Bitcoin, Ethereum Price Prediction- BTC Needs $21000 Breakout To End This Sluggish Rally

Bitcoin, Ethereum price prediction: the crypto market witnessed sudden selling pressure as the NASDAQ index opened a gap down and currently trades at 1.6% below. At 10:35 am EST Monday, the global crypto market stands at $1 Trillion with a 0.7% loss over the last day.

Furthermore, the total crypto market volume over the last 24 hours is $78.42 Billion, which makes a 7.6℅ loss. The total volume in DeFi is currently $4.18 Billion, 5.3% of the total crypto market 24-hour volume. 

Top Gainers and Losers

Source- Coin360

Among the top 100 cryptocurrencies, Chain and Chainlink are the top gainers. Thus, the XCN price trades at $0.057 with a 13.7% gain in the last 24 hours, and the LINK price moves at $8.03, with a 6.44% jump. On the flip side, the top losers are Toncoin and Axie infinity, where the TON price exchanges hand at $1.52, registering a 6.49% loss, while the AXS price trades at $9.09 with a 5.04% drop.

Bitcoin Price

Source- Coinmarketcap

Amid the last two-week recovery in the crypto market, the Bitcoin price managed to breach a weekly resistance of $20340. However, following this rally, the price started to walk laterally and tried to sustain above the newly acquired support.

Moreover, this retest phase has been going on for the last five days, and the price is still wobbling between $21000 and $20300. Today, the Bitcoin price is trading at the $20331 mark with an intraday loss of 1.4%.

Furthermore, this small consolidation seems like a temporary pause before the bullish momentum restores. Thus, a daily candle closing above $21000 would signal the resumption of the bullish trend and push the prices 7.75% higher to $22000.

Source- Tradingview

On a contrary note, a breakdown below $20300 would offset the bullish thesis and trigger a significant correction.

Ethereum price

Source- Coinmarketcap

The recent recovery rally accentuated the Ethereum price following a rounding bottom pattern in the daily time frame chart. In response to this pattern, altcoin has recently pierced the $1565-1550 barrier. However, with ongoing selling pressure, the buyers struggle to sustain above the breached resistance.

However, if the Ethereum price managed close above the $1565 support, the buyers could reattempt to chase higher ground. The altcoin price currently trades at the $1554 mark, and with sustained buying, it should rise 16% higher to hit the next supply zone at $1800. A breakout above this level will encourage the buyer’s motive.

Source- Tradingview

The daily-RSI slope turned down from the overbought region indicates the excess buying is stabilizing.