Over the last seven days, Bitcoin (BTC) made another attempt to gain traction above the $9,300 resistance, but it failed.
In yesterday’s trading, there was a new increase above the $9K level of support, and it now seems like the price has formed a decent support base above $9K, with BTC currently trading at $9,045.2.
Looking ahead, the flagship cryptocurrency must surpass the $9,200 resistance level to kick-start a strong surge in the near-term. If the bulls have their way, the BTC price could spike towards the $9,500 and $9,600 level.
Conversely, if BTC fails to clear the key resistance near $9,200, there is a risk of a severe decline. A successful bearish break below the $9K support level could trigger an unrelenting downtrend that could push prices below $8,800.
BTC’s Low Volatility is “Calm Before the Storm”
As we reported yesterday, Bitcoin has seen some of the most boring price action it has witnessed in over a year. The benchmark coin has narrowed its trading range to between $9,000 and $9,300 and looks unlikely to break this trend anytime soon.
However, one prominent analyst believes that the current low volatility being witnessed in BTC could mark the “calm before the storm.”
SalsaTekila claims that this session of sideways trading is likely to resolve in a huge price movement, explaining that he expects the next move to favor sellers.
Typically, phases of intense sideways trading combined with decreasing trading volume usually don’t last long, and volatile movements normally follow them.
It is improbable that this next BTC price movement will occur during the weekend, but it could be seen as soon as this coming week.
ETH Could Spark Fresh Rally
After enduring a strong rejection at $250, Ethereum (ETH) started a notable drop below $238. The downtrend pushed ETH as low as $220 before the price started an upside correction to currently trading at $225.32
Despite the latest drop, the second-largest crypto-asset, according to CoinMarketCap, did manage to preserve most of Saturday’s gains to $230, as sellers returned amid thin volumes and marginal volatility on Sunday.
Looking ahead, the next support for the ETH bulls awaits at $225.45. Selling pressure at that level will most likely intensify, opening the doors for the top altcoin to retest Thursday’s low of $223.31, which could keep the buyers’ hopeful and spark a fresh rally.
ETH traders received a further boost from on-chain analytics firm Glassnodes, which shared the chart below that shows the number of addresses holding 0.1+ ETH coins just reached an all-time high of 3,076,777.
The previous all-time high of 3,076,422 was observed on 30 June 2020.