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Cryptogambling / Analyst: Bitcoin, Ethereum must hold critical support level to avoid market crash

Analyst: Bitcoin, Ethereum must hold critical support level to avoid market crash

Publish Date: 09/06/2023
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gold-colored Bitcoin – Bitcoin vs Altcoins – unsplash

Following the U.S. Securities and Exchange Commission’s lawsuits against leading crypto exchanges Binance and Coinbase earlier this week, Bitcoin and Ethereum must maintain their current support level to avoid a chain reaction that could lead to a market crash, according to crypto analyst Michaël van de Poppe.

The SEC accused Binance of selling unregistered securities to U.S. customers, while Coinbase was alleged to have violated securities laws by failing to register certain digital assets. These lawsuits sent shockwaves through the crypto space, triggering volatility and uncertainty among investors.

Van de Poppe’s analysis highlights the critical support levels that BTC and ETH need to maintain in order to avoid further decline.

“Bitcoin is still holding the low range, but the price action is just gross. Must hold more than $26,100 to avoid a cascade,” he said on Twitter.

The analyst also addressed Ethereum, emphasizing the need for ETH to break and sustain the current resistance level. With ETH currently priced at $1,855, van de Poppe noted, “Good bounce on Ethereum, but we will definitely have to see it break $1,850.”

Bitcoin is currently trading at over $26,580 with negligible fluctuation over the past 24 hours, while Ethereum still hovers around $1,840 at the time of writing.

In addition to specific cryptocurrencies, van de Poppe discussed the significance of the total crypto market capitalization as an essential measure for predicting market trends, underlining the importance of the market staying above the 200-week moving average (MA) for a potential rally.

“This week is a super important week for Crypto market capitalization. Holding above the 200-week MA is a must, and next week we will have the CPI (Consumer Price Index) and FED ahead. Rally to start?” said van de Poppe.

NFT may serve as safer investment option

The NFT sector is a potentially safer area to invest in the industry’s next bull cycle, according to pseudonymous Twitter analyst Kaleo.

“One of the reasons I’m most bullish about the NFT space heading into the next bull cycle is that it currently has the least amount of regulatory scrutiny up against it,” he said on Twitter.

Kaleo explained that in comparison to major platforms like Coinbase and Binance that have faced lawsuits, NFT-focused companies such as OpenSea and Blur have yet to encounter similar legal challenges.

As of now, the total market capitalization of NFTs stands at around $10 billion, less than one percent of the entire crypto market cap of approximately $1.1 trillion. Moreover, the monthly sales volume for NFTs reached only $809 million, accounting for a mere 0.01 percent of the total sales volume in the crypto coin market.

“Point being, the SEC has way bigger fish to fry. NFTs aren’t worth their resources – yet.” said Kaleo.

Highlighting the comparatively lower regulatory focus on NFTs, Kaleo suggests that this could result in reduced friction within the sector, leading to increased growth opportunities.

Being digital collectibles, NFTs have the advantage of being easily understood by the average person, potentially driving wider adoption.

“NFTs also have the lowest intuitive barrier to entry for the average person – meaning, people understand the idea of digital collectibles. It makes sense to them a heck of a lot more than buying some random dog coin and praying,” he said.

While some may dismiss the NFT marketplace due to perceived low trading volumes, Kaleo warns against dismissing it as a potentially lucrative opportunity.

“So, while it’s easy to ignore the NFT marketplace because ‘there’s no volume’, you’ll be sidelining yourself from major opportunity next cycle. Everything is boring, until it isn’t,” he said.

He also underlined that the SEC currently has larger concerns to address within the crypto space, so NFTs may continue to operate with relative freedom in the near future.

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