Bitcoin, Ethereum Break Below Key Support Levels, Market Sentiment Turns Cautious

Bitcoin's price has broken below an ascending broadening wedge pattern, according to a recent analysis by Matrixport. This development signals potential downside risks, particularly given the low trading volume during the breakdown. The report suggests that while Bitcoin's price is still expected to have upward potential in the second half of 2025, the technical breakdown has made market sentiment more cautious.

The analysis also highlights that Ethereum has dropped below its key support range of $2,600 to $2,800, further exacerbating market concerns. This decline comes amidst subdued trading activity, with limited demand for buying the dip in both Bitcoin and Ethereum. The market is now awaiting further developments to gauge the extent of the potential downside risks and the likelihood of a rebound in these cryptocurrencies.