Bitcoin, Ethereum and the Rest of Crypto Analyst Update Market Outlook After Turbulent Week

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A widely followed crypto analyst breaks down Bitcoin (BTC), Ethereum (ETH) and the rest of the crypto markets after a busy week.

Crypto markets have been tumultuous this week, primarily in response to the two U.S. Securities and Exchange Commissions (SEC) lawsuits against Coinbase and Binance.

In its lawsuit against Binance, the SEC alleges that Binance violated securities laws by selling unregistered securities to US customers. In its similar lawsuit against Coinbase, the SEC alleges that Coinbase violated securities laws by failing to register certain digital assets as securities. News of the Coinbase lawsuit came a day after news of the Binance lawsuit. Both cases rocked the crypto markets this week.

In response to the volatility, widely followed crypto analyst Michal van de Poppetell has 657,400 followers on Twitter, of which BTC needs to stay above $26,100 to avoid further decline.

Bitcoin is still holding the low range, but the price action is just plain disgusting.

Must hold above $26,100 to avoid a cascade.

Source: Michal van de Poppe/Twitter

BTC is worth $26,613 at the time of writing.

Looking at the leading Ethereum smart contract platform, Van de PoppesaysETH needs to break through and hold the $1,850 price level.

Good bounce on Ethereum, but definitely need to see it break $1,850.

Source: Michal van de Poppe/Twitter

ETH is worth $1,855 at the time of writing.

Finally, looking at the crypto markets as a whole, the trader breaks down the total crypto market capitalization (TOTAL), a measure of the total value of the crypto space. Van de Poppe seems to be suggesting that the TOTAL needs to stay above the 200 week moving average (MA) to prepare for a rally.

This week is a super important week for Crypto market capitalization.

Holding above the 200 week MA is a must, and next week we have the CPI (Consumer Price Index) and FED ahead.

Gathering to start?

Source: Michal van de Poppe/TwitterDon’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Check the price action Follow us on Twitter, Facebook and Telegram Surf the Daily Hodl Mix Check the latest news Daily Hodl is not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

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