Bitcoin is trading near $21,900 while Ethereum has dipped below $1,520.
The crypto market was largely green over the past week, with gains for Bitcoin and Ethereum pushing the top two cryptocurrencies to prices above $24,000 and $1,600 respectively.
As of writing, BTC is holding around the $21,900 mark while ETH/USD has dipped slightly to trade near $1,515. Both are in the green over the weekly chart, with most of the altcoin market also showing signs of holding onto recent gains.
However, the market remains beleaguered despite forecasts of a bottom looking like it’s in amid recent deleveraging.
And analysts are also watching the equities market ahead of this week’s US Federal Reserve meeting. Given, a dump in the stock market could see risk appetite across crypto fade, with potential downsides for BTC and ETH reflected across the broader altcoin market.
Crypto analyst Rekt Capital said on Monday that it is possible the market could be heading lower after last week’s sharp bounce.
Glassnode notes that although momentum looks favourable for Bitcoin after the upside above $20,000, the long term outlook suggests otherwise. According to the platform, bulls might have to bear some pressure before establishing a “firm foundation.”
Momentum in the short term is favorable, however longer-term indicators suggest additional time may be required to form a firm foundation.
While analysts see $20k as a crucial support level for Bitcoin, Ethereum could dip to support in the $1.4-$1.3k zone.
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