Bitcoin and Ethereum rally although support may begin to weaken

Bitcoin and Ethereum rallied although support for the largest coins by market cap “may begin to weaken”, analysts said.

Bitcoin inched higher, gaining 1.75% and is currently changing hands at US$20,892.

Ethereum, the second-largest coin by market cap, rallied 3.58% and is currently trading at US$1,139.

According to Naeem Aslam, a market analyst at Avatrade, the market may see Bitcoin fall to US$15,000.

“In the crypto world, consolidation is the word that comes to mind when one looks at Bitcoin’s price action,” Aslam said.

“It doesn’t give a great deal of confidence to bulls because Bitcoin prices are heavily oversold, and we should see much stronger bids.”

“Still, in reality, we see a very small amount of bids that are keeping the price at US$20,000.”

“It is highly likely that this support may begin to weaken, and that could result in the Bitcoin price falling even further and making a move towards the next critical number of US$15,000.”

In some of the altcoins, Solana was up 5.39% to US$38.17, Cardano was up 3.10% to US$0.488 and Polkadot was 3.10% to US$7.85.