Bitcoin and Ethereum Face Key Downtrend Tests Amid Risk Rally

The cryptocurrency market has been on a tear in recent weeks, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. This uptrend can be attributed to their strong correlation with other riskier asset classes, such as US stock futures.

Despite this, both tokens are now nearing key downtrend tests, with BTC approaching its resistance zone of $73,500-$74,500 and ETH pressing against a trendline formed in October last year. If these tokens break through their respective resistance zones, it could shift the overall directional risks and potentially lead to a retest of previous highs.

For Bitcoin, a breakout above the resistance zone would require the price to surpass $73,500, with immediate support levels at $67,500 and $65,000. If the downtrend holds, bears may eye a retest of the February low of $1,745 for Ethereum.