Analysis of the current state of Bitcoin (BTC) and Arbitrum (ARB).
Bitcoin
BTC continues its sideways trajectory, fluctuating between the support zone of $25,000-$25,700 and the resistance zone of $26,900-$27,400. The price is currently nearing the local sellers' threshold of $26,300, a pivot point that could trigger a market reaction. Additional resistance levels are situated at $27,670 and within the $28,000-$28,400 range.
The key support level stands at $25,000. If the bearish trend carries on, the price may be poised to test the $24,000 mark.
It's important to keep in mind that the U.S. Consumer Price Index (CPI) is set to be released today, with the interest rate decision due tomorrow. These significant fundamental factors could dramatically sway volatility and dictate the future direction of BTC over the next two days.
BTC chart on the H2 timeframe
The market outlook for ETH remains unchanged, aligning with yesterday's analysis.
Arbitrum (ARB)
ARB has breached the support level of $1 and set a new local low at $0.93. Currently, the asset's price is consolidating within the support zone of $0.93-$0.98. It's worth noting that this relatively young asset has been trading on exchanges for approximately 3 months, and as a result, lower buyer levels have yet to be established.
The significant resistance zone to monitor is between $1.06 and $1.15. Noteworthy sell orders are positioned at $1.25, within the ranges of 1.32-1.44, and $1.55-$1.82.
When initiating trades with ARB, it is crucial to consider various fundamental factors, such as its correlation with BTC, major token unlock events, ecosystem growth dynamics, and more.
ARB chart on the H4 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNCrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNCrypto:
