Ethereum drops 29% to our buy zone. Big levels are in play right now.
Author
Orlando Gutierrez
Learn 2 Trade
Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.
If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.
Bitcoin recovers, trading above $78,000 on Friday, but the 50-week SMA near $78,760 continues to cap its upside. A hawkish Fed outlook, escalating Middle East tensions, and the CLARITY Act's failure to advance in the US Senate could limit BTC upside.
BTC has staged a strong recovery after falling to a yearly low of $57,800 in July, gaining nearly 33% and recording two consecutive months of gains in July and August. Is this the start of a new bullish phase, or simply another recovery within a broader bear-market cycle?
Bitcoin trades higher near $78,000 on Friday as bulls return after early-week macro uncertainty and regulatory headwinds. Ethereum aligns with the broader crypto market’s neutral-to-bullish outlook, holding support above $2,400 and gaining momentum for a short-term breakout at $2,500.
