Crypto Market Rally Stalls: Bitcoin (BTC) and Ethereum (ETH) Face Resistance After Strong Start to 2024

The cryptocurrency market's promising recovery rally at the start of the new year has encountered significant resistance, leading to a stall in momentum. Key digital assets, including Bitcoin (BTC) and Ethereum (ETH), which had posted substantial gains, are now consolidating as bullish sentiment wanes. Analysts point to a combination of profit-taking from early investors and a cautious macroeconomic backdrop as primary factors for the pause. The focus now shifts to key support levels for major cryptocurrencies, with traders watching for the next catalyst to determine the market's short-term direction. This period of consolidation is seen by some as a healthy correction before a potential next leg up, though uncertainty remains high.