The cryptocurrency market is seeing restrained upward movement for Bitcoin and growing interest in altcoins like Ethereum. This article reviews the current positions of Bitcoin, Ethereum, and other major cryptocurrencies, along with possible trends for the upcoming months.
Bitcoin Price Forecast
Bitcoin (BTC) has shown a significant recovery as of August 8, yet faces selling pressure that makes it difficult to maintain above the $116,000 mark. Analysts from Glassnode highlight that short-term buyers hold an average cost around $116,900, making it critical to sustain prices above this level to confirm renewed demand. Falling below this level could trigger a deeper correction towards $110,000.
Ethereum Market Outlook
Ethereum (ETH) continues to show strong momentum, confidently breaking the $3,745 level, possibly signaling the end of its correction phase. While the price recently overcame resistance at $3,941, selling pressure is expected near $4,094. A breakout above this level may lead to prices around $4,868.
Price Analysis of Other Cryptocurrencies
Various altcoins are also in focus. XRP rebounded from support at $2.95, reaching $3.15, where significant selling pressure is expected. Binance Coin (BNB) may potentially break its all-time high at $861, while Solana (SOL) and Dogecoin (DOGE) are experiencing periods of uncertainty with possible reversals at their key levels.
The cryptocurrency market remains volatile, with Bitcoin and Ethereum showing signs of recovery. Focus on altcoins is increasing, and expectations heighten risks for investors. Analyzing current support and resistance levels will be critical for predicting future trends.
