Cryptocurrency analyst il Capo has released a weekend update that includes Bitcoin and Ethereum in his latest statement.
According to the analyst, the Bitcoin price has been moving within a descending channel on its long-term chart since March 2024. il Capo reported that BTC is currently trading between $63,000 and $65,000, which is a major resistance zone relative to this channel.
The analyst said that he thought the rise in Bitcoin prices, which came after falling to $59,000 and taking it above $63,000 at the time of writing, was a “dead cat bounce.” According to il Capo, he claimed that a strong potential supply could be added to the Bitcoin market, especially with the escalation of tensions in the Middle East.
According to the analyst, the closest resistance on the downside is between $ 48,000 and $ 50,000. In the event of such a drop, the analyst stated that these levels correspond to $ 1,800 to $ 2,000 when evaluated on an Ethereum basis. However, interestingly, il Capo argued that these levels could be a buying opportunity for the entire market.
*This is not investment advice.
