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.
