Bitcoin and ether are still facing resistance, will they be overcome? Where can support for corrections be located?

Looking for change bitcoin prices this week, it basically hasn't changed. Just as the market opened at USD 37426, it is currently trading at USD 37480. The last time a similar situation occurred at the beginning of October, where the difference in closing and opening prices was also small. Of course, we still have the weekend ahead of us, when this may change, but as of Friday morning, the BTC price is stabilizing.

Picking lows and support in the bitcoin price

Nevertheless, it is worth noting where the minimum price was this week and where it was in the week before. We are talking about the area of ​​USD 35600, where we have been observing the defense of potential support for two weeks. Whenever the bitcoin price dropped to this area, buyers appeared, pushing the price higher to around USD 37500. Here, in turn, it seems that there is a resistance level for the market. It is probably also a consequence of what happened earlier, in May 2022. We have repeated many times that the area of ​​USD 37000-39000 may constitute a barrier to BTC increases. Currently, only breaking it could open the way towards USD 51000, as another potential point of resistance.

Binance and the CZ case have no impact on BTC

As you can see, it did not affect the price of bitcoin in any way the case of the head of Binance and the settlement with the US Department of Justice in the amount over USD 4 billion. However, it seems that if we expect a correction here, the market would have to go below USD 35000 so that the path towards USD 31000-32000 could be opened. The situation is similar with ether.

ETHUSD under resistance and above support

Ether, on the other hand, is still struggling to overcome the potential resistance at $2100. The recent pullback to around USD 1900 was quickly countered by buyers, although without permanently breaking USD 2100, one may wonder whether the correction will be extended. If this were to happen, potential further support could be around USD 1750, which would mean a test of the early October peak.

If only ether did not retreat and broke the resistance, then with a probable further move it could reach even around USD 3000-3200, i.e. the highest levels since April 2022.