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Nischal Shetty, founder of WazirX, said price action indicates growing buyer confidence, with the RSI trending towards recovery levels and momentum building towards a potential breakout above immediate resistance.
While some moving averages (MA) remain neutral, improving sentiment points to a strengthening of the structure. Ethereum is holding steady around $1,960 and consolidating constructively as MACD levels off and momentum stabilizes, positioning itself for a possible upside move, Shetty further said.
Over the past week, Bitcoin and Ethereum fell 1.31% and 4.27% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin and Cardano gained more than 3%, and Hyperliquid fell 3.25%.
Riya Sehgal, research analyst at Delta Exchange, said Bitcoin is currently trading around $68,000, trying to break the resistance between $68,000 and $68,500. On the hourly chart, the price has risen from the $65,500-$66,000 support zone but still remains below the major moving averages.
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Shetty added that a break below the February 12 low could lead to a bigger pullback towards $62,000-$64,000. Ethereum shows a similar setup, consolidating near $1,967 with support around $1,960 and resistance at $1,991-$2,000. Continued strength above $2,000 could signal a near-term trend reversal.
Since October 10, approximately $8.5 billion has flowed out of US-listed Bitcoin exchange-traded funds. Bitcoin is down more than 40% even as stocks and precious metals have found buyers, as reported by Bloomberg.
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