Bitcoin (BTC) and Ethereum (ETH) have struggled with higher intrusions these days, with the pair approaching a technical zone of resistance.
There has been a slight recovery, but several factors have left doubts about the continued rise.
At this point, a study from Cryptocurrency Analysis Firm 10X states that the current market faces challenges such as compression volatility, seasonal weakness and lack of macroeconomic catalysts.
The analyst company said the situation raises questions about the sustainability of the recovery.
“Bitcoin has recently recovered to the $117,000 level and climbed after confirming support of $111,673.
This recovery could trigger short-term technical gatherings, but the sustainability of the gatherings is questionable as the current market faces a seasonal bearish stage and lack of momentum. ”
Ethereum’s rise is not solid!
In a 10x study, Ethereum Rally said that Eth Rally was driven by expectations rather than solid foundations.
“Ethereum sees an increase in trends in the number of active wallet addresses and rising prices, but these moves are now driven by narrative-based psychological factors, not solid fundamentals but expectations.”
You can move between Bitcoin and Ethereum either way!
Analysts have said recent moves by US President Donald Trump to expand cryptocurrency access to 401(k) accounts and raise interest in gold are positive for the market, but so far the response has been relatively stifled.
Analysts said Bitcoin and Ethereum could be at a turning point and move in both directions due to factors such as limited responses, lack of catalysts and seasonal debilitation.
“When both Bitcoin and Ethereum reach critical limits, momentum could be significantly strengthened or declined depending on future movements.”
*This is not investment advice.
