Crypto Market Today: BTC Needs to Hold Above $21.500 and ETH $1.130

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Bitcoin price appears to be consolidating above the $20.500 zone and has even surged above the $21.200 level. It is currently trading close to $20.900 and is down over 2% today, up 3% in a week. Likewise, most major altcoins are trading between highs and lows.

In this article, we will discuss:

US stock futures

US stock futures are trying to sustain the momentum of last week's rally. Similarly futures pegged to the S&P 500 were up 0,3% before the open, it is now down -0,24%.

In an interview with yahoo finance some analysts speculated about the US stock market:
Patrick Harker: “I liked how the actions ignored the boss's aggressive comments. Fed, Jerome Powell. I liked how stocks turned a blind eye to a worrying outlook on the economy from the chairman of the Federal Reserve Bank of Philadelphia.”

Mohamed El-Erian: "unfortunately, [it is] uncomfortably possible that the Fed will slam on the brakes and push us into recession."

Brian Sozz: "All this action suggests that markets may have hit some form of short-term bottom."

Crypto Market

Bitcoin price

O Bitcoin price is accumulating above the $20.800 zone after a recent dip below $21.000, buying force remains active near the support at $20.800.
For a new price high BTC needs to overcome the immediate resistance of the $21.500 level. The second major resistance is now near USD 21.800 and appears to be the toughest hurdle for the bulls. If the purchasing force manages to take the Bitcoin price above the $21.800 resistance levels could start a new near-term high.

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All in all, if the bulls fail to keep the price above $21.500, the bears may try to push BTC towards the initial support at $20.800. The next key support is at the $20.500 zone, the most important support is now at $20.100, loss of this support could make the bears gain strength for a short-term low.

Ethereum Price

Ether price also remained above the $1.100 level and managed to find support near $1.180 after a recent price drop. ETH is down nearly 2% in one day and up nearly 7% in one week. That said, the buy force needs to overcome the resistance near $1.250 and then the resistance at $1.280. If the bulls succeed, the price can rise to $1.320.

On the downside, ETH has an initial support at $1.180. The next major support is near the $1.130 level, below these levels the price could drop to $1.040 in the short term.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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