The crypto market has turned green over the last 24 hours, offering some relief after a sharp sell-off earlier this week. Total market value has climbed back to around $2.66 trillion, while sentiment remains careful, with the Fear and Greed Index still deep in “extreme fear” territory.
Bitcoin Finds Support Above $75,000
Bitcoin is trading near $78,700, staying above the $75,000 level, which many analysts see as a weekly support. This zone was tested recently, and so far, buyers have managed to defend it.
On the weekly chart, Bitcoin has slipped below both the 20-week and 50-week moving averages, which is typically a bearish signal. However, this does not automatically mean a long-term bear market. It can also happen after a heavy correction.
One possible scenario is that $75,000 becomes the bottom, with Bitcoin holding the April 2025 low and forming a higher low. If that happens, the broader uptrend of higher highs and higher lows would remain intact, and the recent drop would be seen as a pullback rather than a trend break.
For a stronger bullish signal, Bitcoin would need to reclaim and close above the 50-week moving average, currently near $100,400. A clean weekly close above that level would suggest momentum has shifted back in favor of buyers.
Ethereum Holds Near Important Levels
Ethereum has rebounded to around $2,370, after recently trading near levels that some analysts had flagged months in advance as potential support. Activity on the Ethereum network is reportedly picking up, with increased on-chain usage as traditional financial players continue building infrastructure.
While Ethereum is still down significantly from r