The cryptocurrency market remains uncertain, with Bitcoin oscillating between $100,000 and $111,980 while altcoins exhibit signs of weakness.
Current Situation for Bitcoin
Bitcoin (BTC) is maintained within the range of $100,000 and $111,980, with traders' opinions about the next move divided.
Crypto analyst Matthew Hyland conducted a poll asking whether Bitcoin would reach $94,000 or $114,000, and the results were nearly evenly split.
Additionally, comments on social media show that overall sentiment among stakeholders is also evenly divided. According to Santiment, for every bearish comment, there were 1.03 bullish comments. The sentiment analysis indicated that current retail negativity is the strongest since the initial tariff reaction on April 6.
Outlook for Altcoins
Altcoins such as Ether (ETH), XRP (XRP), and Solana (SOL) face varying levels of support and resistance. For instance, Ether has been oscillating between the 20-day exponential moving average and the 50-day simple moving average, indicating uncertainty in the market. If the price breaks above $2,738, it could signal further growth.
In a similar vein, XRP is trying to push past the $2.20 level but is facing pressure that may lead to declines below $2. If the price successfully breaks above $2.27, it may lead to some range-bound activity. For Solana, the price remains above the $140 level but struggles to overcome the 20-day EMA, posing a risk of further decline.
Market Sentiment
According to Santiment's marketing director Brian Quinlivan, the current anxiety and fear among retail investors could signal a potential market reversal. "Historically, markets move in the opposite direction of retail's expectations," Quinlivan noted. Despite this, institutional investor confidence remains strong, as US-based spot Bitcoin ETFs have recorded eight consecutive days of inflows.
Thus, Bitcoin and altcoins' future movements depend on key support and resistance levels in the coming days. Observing market momentum and participant sentiment may aid in predicting future price changes.
