Cryptos breakout of bear trends, but will it continue? Bitcoin (BTC) & Ethereum (ETH) Outlook

• Bitcoin reaches $79,000 in daily trading and tests a breakout of its main October descending channel
• Profiting from the rebound and new inflows in tech, exploring if Crypto has enough momentum to keep bouncing
• Exploring a Technical Analysis and trading levels for Bitcoin and Ethereum

Only 13 days since our last Crypto in-depth analysis, Bitcoin has surged an additional $7,000, (10%!) and Ethereum has broken through several major resistance levels, back to $2,400.

While altcoins are slowly gathering momentum, the spotlight remains firmly on the largest, highest-cap cryptocurrencies, with the rest still struggling to catch up as Investors still aim to pick up the highest quality names in case the narrative shifted again for the worst.

Nevertheless, the total crypto market cap is extending gains at levels similar to last Friday, clearly dominating the February lows – A very positive sign but this move will need further traction to avoid forming a short-term double top.

Extending beyond $2.65T will be key for the next phase of the rebound.

The coming days will present a particularly key test with the well-anticipated peace talks; In the event of a tumble in negotiations, Participants will be watching closely to see if crypto truly behaves as the safe haven its proponents claim, or if it remains just another risk asset.

So far, cryptocurrencies have maintained a strong correlation with the Nasdaq.

However, while the tech index has reclaimed its all-time highs, Bitcoin is now testing a major breakout at $79,000 as it challenges the upper boundary of its main October descending channel.

The big question now is whether cryptos will decouple from equities in the event of a stock market downturn—a factor that could determine if Bitcoin and its peers are truly poised to return to record highs.

Profiting from renewed tech sector inflows, the priorly dormant Crypto markets are exploring whether there is enough momentum to sustain this bounce.

Let’s dive right into a technical analysis and key trading levels for both Bitcoin and Ethereum to spot if a clear breakout in indeed into play from here.

Read More:

• Markets steady with ceasefire talks in the balance, Warsh confirmation hearing
• A new era for the Fed? Looking back on Kevin Warsh’s US Senate hearing & Market reactions
• Nasdaq breaks a new record after Ceasefire extension – Dow Jones and US Stock Market Outlook

Bitcoin is now clearly extending above its $75,000 long-term pivot, a quintessential level of action for the Bulls to dominate the next phase and an even better run as traders finally broke out of the October bear channel.

For buyers to continue the run, with the RSI momentum coming closer to overbought, they will have to at least break above the $80,000 level – They do have the intermediate momentum in hand however.

Failing to break the level could however provide a decent opportunity for profit-takers to stall the move.

Levels of interest for BTC trading:

Support Levels:

• $75,000 Key long-term Pivot (acting as resistance)
• $70,000 Short-term momentum Pivot (50 and 200-4H MA)
• $60,000 to $63,000 Main 2024 support (recent double bottom)
• $59,935 February Lows
• $52,000 to $58,000 Next support and 200-Week MA ($55,000 Mid-point)
• $40,000 Mid-2024 breakout support

Resistance Levels:

• $79,100 Daily Highs
• $80,000 to $83,000 mini-resistance
• $90,000 to $95,000 minor Resistance
• $98,000 to $100,000 Pivotal Resistance
• Current ATH Resistance $124,000 to $126,000

The rebound in Ethereum remains very consistent, having also officially broken out of its descending channel.

ETH bulls will have to breach the $2,450 highs reached last Friday to confirm a breakout, but overall are well in control of the action.

Entering the $2,500 pivotal resistance within the next week should maintain high odds of a continued breakout – With Momentum not close to overbought, ETH buyers still have space to push.

Shorter timeframes are hinting at a slowdown, so traders will have to be careful for the next phase.

Levels of interest for ETH trading:

Support Levels:

• 4H 50 and 200 MA $2,118
• Channel lows $2,000
• $1,700 to $1,800 Pre-Bounce 2025 Key Support (testing)
• $1,744 February 6 lows
• $1,380 to $1,500 2025 Support
• 2025 Lows $1,384

Resistance Levels:

• March 4 Highs $2,201 (breaking!)
• $2,300 June War Key Pivot (bullish above)
• $2,500 to $2,700 June 2025 Key Support now Resistance (Channel Highs)
• $3,000 to $3,200 Major momentum Pivot (Test of the $3,000)
• $4,950 Current new All-time highs

The narrative is easing, but keep track of WTI Crude and the latest headlines to stay ahead of the game.

Safe Trades!

Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier

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