Cryptocurrency enthusiasts and investors are keeping a keen eye on the market after a noteworthy statement from Santiment. The prominent analytics company suggests that the upcoming week would be crucial for cryptocurrencies, potentially heralding a bull run if cryptocurrencies break away from their recent correlation with stock markets.
Santiment has observed that after Bitcoin and Ethereum calmed from their recent highs, the S&P 500 stock index enjoyed its moment of significant gains. This shifting performance has raised questions about the traditional connection between cryptocurrencies and equities.
The upcoming days are crucial, as they may reveal whether cryptocurrencies like Bitcoin and Ethereum can start a strong bull run, independent of stock market movements, says Santiment.
Bitcoin recently reached over $35,000, sparking excitement among eager investors hoping for a new upward streak. However, this excitement was short-lived as the price dipped back. If sellers keep the price under $35,000, Bitcoin might slide toward $33,900. This price level is crucial; dipping below it could send Bitcoin down to $32,500, near its 20-day exponential average.
Ethereum experienced a similar struggle. It momentarily overcame a resistance level at $1,865 but couldn’t hold on to those gains due to sellers taking advantage. The next significant level to watch for ETH is at $1,700. If the price falls below this, it could mean the bears are getting control. But, if the bulls can step in and push the price back up, Ethereum may be on its way to reaching the desired $2,000 mark.
As investors watch these developments unfold, Santiment’s insights tell us that the cryptocurrency market is at a crossroads. With Bitcoin currently valued at $34,728 and Ethereum at $1,835, all eyes will be on these critical thresholds in the week ahead to see if the bulls can take charge and set the stage for a rally.
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