Bitcoin price has been working tirelessly to break above $17,000, which has become a new checkpoint of late. After being stagnant for almost a month, volatility has bottomed out and pushed long-term holders into a big loss while short-term holders take small gains. However, in the next week, Bitcoins efforts may materialize as it may record 2023 highs above $17,000 between $17,120 and $17,215.
The short-term BTC price is trading inside an ascending triangle, considered largely bullish. The price has been consistently testing the immediate resistance near $17,000 multiple times and facing constant rejections. However, with a single sharp bullish push, the price is expected to break through the resistance. However, since the trade has not yet reached the apex, a pullback within the same triangle could be imminent.
Therefore, Bitcoin price this week may continue below the crucial resistance of $17,000 and if the bulls peter out, an intermediate pullback below $16,500 is quite possible without extreme bearish pressure.
Ethereum price, on the other hand, is showing great strength compared to Bitcoin and can possibly rally to its desired target at $1300. ETH price is surging significantly with frequent pullbacks reducing the chances of extreme bearish action. . Furthermore, the bullish volume has also built up to a large extent which may sustain the uptrend through the weekend.
The ETH price is rising, forming constant bull flags since the beginning of 2023. Therefore, the current pullback may drag the price a bit lower, which may trigger a notable rally in the next few hours. With a notable rally, Ethereum price may eventually rally back to $1,300 any time next week.
This post What’s next for Bitcoin (BTC) and Ethereum (ETH) prices in the coming week?
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