What to Know:
- Bitcoin’s inability to surpass $118,000 triggered profit-taking, leading to a decline towards $107,000.
- Several altcoins have retreated from overhead resistance levels, indicating continued selling pressure during rallies.
- BTC ETFs have recorded net inflows of $462.6 million over the past four days, signaling sustained investor interest.
Bitcoin’s recent price action has been closely watched by traders, with failure to maintain levels above $118,000 leading to profit-taking and fresh short positions. The focus now shifts to key support and resistance levels that could dictate the short-term trajectory of Bitcoin and major altcoins. Investors are also keeping an eye on potential regulatory developments and macroeconomic factors that could influence market sentiment.
Bitcoin bulls are currently striving to keep the price above $111,000, facing persistent selling pressure from bears. Market analysts suggest that Bitcoin’s recent recovery lacked broad participation, hinting at a possible consolidation phase ahead. Despite price volatility, continued inflows into spot Bitcoin ETFs indicate sustained institutional interest.
XRP has been range-bound between $2.56 and $2.69, suggesting a potential breakout or breakdown is imminent. A break above $2.69 could trigger a rally towards $3.20, while a drop below $2.56 may lead to further declines. Traders should monitor these levels closely for potential trading opportunities.
Altcoins like Ether and BNB are also showing signs of struggle, facing resistance at key moving averages. Ether’s price is testing the support line of a descending triangle pattern, while BNB is navigating between its 50-day and 20-day EMAs. A decisive move above or below these levels could signal the next direction for these altcoins.
Overall, the cryptocurrency market remains in a state of flux, with Bitcoin’s price action setting the tone for altcoins. Investors should remain vigilant, monitoring key technical levels and potential market-moving events. While short-term volatility may persist, the long-term outlook for cryptocurrencies remains positive, driven by increasing adoption and institutional interest.
Source: Original article
