Double Threat: Bitcoin And Ethereum, Start Of Bear Market Or Bullish Consolidation?

Bitcoin and Ethereum have been moving sideways during today’s trading session. The top two cryptocurrencies were on their way to previous highs but were rejected near-critical resistance levels. Related Reading | Bitcoin Halving To Bring The Subsequent Crypto Frenzy At the time of writing, Bitcoin trades at $36,943 with a 0.9% loss while Ethereum trades at $2,642 with a 0.7% loss in the last 24-hours, respectively. The general sentiment in the market has been shifting quickly with every move to either direction suggesting there is a lot of uncertainty in the market. In a recent report published by Bloomberg Intelligence’s Mike McGlone, Bitcoin and Ethereum are presented as a super combo that could boost the dominance of the dollar in the economy of the future. However, the short term seems poised for some more downside. Due to the bearish trend that has extended from Q4, 2021 into early 2022 with Bitcoin and Ethereum approaching last year’s lows. For Ethereum, McGlone believes ETH’s price could see $1,700 once again. At that time, the market presented an excess in leverage positions which left it vulnerable to a subsequent liquidation cascade. Once the futures market was purged of over-leveraged positions, Ethereum and Bitcoin were able to reach new all-time highs. In that sense, McGlone said: Ethereum approaching the lower end of its range has greater risks for shorts than longs. For Bitcoin, the scenario could be simila...