Bitcoin has been consolidating below the $105,000 mark over the weekend, indicating that selling pressure persists in the market. Despite this, analysts suggest that the downside risk for Bitcoin is limited. According to CryptoQuant, certain demand metrics for Bitcoin may be nearing a short-term peak, signaling a potential pause in the current rally. Support is expected at the $100,000 psychological level, which Bitcoin has bounced off historically during bull markets.
In terms of price action, Bitcoin recently dropped below the 20-day exponential moving average, which could suggest weakening bullish momentum. Currently, facing significant resistance, a rebound above this moving average may push it toward $109,588, potentially lifting altcoins like Ether (ETH), Hyperliquid (HYPE), Bittensor (TAO), and Quant (QNT) higher.
For Ether, it has retraced to the 20-day EMA at $2,496 after failing to sustain above $2,738. Traders should watch for potential breakdown if it falls below $2,323; however, if buyers successfully defend this level, a rally toward $3,000 could be within reach.
HYPE has found support at the 20-day EMA ($30.76), and if it can break the $35.73 resistance, it may rise back to $40. Conversely, failure to hold above current levels could lead to a drop to $28.50.
For Bittensor, it is crucial to maintain a price above the 20-day EMA ($421) to prevent a downturn that could drag it lower. Meanwhile, Quant's price action indicates that if it surpasses $120, it could potentially rally further.
Each of these altcoins reflects broader trends observed in the crypto market, driven in part by Bitcoin's performance. Many analysts are optimistic about altcoins if Bitcoin can initiate a relief rally.
As the market appears to remain balanced with fluctuations, average crypto users should remain cautious while observing the support and resistance levels of not just Bitcoin but also these altcoins. It's essential to stay informed as trends develop, as there remains potential for upward movement across multiple cryptocurrencies.
In terms of price action, Bitcoin recently dropped below the 20-day exponential moving average, which could suggest weakening bullish momentum. Currently, facing significant resistance, a rebound above this moving average may push it toward $109,588, potentially lifting altcoins like Ether (ETH), Hyperliquid (HYPE), Bittensor (TAO), and Quant (QNT) higher.
For Ether, it has retraced to the 20-day EMA at $2,496 after failing to sustain above $2,738. Traders should watch for potential breakdown if it falls below $2,323; however, if buyers successfully defend this level, a rally toward $3,000 could be within reach.
HYPE has found support at the 20-day EMA ($30.76), and if it can break the $35.73 resistance, it may rise back to $40. Conversely, failure to hold above current levels could lead to a drop to $28.50.
For Bittensor, it is crucial to maintain a price above the 20-day EMA ($421) to prevent a downturn that could drag it lower. Meanwhile, Quant's price action indicates that if it surpasses $120, it could potentially rally further.
Each of these altcoins reflects broader trends observed in the crypto market, driven in part by Bitcoin's performance. Many analysts are optimistic about altcoins if Bitcoin can initiate a relief rally.
As the market appears to remain balanced with fluctuations, average crypto users should remain cautious while observing the support and resistance levels of not just Bitcoin but also these altcoins. It's essential to stay informed as trends develop, as there remains potential for upward movement across multiple cryptocurrencies.
