Bitcoin and Ethereum's Momentum Shift: What It Means for Investors

Bitcoin and Ethereum have been stuck in a tight range for weeks, leaving investors wondering what's next. According to technical analyst Nik, the weekly structure for both assets is still bearish, but momentum is improving.

Nik pointed out that Bitcoin has held above its February low of $60,000 for over six months, suggesting bearish momentum may be weakening. The immediate downside level to watch is $62,500, below which would put $60,000 back into focus.

However, Nik also noted that a weekly close above the anchored VWAP resistance from May highs around $67,600 could provide stronger confirmation that a durable cyclical bottom has formed, potentially clearing the way for a move toward $80,000 by Q4.

The daily chart is more constructive, with momentum already bullish and several VWAP measures providing support. Ethereum also appears to be in a similar constructive technical setup after breaking above its long-term descending trendline from all-time highs and successfully retesting it as support.