The cryptocurrency market is at a crucial juncture as Bitcoin's dynamics show early signs of weakening. Risks and new prospects are being analyzed.
Bitcoin: $200K Still on the Horizon, But First, A Correction?
Bitcoin (BTC) is currently trading around $114,000 after peaking above $123,000 in mid-July. However, key technical indicators indicate potential downside. The current level of the Relative Strength Index (RSI) has dipped below its 14-week simple moving average, which has previously preceded corrections of 25-33% in 2024. If this trend continues, BTC could fall to $95,000 before resuming its long-term upward trend. Nevertheless, overall sentiment appears optimistic. Analysts like Ash Crypto suggest Bitcoin may replicate its 2017 cycle, which ended with a sudden surge. With institutional support and accumulation by long-term holders, the $200,000 target remains within reach, but may require some short-term pain.
Ethereum: Heavy Selling Pressure Near Resistance
Ethereum (ETH) is experiencing pressure around a multi-year resistance zone between $3,600 and $4,000, the same level that triggered a brutal 66% drop in late 2024. On-chain data reveals a concerning trend: net taker volume dropped to -$418.8 million this week, marking the second-largest daily outflow in ETH history. This suggests cooling momentum as traders take profits. However, ETH's fundamentals remain steady, allowing the Ethereum ecosystem to continue expanding in DeFi and Web3.
Litecoin: Mining Fatigue and Sideways Action
Litecoin (LTC) is down roughly 10% from its July high, now trading near $109. With daily trading volume at $1.4 billion, analysts note waning sentiment among miners. Institutional mining activity has stalled, and whale wallets have shown signs of redistribution despite rising retail interest. LTC's price is currently consolidating between $106.30 Fib support and $118.60 resistance at the 50-day EMA.
The cryptocurrency market is shifting, with pressure from Bitcoin, Ethereum, and Litecoin requiring a reassessment of their positions near resistance levels. Meanwhile, emerging lower-cap tokens like MAGACOIN highlight changes in the segment.
