💥💥💥 Price analysis 5/13: SPX, DXY, $BTC , $ETH , $BNB , SOL, XRP, TON, DOGE, ADA
Bitcoin's recent bounce from the $60,000 level offers a glimmer of hope, but it also suggests a continuation of its sideways movement. Many traders prefer a trending market, leading to uncertainty about Bitcoin's next move and prompting some to remain cautious.
Santiment's research indicates a decline in Bitcoin's on-chain activity to historic lows due to "fear and indecision." However, this doesn't necessarily spell further declines for Bitcoin.
The current consolidation phase presents opportunities for investors to accumulate Bitcoin. Japanese investment firm Metaplanet's strategic shift to a Bitcoin-only approach reflects this sentiment, with the purchase of 117.7 Bitcoin at an average price of $65,000.
While consolidation near all-time highs is generally positive, failure to break overhead resistance levels could trigger a sharp pullback as traders exit their positions.
The S&P 500 Index is nearing all-time highs, with indicators favoring buyers, though bears may attempt to stall the upward momentum.
The U.S. Dollar Index (DXY) has seen aggressive selling pressure, breaking below the 20-day EMA. Bitcoin struggles to stay above the 20-day EMA, indicating ongoing bearish pressure and likely range-bound trading.
Ether remains within a descending channel, requiring support at $2,850 to prevent further downside. BNB trades indecisively, while Solana faces uncertainty after breaking below $140 support.
XRP trades below the 20-day EMA, with potential downside toward $0.46. #Toncoin (TON) shows signs of bullish demand, aiming for resistance at $7.67. #Dogecoin consolidates, and #cardano bounces off support at $0.44, facing downward pressure.
Source - cointelegraph.com
