According to the news on CoinDesk:
It can be seen that every time BTC approaches the 120-day moving average, it becomes a turning point for the bull and bear market. For example, in April 2019, the mainstream doubled, and in 2020, there was a tenfold increase in the spot market. Then in mid-2022, there was a 90% drop in the spot market, and at the beginning of 2023, there was a significant bull and bear intersection at the 120-day moving average.
In June, BTC fell below the 120-day moving average, weakening. Referring to the trends in June 2023 and 2020, if BTC can stabilize at $65,000 in the next two weeks, it will quickly recover and soar.
Conversely, it will open the floodgates for a bear market. The next two weeks in July are expected to be a turning point for a new trend.
BTC:
BTC rebound tested the high point, accompanied by weakening bullish volume, BTC rose and fell back, confirming resistance selling pressure, entering a bottom exploration market. The small high points continue to decrease. The key resistance line above is $62,104. BTC can only return to the bullish market by stabilizing at $62,104, and then BTC will peak and fall back.
Resistance levels: $62,104, $63,156, $64,123
Support levels: $60,384, $59,285, $58,436
ETH:
ETH explored below the 5-day moving average, confirming the divergence trend, and the short selling pressure increased. The hourly chart broke the converging trend, entering a bottom exploration market. The key resistance level above is $3,411. ETH needs to break through $3,411 with volume to build a strong base and enter a bullish trend. Next, ETH will spike and fall back at $3,411.
Resistance levels: $3,411, $3,488, $3,542
Support levels: $3,295, $3,228, $3,176
