Crypto Market in Motion: What Technical Analysis Says About the Future of BTC, ETH, and Other Altcoins?
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Crypto Market in Motion: What Technical Analysis Says About the Future of BTC, ETH, and Other Altcoins?
The past few weeks have brought considerable uncertainty to the cryptocurrency scene. The price of Bitcoin (BTC) is holding at a weaker support level between $68,000 and $65,000, with a break below this zone potentially leading to new lows around $50,000. What do the technical charts and expert analysis suggest? Let’s take a closer look.
Bitcoin: At the Edge of Support and Resistance
According to current data from technical charts, Bitcoin is still under pressure. The key level it needs to break is $65,118. If it does, it could see an accelerated decline towards values around $50,000. Conversely, if buyers manage to keep the price above this level, there is a chance of a recovery.
Bulls are trying to keep Bitcoin above $67,000, but bears are still putting pressure. A positive signal comes from analyst Jelle, who mentions that most of the major BTC bottoms have formed near the 200-week moving average ($58,371) and the 200-week exponential moving average ($68,065). This suggests that the bottom formation process may be underway.
More optimistic data comes from Matrixport, which states that if the 21-day moving average of sentiment starts to rise from zero, it could signal the exhaustion of selling pressure and an imminent reversal.
What do analysts say?
Ohsung Kwon of Wells Fargo suggests that additional savings, such as from high-income consumers, could flow into stocks and cryptocurrencies, including BTC, which could support bullish scenarios. The question is whether Bitcoin can swing past key resistance levels.
Forecast for the next few days
The daily chart of BTC/USDT shows that buyers are still trying to break the $74,508 level. If they succeed, the cryptocurrency could reach values around $83,129. Conversely, if the bears gain control, the price is likely to pull back below $65,118 and may test levels around $60,000.
Outlook for other major cryptocurrencies
Ethereum (ETH): Buyers will try to push the price above $2,183, which could signal the start of a stronger recovery towards $2,707. However, if the price breaks below $1,897, the bears could strengthen and push ETH down to around $1,750.
XRP: If the $1.61 level is broken, XRP could head towards $1.80. A deeper decline below support could mean a return to $1.50 or even lower.
Binance Coin (BNB): The price above $570 is key. If it can hold above this level, BNB can rise to $730, otherwise it risks a drop to $500.
Solana (SOL): Bears are trying to suppress the price below $76. If this is achieved, we can see a return to the lows from early February around $67.
What awaits us?
Currently, there is a noticeable indecision in the market, with prices moving in a narrow range. The key will be whether the resistance or support levels can be broken, which can significantly affect the further direction.
Given that some analysis suggests that Bitcoin may be approaching its bottom, it is important to monitor the development of technical indicators and news that could indicate a change in trend.
Conclusion
The cryptocurrency market is still in flux and uncertainty. Bulls are hoping to break through resistance, while bears are hoping to hold the lower levels. Follow our overview and technical analysis to be prepared for possible scenarios and better time your trading moves.
*This is not an investment recommendation.
Coingarage Team