Price Analysis: Struggling Below $100K Amid Bearish Signals – Is a Recovery Possible for Altcoins?
Bitcoin (BTC) has faced significant resistance in recent days, trading below the critical $100,000 mark. This downward momentum signals the lack of strong buying activity at lower levels, prompting experts to speculate about an impending bearish phase. The large outflows from cryptocurrency exchange-traded products (ETPs) suggest a cautious market stance, with $430 million flowing out last week alone, possibly influenced by macroeconomic concerns and the hawkish remarks of US Federal Reserve Chairman Jerome Powell.
However, not all voices in the crypto space are bearish. Bitwise CEO Hunter Horsley remains optimistic about Bitcoin’s potential to take the mainstream spotlight this year. Meanwhile, Bitwise’s head of alpha strategies, Jeff Park, sees Bitcoin as a “generational opportunity.”
With Bitcoin under pressure, altcoins have also been showing mixed signals. Let’s dive into the price action of some key cryptocurrencies to see if altcoins might experience a recovery or continue their downward trend.
Bitcoin (BTC) Price Struggles to Stay Above $94K Bitcoin’s price remains vulnerable as it struggles to climb above moving averages, indicating a lack of bullish momentum. If the price falls below $94,000, the next target for the bears could be the key $90,000 support. A breakdown here could confirm a double top pattern, with a potential price target of $70,412. On the other hand, if Bitcoin manages to break above the moving averages, it could rally toward $102,500 and further to $106,500, signaling a potential recovery.
Ethereum (ETH) in a Range-Bound Market Ethereum (ETH) continues to trade within a large range between $2,111 and $4,094, showing buying interest near support and selling pressure near resistance. The bulls are attempting a relief rally, with a potential rise to the downtrend line. If Ethereum fails to break this line and falls below $2,500, further downside risk exists, with potential targets at $2,400 and $2,111. However, if the price breaks above the downtrend line, Ethereum could see a rally to $3,450 and beyond.
XRP (XRP) Testing Key Support Levels XRP is currently testing its moving averages, which are acting as near-term support. If XRP rebounds from this level and rises above $2.84, it could target the downtrend line and, eventually, $3.40. Conversely, if the price falls below the moving averages, it could signal further weakness, with support at lower levels expected to attract buying interest.
Binance Coin (BNB) Finds Support at the 20-Day EMA Binance Coin (BNB) has found support near its 20-day exponential moving average (EMA) of $650, suggesting a shift in sentiment from selling rallies to buying dips. If the bulls can push the price above the 50-day simple moving average (SMA) at $672, BNB could rally toward $745, $794, and possibly $855. However, if the price drops below $635, the bearish outlook may return, with BNB trading within a broad range.
Solana (SOL) Faces Bearish Pressure Solana (SOL) recently dropped below key support levels, indicating that bears are still in control. The next major support is at $175, where buyers may step in. However, if the price fails to hold, further declines to $155 are possible. A strong rebound from $175 could signal a recovery, with potential for a rise toward $220 if the bulls manage to reclaim control.
Dogecoin (DOGE) Faces Selling Pressure Dogecoin (DOGE) has experienced a downturn, with its relief rally faltering at the 20-day EMA. The DOGE/USDT pair is now at risk of falling to the support line of the descending channel, with $0.20 as a potential target. A rebound from this level could lead to a rise above the 20-day EMA, signaling a shift toward buying on dips. If the price breaks above the 50-day SMA, further upside could follow.
Cardano (ADA) Showing Signs of Strength Cardano (ADA) has risen above its 20-day EMA, signaling a potential recovery. If ADA can hold above the EMA, it may target the 50-day SMA at $0.91, with resistance near the resistance line. A drop below $0.76 would invalidate this bullish outlook, and ADA could retest lower support levels.
Chainlink (LINK) Fights to Hold Key Support Chainlink (LINK) is battling for control near the $19.25 breakdown level. If LINK can clear the 20-day EMA at $20.03, it could see a rally toward the 50-day SMA at $21.73 and possibly $24.50. However, if bears defend the 20-day EMA, a decline below $17.44 could signal further weakness.
As the market continues to navigate uncertainty and mixed signals, traders should keep a close eye on these key levels for signs of strength or weakness. Will Bitcoin reclaim its $100,000 level, or will altcoins continue their decline? Only time will tell.
