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BTC 
ETH At the beginning of August, Bitcoin and Ethereum entered a critical technical stage
At the beginning of August, Bitcoin and Ethereum entered a critical technical stage, and both digital assets showed reversal patterns, which may affect the short-term prospects of the entire cryptocurrency market.
Bitcoin approaches head-on-shoulder pattern
Bitcoin is currently trading at close to US$63,382 and is building a right shoulder with a classic head-on-shoulder pattern. The structure formed after a significant decline in May from highs above $81,000, and after weeks of volatility, assets looked for a solid bottom around $57,000. Well-known analyst Aksel Kibar pointed out that this technical pattern was the main reason why short-term bullish traders remained optimistic in early August. He emphasized that the neckline of US$67,200 is a key level and once it is decisively exceeded, it may trigger further increases.
analyst Aksel Kibar emphasized that the classic reversal pattern that Bitcoin is taking shape provides unique opportunities for bulls, provided they can regain their $67,200 neckline in the next few days. However, investors still face uncertainty because Bitcoin has not yet confirmed a breakthrough. If they cannot continue to stand above the neckline, sellers may regain the initiative and target lower support levels near $60,000 and $58,000.
Ethereum leads market capital migration
While Bitcoin lingered below the critical threshold, Ethereum had already completed a similar technical reversal. On the ETH/BTC trading pair, Ethereum has broken through from a similar reversal bottom, forming a new upward trend and attracting more institutional attention. This mainstream altcoin is moving towards the technical target of 0.0312 on the ETH/BTC chart, indicating strong inflows of funds into ETH. Recent price movements suggest that large holders are now more inclined to deploy Ethereum than Bitcoin, reflecting a shift in market preferences.
This liquidity rotation has reduced Bitcoin's trading volume and momentum, making it difficult for BTC to launch a strong rebound in the short term. Against the U.S. dollar, Ethereum is currently re-testing the US$1,875 resistance level into support. If this support level is maintained, analysts believe ETH is expected to move towards the next main target of $2,163.
Key Data Overview
Current Bitcoin price: US$63,382, key resistance/target: US$67,200, key support: US$60,000/US$58,000. Current price of Ethereum: $1,875, key resistance/target: $2,163, key support: $1,875. Current price of ETH/BTC: 0.0310, key resistance/target: 0.0312.
Critical period for Bitcoin price movements
Some traders view Ethereum's performance as a positive signal for the overall crypto market. However, market sentiment remains tense because Bitcoin is facing a decision point. Many traders are watching whether prices can break through $67,200, which will confirm a bullish reversal. If Bitcoin fails to break through that level in the short term, the risk of a renewed sell-off may increase and the price may fall back to established support levels around $60,000 and $58,000. Market participants expect that the next few days will be crucial in determining the direction of Bitcoin as the August market unfolds.
As the technical forms of Bitcoin and Ethereum both approach critical levels, whether Bitcoin can successfully test $67,200 will determine the emotional direction of the entire crypto ecosystem.
