Cryptocurrency prices have dipped from multi-month peaks reached last week, but market observers say the foundation is solid for digital tokens to tackle their next major resistance levels soon.
Bitcoin retreated 1% Tuesday to around $37,100 after topping $38,000 last week, while Ether declined 1.5% to about $2,020. The moves down came as investors took profits following a surge since early October that brought Bitcoin up over 30% and Ether up 50% at their heights.
Keypoints
- Bitcoin and crypto prices have pulled back slightly from recent highs but sentiment remains bullish
- Bitcoin rallied over 30% since early October on hopes of a spot BTC ETF approval and a more favorable macro backdrop
- Analysts say Bitcoin looks positioned to break out above $38k and test the $42k level if momentum continues
- One analyst gives a 75% chance Bitcoin ends 2023 between $40k and $45k based on technical indicators
- Separately, an analyst…
