Currently, Bitcoin and other major cryptocurrencies are showing mixed signals, with traders closely monitoring key support and resistance levels.
Bitcoin Situation
Bitcoin is trading near the 50-day simple moving average at $104,269. Analysts emphasize that Bitcoin needs to stay above the $102,000-$103,000 zone to start a recovery. If the price drops below $100,000, it could create additional pressure on Bitcoin, although bulls are expected to defend this crucial level.
A CryptoQuant analyst noted that the Bitcoin Cycle Index (IBCI) has stabilized in the neutral zone, leaving room for further upside potential.
Altcoin Forecasts
Most major altcoins, such as Ethereum, XRP, and BNB, are showing range-bound movements. Ethereum is trying to break above $2,738, but the likelihood of a rally only increases with a breach of this level. XRP has been fluctuating between $2 and $2.34, while BNB faces resistance at $653. If prices break through key resistance levels, it could pave the way to higher targets.
Conclusion and Key Support Levels
Currently, key support levels are as follows: for Bitcoin — $100,000, for Ethereum — $2,323, for XRP — $2, and for BNB — $634. Traders should monitor these levels closely, as breaking downward could lead to further selling. Conversely, strengthening bulls near these levels could lead to a price recovery.
In the current situation, traders should keep a close eye on key support levels and potential entry signals into the market. Escalating geopolitical risks may also impact price dynamics.
