Bitcoin

Ethereum

In the ever-fluctuating world of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) recently experienced notable market shifts. On November 14, BTC initially surged to $36,693 <a href="https://cryptodaily.co.uk/2023/11/will-gala-be-the-next-crypto-to-skyrocket-after-the-latest-us-cpi-report" rel="noopener noreferrer nofollow">following unexpectedly positive US inflation data</a>, showing core inflation slowing to 4% year on year and headline inflation slowing to 3.2%.However, the optimism was short-lived; the king cryptocurrency closed 2.5% lower in its worst daily performance in over two months, despite a weaker US Dollar Index. This wild rollercoaster of ups and downs highlights just how unpredictable Bitcoin (BTC) can be, especially after its dramatic 30% surge in the past month.ETH, the second-largest crypto, also faced a downturn, dropping more than 3.6% and closing below the $2,000 threshold.Amidst this market turbulence, <a href="https://scapesmania.io/?utm_source&#61;cryptodaily&amp;utm_medium&#61;mmedia&amp;utm_campaign&#61;BTCETH" rel="noopener noreferrer nofollow">ScapesMania</a> (MANIA) is emerging as a beacon of interest and stability in a realm where steadiness is often hard to come by. In its presale stage, MANIA is attracting attention for promising high returns and an unusual predictability in the often unpredictable crypto landscape.Discover The Visionary World Of ScapesManiaWhile some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project&#39;s appeal.<h2 id="header-0">Presale is Live Now - Join Now for a Chance to Benefit with MANIA</h2>Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead.<a href="https://scapesmania.io/?utm_source&#61;cryptodaily&amp;utm_medium&#61;mmedia&amp;utm_campaign&#61;BTCETH" rel="noopener noreferrer nofollow">Presale is Live, Learn More About Major Benefits</a>Bitcoin (BTC) And Ethereum (ETH) Hit Hard By Sudden Market DownturnFollowing the optimistic reactions to October&#39;s lower-than-expected inflation figures, the cryptocurrency market encountered a harsh reality check this Tuesday. A staggering $303 million in leveraged long positions were wiped out in just 24 hours, as per <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass data</a>. This marked the most significant flush-out since the sharp drop of Bitcoin (BTC) on August 17, indicating a widespread sense of surprise among investors. The sudden market movement affected approximately 88,667 traders, a clear sign that many were unprepared for the abrupt downturn.Bitcoin (BTC) traders bore the brunt of this market shift, facing over $133 million in liquidations, with Ethereum (ETH) traders also enduring considerable losses of around $70 million. The largest single liquidation order was a BTC-USDT-SWAP on OKX, valued at $9.45 million. The total liquidations saw BTC long positions losing $120 million and ETH $64 million, proving the severity of the market&#39;s volatility.Earlier, JPMorgan analysts suggested that the rally in cryptocurrency prices was becoming excessive. They hinted that the excitement, especially around the anticipated approval of a <a href="https://cryptodaily.co.uk/2023/10/blackrock-spot-bitcoin-etf-a-step-closer-appears-on-dtcc-website" rel="noopener noreferrer nofollow">BTC exchange-traded fund</a>, might have led investors to drive prices too high, too fast. This correction in the market could serve as a reality check for the crypto world, encouraging a deeper look into the genuine robustness and staying power of the market.<h2 id="header-1">Bitcoin (BTC) Technical Outlook</h2>Now, Bitcoin (BTC) is navigating through a critical juncture, trading between its first support level at $34,899 and the first resistance point at $36,525. The MACD indicators provide further insight, stalling at $36,865 and $36,006, which points towards potential momentum shifts.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8cf2ab3864b1443aaf99ecc51abb61e4.png" />Source: <a href="https://www.tradingview.com/chart/3rzIBxxK/?symbol&#61;BITSTAMP%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a>The recent price action, showing BTC with a slight decline of 0.4% in a day but a 1.5% increase over the past week, suggests a tentative balance between bullish and bearish forces. The significant trading volume of over $24 billion in the last 24 hours, up by 47%, indicates heightened market activity, adding another layer of complexity to the current scenario.For a bullish scenario, if Bitcoin (BTC) can break above $36,525, it could target the second-level resistance at $37,456, and possibly challenge the 1-month high of $37,963. On the flip side, in a bearish scenario, a failure to sustain its current level could see the BTC price descending towards $34,899. A break below this could lead to a further drop towards the second support at $34,205 and even down to the third support level at $33,274, where traders might expect some stabilization.<h2 id="header-2">Ethereum (ETH) Technical Outlook</h2>Ethereum (ETH) is currently navigating a critical phase: as of today, the price of Ethereum hovers slightly above $2,000, following a minor 1% dip in the last 24 hours, yet showcasing a 7% increase over the past week. This movement comes amidst a trading volume of $23.6 billion in the last 24 hours, reflecting a significant 10.5% increase from the previous day.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f15533249e1641239a3753f194268d06.png" />Source: <a href="https://www.tradingview.com/chart/3rzIBxxK/?symbol&#61;BITSTAMP%3AETHUSD" rel="noopener noreferrer nofollow">TradingView</a>From a technical analysis standpoint, ETH key levels to watch are the $2,125 resistance and the 52-week high around $2,138. Meanwhile, near-term support points at $1,930 and $1,877 serve as crucial thresholds. Notably, the Ethereum (ETH) price recently crossed the 9-day moving average at $1,963, indicating potential momentum shifts. Additionally, the MACD indicators show a stalling trend around $2,049 and $1,980, hinting at a possible pause in the upward movement.Looking at the bullish and bearish scenarios, the major altcoin’s future price action hinges on several factors. On the bullish side, if ETH breaks through the resistance at $2,125, it could aim for an even higher resistance at $2,178, potentially signaling a strong uptrend. Conversely, in a bearish scenario, a break below $1,930, could see Ethereum (ETH) testing a much lower support at $1,806.BottomlineIn the realm of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) stand as the titans, each navigating their distinct paths amid market fluctuations. BTC operates in a delicate balance: with every shift between key support and resistance levels, the suspense builds – will it break new ground or take a step back?ETH, though riding the same rollercoaster of volatility, tells its own story. Its dance around pivotal technical markers – like the MACD and moving averages – offers hints at what might lie ahead. Ethereum (ETH) seems to be holding its ground for now, but in a market as temperamental as this, who knows? It could either reach for the stars or dive deeper in the blink of an eye.Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.RELATED TOPICS: <a href="https://cryptodaily.co.uk/tag/altcoins" rel="noopener noreferrer nofollow">#ALTCOINS</a> <a href="https://cryptodaily.co.uk/tag/breaking-news" rel="noopener noreferrer nofollow">#BREAKING NEWS</a> <a href="https://cryptodaily.co.uk/tag/spotlight" rel="noopener noreferrer nofollow">#SPOTLIGHT</a>

As Economic Currents Shift, Bitcoin (BTC) And Ethereum (ETH) Locked In A Close Battle

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