The price of Bitcoin is on the verge of hitting $71,000 as investors remain cautious due to important US data on the horizon and negative perceptions surrounding Coinbase's stake service as an investment contract.

Bitcoin (BTC) Analysis

The 20-day exponential moving average (EMA) is showing a positive trend, with potential price corrections easing investors' concerns. The goal for Bitcoin bulls is to surpass the all-time high (ATH) level of $73,777 to attract more participants in the uptrend. The ETF channel's demand is also aiding in the price increase.

Chairman of the Fed has emphasized focusing on upcoming data, with a positive inflation indicator potentially leading to a test of the ATH region this week. Alternatively, a drop below $69,000 and $67,069 could trigger rapid altcoin sales, with a bearish scenario opening doors to $60,629.

Ethereum (ETH) Analysis

There is caution surrounding Ethereum's price due to the recent SEC allegations suggesting Ethereum's classification as a security. This dampened optimism among investors, with the price hovering below $4,000. Bloomberg experts have lowered the probability of an ETF approval in May to below 25%.

For Ethereum bulls, maintaining the 20-day EMA at $3,530 could pave the way for surpassing $3,678 and higher price levels. Resistance is strong at current levels, but a potential BTC rally might weaken it. On the downside, a drop below $3,460 could lead Ethereum to decline to $3,302.