Bitcoin and Ethereum continue to trade within short-term ranges. They have a bullish bias on the price charts on higher time frames, and whales are accumulating both assets at a rapid pace.
The recent AMBCrypto report highlights that this accumulation is likely to continue for some time. Bitcoin has a lot of liquidity nearby, which could hinder attempts to break out in either direction.
Bitcoin momentum stalls and faces buying pressure
Fibonacci retracements plotted for the rise from $50,500 to $73,700 show the 50% retracement tested as support in mid-March. It got a decent response, with Bitcoin trading at $50,000 at press time. However, the RSI on the 12-hour chart is only 57, which indicates bullish momentum but is not clear. Chaikin Funds Flow is +0.01 and would need to climb above +0.05 to show significant capital inflows. The market structure on the 12-hour chart is bullish. Bitcoin falling below $60.7 would reverse the market structure.
The liquidation level heat map shows major concentration in the $74,000 to $74,800 area. To the south, there are also substantial liquidation levels between $60,000 and $60,700. Close to current prices, the $682,000 liquidity band is also expected to come into play.
For Bitcoin bulls, a breakout of $72,000 is cause for celebration, but expect multiple attempts before the price breaks out of the $75,000 area.
Ethereum climbs to LTF resistance – will it break out soon?
Ethereum’s momentum has also stalled over the past two weeks. Its 12-hour RSI shows 54, which indicates bullishness. Its market structure is also bullish, with the 78.6% retracement level receiving good reaction from buyers. However, despite heavy buying over the past ten days, OBV has been unable to embark on an upward trend. Although the price of ETH has increased by nearly 40%, it has almost fallen to its January highs.
The lack of demand means Ethereum bulls may need some time to breathe before attempting the next rally. At press time, the stock faced some short-term resistance at $3,680.
The Coinalyze indicator points to significant selling pressure on the spot market in March. Spot CVD has been trending downward this month and has only recently flattened out from the southward spiral.
Open interest has increased significantly since March 17. It has grown from $9 billion to $10.31 billion, while Ethereum jumped from $3,200 to $3,600. This outlines some bullish beliefs among speculators in the futures market.
