Bitcoin demonstrated strong resilience on Saturday, trading around $68,000, despite recent developments regarding U.S. tariffs and ongoing outflows from exchange-traded funds (ETFs). Specifically, the cryptocurrency was noted at $67,830, reflecting a slight increase of 0.12% over the last 24 hours. Meanwhile, Ethereum also posted gains, with a 0.42% uptick, consolidating near $1,960. The overall market sentiment showed improvement, leading to gains in several major altcoins.
Analysts are observing a strengthening technical structure in the market. Nischal Shetty, Founder of WazirX, pointed out that the price action indicates growing buyer confidence, as the Relative Strength Index (RSI) trends towards recovery levels. Additionally, momentum is building for a potential breakout above immediate resistance levels. Although some Moving Averages (MAs) remain neutral, the overall sentiment suggests a strengthening market structure.
In the last week, both Bitcoin and Ethereum experienced declines, with Bitcoin down 1.31% and Ethereum falling 4.27%. However, several altcoins, including XRP, BNB, Solana, Tron, Dogecoin, and Cardano, gained over 3%. Notably, Hyperliquid saw a decline of 3.25%. According to Riya Sehgal, a Research Analyst at Delta Exchange, Bitcoin is currently testing resistance between $68,000 and $68,500, having bounced back from support levels around $65,500 to $66,000.
Shetty also cautioned that a drop below the February 12 low could trigger a more significant pullback, potentially pushing Bitcoin toward the $62,000 to $64,000 range. Ethereum appears poised for a similar movement, consolidating near $1,967, with support at $1,960 and resistance between $1,991 and $2,000. If Ethereum can maintain strength above $2,000, it could indicate a short-term trend reversal.
Since October 10, there has been a notable outflow of approximately $8.5 billion from U.S.-listed spot Bitcoin ETFs. This trend has contributed to Bitcoin”s price drop of over 40%, even as traditional assets like stocks and precious metals have seen increased demand, as reported by Bloomberg.
