Bitcoin's recent price movements indicate a potential correction ahead, particularly as it struggles to hold above $105,000. According to trading analysts, if Bitcoin falls below the $100,000 mark, it could lead to further declines toward $93,000. Despite the bearish outlook, significant buying activity from institutional investors like Michael Saylor's Strategy, which recently purchased 705 Bitcoins, suggests continued confidence at lower price levels.
Altcoins like Ether are also in focus, trying to rebound from important support levels. Ether is currently defending the $2,500 mark, while a sudden rise past $2,738 could signal a return to an upward trajectory. XRP is trading in a range between $2 and $2.65 with the 20-day EMA at $2.27 posing short-term resistance. If prices break below the $2 mark, it could trigger declines to $1.61.
In the meantime, traders should keep an eye on the broader market indicators like the S&P 500, which faced selling pressure near key resistance levels. Similarly, the US Dollar Index struggled to hold gains, indicating a cautious market sentiment.
For altcoins such as BNB and Solana, resistance at 20-day EMA levels is critical, while Dogecoin and Cardano are teetering near their respective support zones, raising questions about potential breakdowns or rebounds.
Altcoins like Ether are also in focus, trying to rebound from important support levels. Ether is currently defending the $2,500 mark, while a sudden rise past $2,738 could signal a return to an upward trajectory. XRP is trading in a range between $2 and $2.65 with the 20-day EMA at $2.27 posing short-term resistance. If prices break below the $2 mark, it could trigger declines to $1.61.
In the meantime, traders should keep an eye on the broader market indicators like the S&P 500, which faced selling pressure near key resistance levels. Similarly, the US Dollar Index struggled to hold gains, indicating a cautious market sentiment.
For altcoins such as BNB and Solana, resistance at 20-day EMA levels is critical, while Dogecoin and Cardano are teetering near their respective support zones, raising questions about potential breakdowns or rebounds.
