The cryptocurrency market is experiencing unstable times with price drops for Bitcoin and other altcoins. This article examines the current situation and forecasts for major cryptocurrencies.
Current Situation in the Bitcoin Market
Bitcoin (BTC) is attempting to bounce back at the level of $112,000, however, sell-offs at higher levels are expected. The drop of BTC has led to net outflows of $523.3 million from Bitcoin-related financial products, indicating caution among institutional investors. Analytics firm Santiment noted that the current bearish sentiment on the market is the worst seen since June 22.
Prediction for Ethereum
Ethereum (ETH) rebounded from the level of $4,094, showing attempts by buyers to hold this level as support. If ETH trades above this level, it might rise to $4,576 and potentially even to $5,000. However, if the price drops below $4,094, it could lead to a decline to $3,593.
Analysis of Other Altcoins
Several altcoins are also under pressure. XRP has fallen below $3.07, with support expected at $2.73. BNB and Solana are also facing pressure, trying to maintain their support zones. Dogecoin is fluctuating at $0.21, where additional support is also anticipated. Cardano is attempting to hold the level of $0.84, while Chainlink is struggling at the $27 level.
The cryptocurrency market continues to face pressure, with major altcoins showing diverse trends. It will be interesting to observe the developments in the coming days.
