Crypto Market Analysis: Bitcoin Holds Near $104k Support
Key Points:
- Bitcoin is seeing a crucial battle between bulls and bears near the $104,000 level.
- Analysts suggest Bitcoin needs to hold above $102,000 to start a recovery.
- While Bitcoin faces resistance, several altcoins are showing signs of range-bound consolidation or weakening trends.
Bitcoin (BTC) Analysis
Bitcoin is currently trading near its 50-day simple moving average (SMA) at approximately $104,269, with a tough battle unfolding between bulls attempting to form a higher low and bears pushing for a breakdown toward the psychological $100,000 support level.
Crypto market data daily view. Source: Coin360
Bitfinex analysts indicated that Bitcoin requires maintaining a position above the $102,000-$103,000 zone to signal a potential recovery, provided geopolitical tensions remain contained.
CryptoQuant contributor Gaah suggests the Index Bitcoin Cycle Indicators (IBCI) stabilization near 50% marks a transitional phase rather than an exhaustion point, opening the door for further upside.
The $100,000 support remains a critical watching point. A breakdown below this level could trigger further selling toward $93,000.
Upward momentum would require a “high-risk, high-reward” move above the 20-day exponential moving average ($105,851), potentially targeting the inverted head-and-shoulders pattern neckline near $112,800.
Broader Altcoin Market
The majority of major altcoins continue to show range-bound patterns, with Bitcoin Cash being a noticeable exception. However, some altcoins are approaching critical support levels.
Ethereum (ETH) Analysis
Ethereum recently tested resistance near $2,738 but failed to sustain gains above the 20-day EMA ($2,560), suggesting institutional demand remains cautious despite recent price appreciation.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
Eth traders are monitoring the $2,323 support level and $2,879 resistance. A sustained break above $2,738 could potentially drive prices toward $3,153.
Ripple (XRP) Analysis
XRP recently traded above its 50-day SMA at $2.27 but was contained near $2.34 resistance, indicating ongoing volatility despite range-bound tendencies.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The $2 support level is crucial as a failure to hold this position could signal further correction toward $1.61.
BNB, Solana, and Other Altcoins
Binance Coin remains range-bound around $634-$693. Successful breaks above or below these critical zones could trigger significant movement.
Solana is consolidating near key support at $140, with potential targets near $110 or upside to $185.
Dogecoin and Cardano are showing bearish signals with prices pressured below key psychological support levels.
Altcoins including Hyperliquid (HYPE), Sui (SUI), and Bitcoin Cash are exhibiting similar patterns of fluctuating between resistance and support levels.
