Cryptocurrency Market Analysis: Key Levels Under Scrutiny
Bitcoin faces selling pressure near the $110,500 level, drawing strong resistance. However, bulls appear committed, maintaining prices above the key moving averages.
Analysts observe tightening Bollinger Bands, suggesting a significant price movement may be imminent. The indicator’s creator, John Bollinger, indicated Bitcoin is positioning for a potential upside breakout.
Despite a slight slowdown, investors continued inflating Bitcoin exchange-traded products (ETPs), recording $790 million for the week ending Friday, according to CoinShares data.
Key Asset Breakdown
Bitcoin (BTC)
Price oscillates near $110,500 resistance. Trading is confined between $107,211 (20-day EMA) and $110,530 overhead. A breakdown below moving averages could lead to a descent towards $104,500 and potentially $100,000. Breakout above $110,530 could target $111,980 and trigger an uptrend towards $150,000.
Ethereum (ETH)
Priced between $2,323 and $2,879, holding above the 20-day EMA is crucial. The bulls aim for $2,635, target $2,879. A breakdown below $2,323 or the 20-day EMA could expand the range lower.
XRP (Ripple)
Resistance at $2.34 and $2.65 has been tested. Bulls target $2.65, while bears focus on $2.34. The 20-day EMA near $2.20 indicates support interest.
BNB
Bounced off $652 (20-day EMA), resistance near $698. A breakthrough above $665 could launch the price towards $732. Failure to hold the 20-day EMA might involve correction down to $636.
Solana (SOL)
Near $154, testing holds upside potential near $159, $185. Support above $137 could prevent further decline, possibly to $126.
Dogecoin (DOGE)
Break above $0.16 provides momentum. Potential targets near the 50-day SMA ($0.18) and $0.21 resistance. Breakdown below $0.16 supports bearishness.
Cardano (ADA)
Support near the 20-day EMA ($0.58). Potential upside target at $0.64 SMA. A breakdown below $0.50 could deepen a bearish pattern.
Hyperliquid (HYPE)
Steadfast above $38.41, near $41.23 resistance. Failure to break $41.23 negates bullish momentum. Support exists around $36.60 and $33.25.
Broader Market Overview
S&P 500 (SPX)
Continuing upward trajectory. Anticipated test/confirmation at the key $6,147 level could establish a new support base. Further upside potential targets up to $6,500 are discussed.
US Dollar Index (DXY)
Recent upward movement originating near 96.37. Key resistance levels at 97.92 and 99.03 draw attention. Breakdown below 97.92 could draw the price towards 95. Breakout above 99.03 could propel towards 102 and beyond.
Disclaimer: 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.
