Bitcoin and Ethereum have reached vital support levels, collecting enough liquidity for potential rebounds.
Bitcoin has lost more than 4,000 points in market value over the past 48 hours.
A spike in buying pressure around the current price levels could help validate the optimistic outlook, resulting in an upswing to $40,650 or even $41,200.
It is worth noting that Bitcoin must keep $39,400 as support so the bullish thesis can be validated.
Ethereum also appears to be gathering momentum for a bullish impulse after retracing by more than 8% in the past 48 hours.
If buy orders increase around the current price levels, Ethereum could gain over 150 points in market value.
Most traders on the leading exchange are expecting prices to continue rising, which could create the perfect conditions for a long squeeze.
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