A widely followed crypto analyst is breaking down Bitcoin (BTC), Ethereum (ETH) and the rest of the crypto markets after a busy week.
The crypto markets have been tumultuous this week, mostly in response to the U.S. Securities and Exchange Commission’s (SEC) two lawsuits against Coinbase and Binance.
In its lawsuit against Binance, the SEC alleges that Binance violated securities laws by selling unregistered securities to US customers. In its similar suit against Coinbase, the SEC alleges that Coinbase violated securities laws by failing to register certain digital assets as securities. News of the Coinbase lawsuit came one day after the news of the Binance lawsuit. Both cases have rocked the crypto markets this week.
In response to the volatility, widely followed crypto analyst Michaël van de Poppe tells his 657,400 Twitter followers that BTC needs to remain above $26,100 to avoid further drop-off.
“Bitcoin is still holding onto the range low, but the price action is simply disgusting.
Needs to hold above $26,100 to avoid a cascade.”
BTC is worth $26,613 at time of writing.
Looking at the leading smart contract platform Ethereum, Van de Poppe says ETH needs to break and hold the $1,850 price level.
“Good bounce on Ethereum, but we’ll definitely need to see it break $1,850.”
ETH is worth $1,855 at time of writing.
Finally, looking at the crypto markets as a whole, the trader breaks down the total crypto market cap (TOTAL), a measure of the total value of the crypto space. Van de Poppe appears to suggest the TOTAL needs to stay above the 200-week moving average (MA) to prepare for a rally.
“This week is a super important week for the market capitalization of Crypto.
Holding above 200-Week MA is a must, and next week we’ve got CPI (consumer price index) and FED coming up.
Rally to start?”
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