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 $60,000 support level, BTC witnessed a bullish week, closing with a +4.29% surge.

This bullish movement in BTC pushed several altcoins up with it. However, ETH and many altcoins ended the week bearish.

7 days heatmap showing a mixture of bearish and bullish sentiment with BTC up by +4.29% and ETH down by -2.22%.
Crypto Heatmap 7-Days

BTC Analysis

As anticipated in our previous outlook, BTC has rejected the $60,000 support level and traded higher.

As long as the bulls maintain control, a movement towards the upper bound of the channel and the $68,000 mark would be anticipated.

BTC daily chart trading higher as a correction phase within a falling channel targeting the $68,000 mark.
BTC Chart - Daily Timeframe

Meanwhile, as BTC retests the $60,000 - $62,000 support zone again, we will be looking for new short-term buy setups.

ETH Analysis

ETH has been uneventful this week, hovering within a range around the $2,750 - $2,900 support zone.

As long as the $2,750 support holds, a continuation towards the upper bound of the red wedge pattern is expected.

ETH daily chart rejecting the $2900 support level.
ETH Chart - Daily Timeframe

For the bulls to take over long-term and start the next impulse movement upward, a break above the last major high marked in red at $3,140 is needed.

Quote of the week

Losers average losers.
~Paul Tudor Jones

Closing Remarks

In summary, BTC rejected the $60,000 support level and surged by +4.29%.

This bullish momentum extended to several altcoins, although ETH and others ended the week on a bearish note.

BTC's upward trajectory is anticipated as long as it maintains control, with potential movement towards the upper boundary of the channel and the $68,000 mark.

Meanwhile, ETH remained within a range around the $2,750 - $2,900 support zone, with expectations of a continued upward movement if the $2,750 support level holds.

To initiate a long-term bullish trend, a break above the last major high at $3,140 is required.

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