What to Know:
- Bitcoin’s recovery is facing resistance around $112,000, indicating continued bearish pressure.
- Several altcoins are testing key support levels, but their ability to overcome overhead resistance will determine future price action.
- Keep an eye on moving averages as key indicators for potential trend reversals in both Bitcoin and major altcoins.
Bitcoin is attempting a recovery, but resistance around $112,000 suggests bears haven’t surrendered. Analysts point to the recent drawdown as a consolidation phase, typical of past cycle-high retests since 2023, rather than a trend reversal. Monitoring these levels is crucial for understanding Bitcoin’s next move.
Bitcoin rebounded from $107,000, signaling strong support, but buyers must push above moving averages to confirm a comeback. A successful breach could propel Bitcoin toward its all-time high of $126,199, while failure could lead to a deeper correction toward $100,000 or even $87,801. This tug-of-war highlights the current market indecision.
XRP is currently testing its 20-day EMA ($2.52), where strong resistance is anticipated. A sharp rejection here would reinforce bearish sentiment, keeping XRP within its descending channel, but a breakout could trigger a rally toward $2.69 and the downtrend line. The outcome at this level is pivotal for XRP’s short-term trajectory.
As Bitcoin navigates its recovery and altcoins test crucial resistance, traders should closely monitor key levels and moving averages. The interplay between bullish and bearish forces will shape the market’s direction in the coming weeks, offering potential opportunities for informed investors.
Source: Original article
