Bitcoin and Ethereum: Bitcoin takes a step back to $48300

• Yesterday afternoon, we saw a pullback in the price of Bitcoin to the $48320 level.
• Yesterday, there was market saturation at the $2686 level, which led to a pullback of the Ethereum price to the $2600 level.

Bitcoin chart analysis

Yesterday afternoon, we saw a pullback in the price of Bitcoin to the $48320 level. The previous pressure at $50000 seems to have been too much, and the price was forced to decline to new support. With this move, we tested the weekly open price. We get the required support and start a bullish consolidation. By the end of the day, we climbed above $49000 and erased a good part of the previous loss.

Today’s high price was so far at the $49935 level and we expect a new test of the $50000 level. Potential higher targets are $50250 and $50500 levels. We need a negative consolidation and a drop below the $49000 level for a bearish option. This would give us a new opportunity to test yesterday’s support level. With new pressure, a breakout below and the formation of a new low could occur. Potential lower targets are $48500 and $48000 levels.

Ethereum chart analysis

Yesterday, there was market saturation at the $2686 level, which led to a pullback of the Ethereum price to the $2600 level. At that level, we get support and stop the previous pullback. After that, we started with the recovery. Today, we see the continuation of the bullish consolidation and climb up to the $2660 level. We expect to see a retest of yesterday’s resistance zone today.

Potential higher targets are $2680 and $2700 levels. For the bearish option, we need negative consolidation and a breakout of this morning’s bullish formation. A fall to $2620 would confirm this, and we could expect a new support test at the $2600 level. A break below forms a new two-day low, which confirms a bearish option. Potential lower targets are $2580 and $2560 levels.