HomeLive CommentsBitcoin eyeing 61.8% projection level after breaking 50K barrier

Bitcoin eyeing 61.8% projection level after breaking 50K barrier

Bitcoin’s remarkably surged past 50k mark last week, propelling its market capitalization back over the USD 1 trillion. The significant uptick is largely driven by an influx of investments into BTC spot ETF. This bullish sentiment is further fueled by anticipation surrounding several key events this year: the forthcoming fourth Bitcoin halving, first Fed interest rate cut, and the possibility of an Ethereum spot ETF approval.

From a technical perspective, Bitcoin is now setting its sights on 61.8% projection of 24896 to 49020 from 38496 at 53404. Decisive break above this level could trigger further upside acceleration, with the next target at 100% projection at 62620. However, a retreat below 48283 support level would suggest a period of near-term consolidation. But downside should be contained above 38496 support to bring another rally.

Ethereum mirrors this bullish outlook, testing 61.8% projection of 1519to 2715 from 2164 at 2903 now. Sustained break there could prompt further upside acceleration to 100% projection at 3360. Break of 2721.9 support will bring consolidations first. But downside of retreat should be contained above 2164 to bring rebound.

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