This week, the crypto market experienced significant volatility. Bitcoin (BTC) started trading at $59,000 on Monday, but experienced a significant decline due to selling pressure from short-term investors and fell to $48,888. On Tuesday, it saw a recovery of about 5,000 points. Fluctuations continued in the following days of the week, and on Thursday, it widened again, regaining its losses from the beginning of the week with a pump around $55,000. On Friday, the market moved in a narrower range.
This week, BTC gained 25,950 points in total. Ethereum (ETH) gained 1,613 points in total. The large fluctuations throughout the week offered investors significant earning opportunities. However, it was emphasized that investors should be careful in such rapid movements and follow the market closely.
From a technical analysis perspective, the falling upper shadow highs and falling lows on the monthly chart do not show general optimism for the market. However, the collapse of the global stock market and expectations for a Fed rate cut are gradually stabilizing market sentiment. The weekly chart tested the $70,000 resistance last week, but this level was not broken.
The daily chart structure indicates that the Bollinger bands are still open to the downside and the mid-band resistance point should be watched. The four-hour chart shows that long positions have increased and an upward movement has been made over the weekend.
This week, BTC offers buying opportunities in the $60,300-60,800 range and ETH offers buying opportunities in the $2,620-2,650 range, with targets set at $63,000 and $2,750, respectively.
Conclusion: The crypto market continues to be volatile and investors need to be careful. In such market conditions, opportunities are presented to those who are ready. Remember that the market is always there, just be prepared and look for opportunities.
