Bitcoin and Ethereum Bounce from Key Moving Averages Amid Market Uncertainty
Bitcoin has experienced increased volatility since late May, retracing from recent highs and raising market uncertainty. Despite this, BTC maintains crucial support levels, with analysts noting that a decisive move above the all-time high is necessary for trend confirmation.
Key points include:
- BTC remains above $100,000, indicating strength compared to lagging altcoins.
- The US economy faces tightening credit, inflation, and labor data concerns, impacting risk assets like Bitcoin.
- Technical indicators show both BTC and ETH tested their 4-hour 200MA and EMA, bouncing off them as support.
- Bullish momentum requires sustained movement above $106,600; failure to hold $103,600 could signal a deeper correction.
Bitcoin's recovery from the $103,600 support zone suggests bullish control, currently trading around $105,600. Volume spikes during the bounce support this upward trend, though a break above $106,600 is needed for confirmation. The next resistance level is $109,300, while maintaining $103,600 is essential to avoid invalidating the rebound.
