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Is the new bull market shaping? 1. Although the price of Bitcoin has recovered well since the beginning of 2023, the king of Cryptocurrency is still far from reaching the peak of about $69000 in 2021

Due to the bulls' failure to regain control of the uptrend, a bearish cloud is enveloping the star cryptocurrency Bitcoin. The price started a slight upward correction from the support area of $26550 and climbed above the resistance level of $27000 and the 100 hour moving average level

Highlights of the storyEthereum prices face a new rejection from the previous day's high of $1928, as bears firmly grasp $1933.Despite bearish pressure, it is believed that ETH prices will trigger a significant rebound and resume a strong rise in the short term

Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance

The world's largest cryptocurrency, Bitcoin (BTC), continues to face sales pressure, falling by another 1.68% in the past 24 hours

Glassnode data shows that the number of ETHs flowing into the exchange is at its lowest level in the past four weeks. However, the decrease in selling pressure may take time to translate into the bullish momentum of counterfeit currency

The decrease and compression in trading volume on the Ethereum price chart indicate a calm weekend, and Monday's swing point may be importantThe market structure is bearish, but there is still a lack of volatility.The recent price trend of Ethereum is constrained by a resistance level of $1880 and a support level of $1750

Ethereum prices are facing obstacles near the resistance level of $1840 against the US dollar. If ETH breaks through the resistance levels of $1825 and $1840, it may try to break through again

The price of Bitcoin continues to attract investors, stabilizing at $26800.With this stability, market analysts and enthusiasts are now wondering if $30000 will become BTC's next target

Last week, Bitcoin was bearish after failing to break through $30000.The BTC whale has contributed to sustained selling pressure

Although there are signs of recovery in the cryptocurrency sector after recent consumer price index (CPI) data showed lower than expected inflation in the United States in April, Ethereum (ETH) is no exception, but there is still a risk of a pullback.An analyst in the cryptocurrency market introduced that "Ethereum has reached an important demand barrier of $1850 to $1905, which represents a key support area that cryptocurrencies need to retain to avoid further declines2

In the last bull market, and even this year, memes have proven themselves to be formidable competitors in the cryptocurrency market. The profits obtained from these seemingly useless digital assets have created their own millionaires