Crypto Markets Shift: Bitcoin Holds Steady Amid Legislative Boost, Altcoins Poised for Growth
Bitcoin remains caught in a consolidation phase despite intermittent attempts by bulls to reclaim the $120,000 mark. However, the overall market sentiment, buoyed by recent legislation passed in the U.S. House of Representatives, remains positive as long as BTC stays above the critical $110,530 support.
Fidelity’s Director of Global Macro, Jurrien Timmer, views Bitcoin as still on its adoption curve, suggesting significant room for growth compared to internet adoption milestones in past decades.
The total cryptocurrency market capitalization surged past the $4-trillion threshold recently, a development closely linked to the broader market rally and supportive legislative news.
Ethereum, potentially ushering in a new “altseason,” leads the charge among altcoins. Analysts caution traders to manage risks carefully amidst expected pullbacks during the ongoing bullish trend.
Bitcoin (BTC) Analysis
In a slightly bearish two-week candle, Bitcoin indicates gentle selling pressure.
Bulls maintain a slight edge due to an uptrending 20-day EMA ($113,984) and positive RSI readings. A decisive move above $123,218 could reignite the upward momentum.
The breakdown below the 50-day SMA warrants a closer watch, with key support around $115,000 and the $110,530 zone critical for stemming potential losses.
BNB Price Prediction
BNB found strong buying interest, breaking above the $698 resistance.
The BNB/USDT pair pierced the $732 resistance level, drawing resistance near the $761 mark.
On the 4-hour chart, an overbought RSI coupled with rising MAs points towards bullish momentum. However, a close below $732 could signal range-bound trading between $698 and $761.
Stellar (XLM) Price Prediction
XLM sharply appreciated, reaching the $0.51 resistance zone.
Exceeding the $0.43 support level currently offers a potential path towards overcoming the $0.51 bottleneck.
Litecoin (LTC) Price Prediction
LTC attempted a break above the $107 benchmark but faced resistance.
On a short-term basis, the potential 50-day moving rate nuanced the ongoing dynamics.
Ethereum Classic (ETC) Price Prediction
Ethereum Classic experienced a strong breakout above $21.70.
Note the spot near the critical $21.70 support following a recent decline.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
