The crypto market continues to face significant uncertainty, especially with Bitcoin learning the way. Its recent sell-off below the $100,000 mark has raised concerns among traders, impacting the appetite for altcoins. Despite this, there are still some signs of optimism, particularly with Bitcoin's inflow into U.S. spot exchange-traded funds (ETFs). Additionally, analysts are beginning to see potential for Ether (ETH), despite its recent dip below key support levels.
Bitcoin $BTC
Bitcoin's failure to maintain levels above $100,000 has weakened bullish momentum. The price recently dipped below key moving averages, showing signs of a potential descent towards the $90,000 to $85,000 support zone. A recovery above the moving averages, however, could trigger another rally, with the potential to test the all-time high of $108,353. For now, a cautious outlook is advised, with $90,000 acting as crucial support.
Ethereum's price has shown signs of weakness, with a breakdown below the $3,555 support and a subsequent drop below its uptrend line. This invalidated the bullish breakout pattern. Traders will closely watch the $3,000 to $2,850 range, as strong buyer interest is expected in this zone. However, to signal a recovery, ETH needs to reclaim the 50-day moving average ($3,576) and break above $3,745.
XRP's price has struggled to break above the resistance line, and sellers are testing the 20-day exponential moving average ($2.28). A drop below this level could lead to a pullback to $1.90 or even $1.62. On the flip side, a sustained break above the resistance line could set the stage for a potential rise to $2.91.
Binance Coin (BNB) faced a sharp decline after an initial breakout above $722, with the price now nearing the 50-day SMA ($688). If this level fails to hold, BNB could see further declines towards $635. Bulls will need to reclaim $745 for a more bullish outlook, with $794 acting as significant resistance.
Solanaās recovery faced resistance at the 50-day SMA ($217), and a sharp decline followed. The next crucial support is the uptrend line, with a break below this level potentially sending the price down to $175. A rebound here could trigger a push above $223, signaling a potential reversal.
Dogecoin's inability to break through the $0.40 resistance has led to a sharp decline, with the price falling below the moving averages. If DOGE fails to sustain above the 20-day EMA ($0.35), it may continue trading within the $0.30-$0.40 range. A break above $0.40 could open the door to higher levels, with $0.48 as the next target.
Cardano saw a brief breakout above $1.12 but quickly turned into a bull trap, with the price falling back to the 20-day EMA ($0.98). A further decline could push ADA to the strong support at $0.80. A bounce from this level could lead to a range-bound phase between $0.80 and $1.18, with $1.18 being a key resistance level for a bullish reversal.
In conclusion, while Bitcoin faces some downward pressure, certain altcoins like Ether and Cardano are holding on to key support levels, with potential for future rebounds. Traders should remain cautious and look for key support and resistance levels to determine the next market direction.
