Crypto Market Weekly Analysis: BTC Breaks Through $70,000, ETH and SOL Await BreakoutThis week's crypto market saw a divergent trend. BTC surged past $70,000, showcasing a strong bullish momentum, while ETH, SOL, and others exhibited relative weakness, searching for new breakout directions
Crypto Market Weekly Analysis: BTC Breaks Through $70,000, ETH and SOL Await Breakout
This week's crypto market saw a divergent trend. BTC surged past $70,000, showcasing a strong bullish momentum, while ETH, SOL, and others exhibited relative weakness, searching for new breakout directions.
BTC: Breaking $70,000, Bull Run Continues
BTC successfully broke through the key resistance level of $70,000 last week, threatening to reach the previous high of $74,000. Currently, there is little to no resistance overhead. MicroStrategy's announcement of their "21/21 plan" to raise $42 billion through stock and bond financing to purchase more BTC as a financial reserve asset undoubtedly provided a strong boost to BTC, further propelling its price upward.
ETH: Five Attempts to Crack $2,800, Breakout Still Needed
ETH exhibited relative weakness last week. Despite the US government selling seized ANT tokens, it did not effectively drive its price upward. Currently, ETH is making its fifth attempt to break through the resistance level of $2,800, yet it has not achieved a breakthrough. If it can establish a foothold above $2,800, ETH is likely to experience a new wave of growth.
SOL: Retraced After Crossing $180, Wait and See
SOL briefly broke through $180 last week before retracing. It is highly probable that it will fall back to $160 again. CanaryCapital submitted a filing to the SEC for a spot Solana ETF. If approved, SOL will have new growth opportunities.
TON: Remains Above $4.5 Support, Look at Ecosystem Opportunities
TON remains relatively weak. Consistent with our previous views, if the price returns to $4.5, a left-side entry may be considered. However, it's likely that the "whale" will not offer another opportunity at this time. We recommend focusing on opportunities within the TON ecosystem.
BNB: Entered Correction Mode, Wait and See
BNB has entered a correction mode, with pressure mounting between $620 and $600. Technically, the upward trend of BNB has deteriorated. Further decline will lead to a complete bearish market. We advise observation and suggest watching for opportunities within its ecosystem.
Conclusion
BTC's strong breakthrough of $70,000 this week signals a continuation of the bull run. Investors can continue to look for opportunities. ETH, SOL, TON, and BNB have exhibited relative weakness, making it advisable to observe and focus on ecosystem opportunities.
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