Here's Why Bitcoin (BTC) and Ethereum (ETH) Rebounded Over Weekend

Last week’s news that China has intensified the regulatory crypto crackdown initially sent prices of Bitcoin (BTC) and Ethereum (ETH) over 20% lower.

However, crypto prices have managed to stage a rebound over the weekend that saw Bitcoin regain the $40,000 mark. Ultimately, the world’s largest cryptocurrency closed the week 8.6% lower.

A key reason behind the rebound is likely of the technical nature. Bears have struggled to break and close below the 100-DMA at $41,100. The fourth encounter between the BTC price and this key technical encounter resulted in a rebound higher that has pushed the price action above the $43,000 handle.

The bulls are now facing an important resistance at $45,500 in the context of the 200-DMA.

The Ethereum price also broke below the $3,000 mark to drop over 20% on China news. Similarly, bears were unable to break below the 100-DMA that ultimately pushed the price action to trade around the $3,100 mark.

On a monthly basis, Bitcoin and Ethereum are trading 7.1% and 9.7% in the red, respectively.

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