The crypto market is showing mixed signals as Bitcoin faces pressure near $105,000, hinting at a possible deeper correction. Meanwhile, key altcoins like Ether, XRP, and BNB are holding strong support levels, suggesting buyers are ready to step in on dips. Let’s break down the latest price action and what to watch in the coming weeks.
Bitcoin: Correction or Consolidation?
Bitcoin recently failed to hold above the $105,000 mark, with whale activity increasing near the $112,000 peak — often a sign of profit-taking. Analysts warn a deeper correction could unfold, potentially pushing BTC down to $97,000 or even $90,000 if key supports break.
However, long-term confidence remains strong. Major holders like Michael Saylor’s Strategy and Japan’s Metaplanet continue accumulating Bitcoin around $106,000 to $108,000, signaling belief in the asset’s future growth.
Altcoins: Holding the Line
Ether is defending its 20-day EMA near $2,500 and could rally to $3,000 if it breaks resistance at $2,738. XRP remains range-bound between $2 and $2.65, with a potential bullish breakout targeting $3.69 if it clears the $2.65 level.
BNB and Solana are showing signs of range-bound trading, with BNB fluctuating between $634 and $693, and Solana consolidating between $153 and $185. Dogecoin faces pressure below its 50-day SMA at $0.19, with critical support at $0.18 and downside risk to $0.14.
Market Indexes: S&P 500 and US Dollar
The S&P 500 is testing its 20-day EMA around 5,817, with bulls aiming to push past 5,970 to challenge the all-time high near 6,147. Meanwhile, the US Dollar Index (DXY) struggles to hold above 99.82, with bearish momentum suggesting a possible drop to 97.92 or lower.
What to Watch Next
Key support levels for Bitcoin at $103,000 and $100,000 will be critical in the short term. A break below could lead to a deeper correction, while a move above $106,000 may reignite bullish momentum. Altcoins’ ability to hold their support zones will also dictate the market’s next direction.
Investors should stay alert for volatility and consider that every rally might face selling pressure. As always, thorough research and risk management remain essential in navigating this dynamic market.
Note: This article is for informational purposes only and does not constitute financial advice.
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