-quality levels to watch for a bullish breakout in the coming days.
But for this breakout to occur, the Ethereum price must first break through the ascending channel key levels in the 4-hour timeframe.
These levels have held strong over the weeks preventing Ethereum from resuming its bullish run and might continue to do so in the coming days.
However, once this ranging market in Etherum is over, we can expect to see the Altcoin price rally back to previous ATHs in no time. This bullish rally would push both the Ethereum and the Altcoin market back into the Altcoin bull-run we have been wating for.
Final Verdict!
Except we see massive volume come into the Bitcoin price tomorrow, there is a very high probability that the price of Bitcoin might continue to sell off while that of Ethereum might continues to trade sideways come tomorow.
This Bitcoin bearish market will only continue as far as the Bitcoin price continues to trade below the $48,078 key level.
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