Bitcoin and Ethereum Price Analysis: A Potential Retracement Ahead
Bitcoin ($BTC) is currently showing signs of a possible retracement. As anticipated in our previous analysis five days ago, the price has swept the last in-structure high and is now approaching the $99.3K zone. This level, highlighted in our earlier discussions, remains a key resistance area.
The reason for this potential pullback is visible on the chart: Bitcoin is trading within a wedge pattern, and a breakdown below the lower trend line could trigger a sharp downward movement. At present, $BTC is sitting at a weekly supply zone—a historically strong resistance level that is not easy to break through.
In summary, Bitcoin may face a decline from this point, with the technical structure supporting a bearish move in the near term.
As for Ethereum ($ETH), we provided an analysis two days ago, and the outlook remains unchanged. Similar technical patterns are being observed, and $ETH is also expected to decline, potentially falling below the $2,270 mark.
Traders should remain cautious and watch these key levels closely as the market unfolds.