Bitcoin (BTC)
On the weekly charts, Bitcoin (BTC) has retraced from roughly $6,700 down to $6,000, wiping out the gains seen over the prior two weeks. This move represents a bearish development and raises the possibility that the recent rise from $5,700 to $6,700 was a false breakout rather than the start of a sustained uptrend.
If Bitcoin continues this trajectory into the weekend, it would signal that sellers are regaining control. In that case, BTC could decline further and test the $4,800 area, which aligns with the 55-day moving average and would be a meaningful support test on longer-term charts.
That longer-term outlook remains dependent on a number of variables, including potential institutional inflows that could change market dynamics.
On a shorter time horizon over the coming days, Bitcoin is more likely to move sideways or slip toward the $6,000–$5,900 zone. Price is currently trading within the lower bound of the large bearish candlestick formed on July 10 and remains below the 21-day moving average, indicating prevailing bearish sentiment.
A decisive break below current levels could push BTC down to around $5,800, the previous support area from the last decline. Barring any positive weekend news that materially shifts sentiment, the near-term environment looks more favorable to short positions.
Ethereum (ETH)
Ethereum (ETH) has displayed a clear bearish signal as well, dipping below last week’s low of $443 and trading near $438. This break of recent support adds downside pressure to ETH’s near-term outlook.
Based on its current trajectory, Ethereum could move lower toward roughly $312 in the coming week. That level corresponds with a major long-term support zone around the 100-day moving average and would be a key area for buyers to step in.
In the short term, ETH is consolidating below the 21-day moving average, which suggests limited buying momentum at present. As a result, a downward breakout is the higher-probability scenario, with an intermediate target near $400 if selling pressure persists.
That said, the outlook is not predetermined. Positive news over the weekend could prompt a reversal and push Ethereum back toward the near-term resistance around $485. Without such catalysts, however, market conditions currently favor those taking short exposure, with downside risk likely to extend into next week.
Ethereum Classic (ETC)
Ethereum Classic (ETC) has given back last week’s gains and is trading around last week’s low near $16.20 according to weekly charts.
Unlike some other assets, this pullback has not fully erased the positive momentum ETC built over the prior four weeks. The current dip may therefore represent a buying opportunity within a broader bullish continuation. Trading volumes have remained elevated for ETC, which supports a generally constructive sentiment among market participants.
On the daily chart, ETC is moving in a narrow range between the 55-day and the 100-day moving averages, a pattern that often precedes a breakout. Because this range sits beneath the body of a recent bearish candle, the short-term bias leans bearish and ETC could test roughly $14.47 over the weekend if sellers press the market.