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Analyst says reclaiming $37,500 is Bitcoin’s crucial line in the sand

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.According to analysts from Decentrader, Bitcoin needs to quickly reclaim the $37,500 level and ETH needs to hold $2,300 as support to avoid bull-market-ending price action

According to analysis from filbfilb, co-founder of Decentrader, Bitcoin’s price action is a major source of the market’s confusion as it remains away from the 20 Week Moving Average (WMA) “which is typically the line between Bitcoin being either in a bull or bear market and as such remains a bearish scenario for .Bitcoin”

At this point, according to filbfilb, it is crucial for BTC to reclaim $37,500 “to avoid a retest of weekly support.” Should Bitcoin manage to stage a rally and break .above $40,000, filbfilb identified the previous support/resistance zone at $45,500 to $46,500 as the next area of resistance that will need to be overcome

ilbfilb identified $2,300 as an important area of support for Ether that would need to be held if bulls wanted to gather momentum for an attempt to break above .the $3,000 level and retest $3,300, with this scenario be highly “dependent upon the strength of Bitcoin”

.Overall, the analyst expects that Ether will outperform BTC in any upside move and “at least match any bearish movement”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and .trading move involves risk, you should conduct your own research when making a decision

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