Bitcoin Cull Cycle Is Still Not Over
Bitcoin price soon after smashing its highs appears to get exhausted to a greater extent. As the crypto which was on the verge to hit $70K is currently struggling to surpass and sustain above $60K. However, the current sideway trend may not be a bearish trend, yet a small consolidation before the next bounce.
Analyst, Micheal De Van Poppe in his video speculates the reasons behind the drop and narrow trend of the primitive asset. The analyst compares the DXY index that calculates the strength of the U.S. Dollar. The index is strengthening with a huge spike in the past couple of days. Moreover, during September, when the asset was declining the index was accumulating gains.
Further, he believes the zones around $57,000 is very crucial for the BTC price to maintain the uptrend. Else the asset may drop to the lower levels around $42,000. However, $50,000 is also a notable barrier zone for the asset to breach. Yet the downtrend is still not valid as the price is still hovering close to $60,000 and a slight push could propel the asset above $62,000 resistance levels.
Ethereum Price Could Follow The Suit
The fresh Asian trading day initiated a substantial jump with the asset as the ETH price ranged high to hit $4367. However, quickly the price fell into the deep sea and currently hovering around $4100 levels. Similar to Bitcoin, ETH dump cannot be a bearish trend. A notable rebound could be well in place as the price is standing strong above $4000.
The analyst, Micheal de van Poppe also believes the asset may flip from the current levels as the price is swinging in one of the local supports. However, with a successful attempt to slice through these levels, Ethereum may regain its position at the ATH.
Therefore the upcoming weekend could be greener as the weekdays were filled with enormous dips. However, BTC price appears to be more bearish than ETH price and hence Bitcoin bulls need to enter the ring at the earliest. Ethereum price is manifesting a sense of stability as the ETH miners derive their earnings more from the blocks than the transaction fees.