Bitcoin, Ethereum Struggle as Strong Supports Turn Into Stubborn Resistance Zones

Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD, ETH/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com

Last week's market turmoil led Bitcoin and Ethereum to break below key support levels, turning those into resistance zones.

As volatility spiked, both cryptocurrencies tested price levels last seen in the first months of the year. However, buying at the lows prevented a deeper decline. As the Fed's September meeting approaches, the focus has shifted to how many times and to what extent rate cuts will occur this year. If macroeconomic data aligns with expectations, Bitcoin could target $62,700 and $65,600 in the short term. Clear daily closes above these levels could trigger a rally towards $70,000.

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