Bitcoin Consolidates Near $89k; Ethereum Tests Key Support

Bitcoin's daily chart is currently in a consolidation phase after rebounding from a bearish close at $85,572. The price has entered a 'box-range' between $84,300 and $89,300, which may be a retracement and accumulation phase following the uptrend.

The short-term resistance level for BTC is between $88,950 and $89,300, and only a solid breakthrough will open up further upside potential. If the price fails to break through this resistance, it may retest the support level at $84,300.

A valid break below $82,600 will lead to further downside for BTC.

For Ethereum (ETH), the daily chart is oscillating and forming a bottom between $2,634 and $2,823. The key short-term support level for ETH is $2,634, and the next target if this level is breached is $3,065-$3,100.