s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.

7 Days Heatmap

After rejecting the $70,000 round number following the FED interest rate decision, BTC dipped by -1%, and ETH followed, closing the week down by -7.75%.

This bearish movement in BTC was reflected across the entire crypto market, with almost all altcoins closing the week on a bearish note as well.

7 days heatmap showing bearish sentiment with BTC down by -1% and ETH down by -7.75%.
Crypto Heatmap 7-Days

BTC Analysis

As anticipated in our previous outlook, BTC rejected the $72,000 resistance and traded lower.

However, it is currently hovering around a strong structure marked in red at $65,950.

As long as the $65,950 mark holds, we expect a bullish continuation towards the $72,000 resistance level.

BTC 4h chart hovering within a big range between $65,950 structure and $72,000 resistance.
BTC Chart - 4H Timeframe

In parallel, if the $65,950 low is broken downward, a bearish correction towards the $62,000 support level would be anticipated.

ETH Analysis

ETH has been overall bearish, trading within the falling channel marked in red.

Yesterday, ETH broke below the $3,500 support level, so we are expecting a bearish continuation towards the $3,180 demand zone.

ETH 4h chart overall bearish trading within the falling channel as long as the last major high at $3,665 high holds.
ETH Chart - 4H Timeframe

In parallel, for the bulls to regain control and push towards the $4,000 mark again, a break above the last major high marked in red at $3,665 is needed.

Quote of the week

Do not anticipate and move without market confirmation - being a little late in your trade is your insurance that you are right or wrong.
~ Jesse Livermore

Closing Remarks

In summary, BTC rejected the $70,000 resistance level and experienced a 1% dip.

This bearish movement impacted several altcoins, with ETH also declining by 7.75%.

BTC is anticipated to rise towards $72,000 if the $65,950 support holds, or drop to $62,000 if it breaks.

Meanwhile, ETH remained within the $3,180 - $3,665 range, with expectations of a bearish continuation if the $3,500 support zone fails.

To initiate a long-term bullish trend, a break above the $3,665 resistance is required.

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