Over the past seven weeks, Bitcoin has been in a downtrend. We analyze the current status of the cryptocurrency market and explore potential changes in the price of four key cryptocurrencies: Bitcoin, XRP, Pi Network, and Solana.
Current State of the Cryptocurrency Market
The cryptocurrency market is experiencing volatility. According to Coinmarketcap, the total cryptocurrency market cap stands at $2.68 trillion, reflecting a 1.29% increase over the last 24 hours. Trading volume dropped by 25.46% to $119.6 billion, and Bitcoin accounts for 61.08% of the market. These figures show some uncertainty amid Bitcoin’s current downtrend.
Bitcoin (BTC) Price Analysis
Bitcoin closed below the 200-day moving average, indicating increasing selling pressure. Despite defending the lower descending channel trendline, current levels face resistance to further upward movement. Buyers may try to push the price towards the 20-day moving average if the $76,000 support zone holds.
Review of Other Cryptocurrencies: XRP, Pi Network, and Solana
XRP has formed a descending triangle and remains under pressure. If the $2 support level breaks, the price could fall to $1.62. Pi Network shows bullish momentum after breaking out of a symmetric triangle, with the price aiming for $2, signaling potential upside. Solana is facing resistance after significant declines since January, with the support zone testing multiple times around $110-120. Solana aims to move past the 20-day and 200-day moving averages, though a drop to $80 remains possible if the support fails.
The short-term outlook for Bitcoin and other cryptocurrencies remains uncertain amid ongoing pressure. However, signs of potential recovery over longer time frames suggest attractive opportunities for investors.
