The cryptocurrency market is showing activity, especially Bitcoin, which continues to be in a narrow range. The market is awaiting the Federal Reserve's interest rate decision, which may affect future movements.
Current Situation in the Bitcoin Market
Bitcoin is trading near the resistance level of $120,000, indicating bullish support. However, historical weakness in August may pose obstacles to further growth. According to Axel Adler Jr., Bitcoin has recorded an average return of only 2.56% in August over the past 13 years.
Forecasts for Ether and Other Altcoins
Ether and BNB are showing upward trends, with Ether's futures volume surpassing Bitcoin's. This confirms a shift in interest towards altcoins. If Ethereum holds above the $3,745 level, it could reach the resistance at $4,094.
Overview of Supporting Levels for Other Cryptocurrencies
Analysis shows that several altcoins, such as XRP and BNB, are facing important support levels. XRP is fluctuating around the $3.16 level, while BNB has pulled back to the support level at $794. High volatility is observed, and traders anticipate a reaction to support and resistance at these levels.
The cryptocurrency market is awaiting significant movements driven by Bitcoin's behavior and the situation with altcoins. Analyzing current trends suggests that with the release of new interest rate data, important changes may occur.
