Over the past seven weeks, Bitcoin has been in a downtrend since its peak of $109,000 in January. This article examines support and resistance levels for Bitcoin and other cryptocurrencies like XRP, PI, and Solana.
Current Trends in Bitcoin Market
According to market intelligence platform Santiment, Bitcoin experienced a steep price drop after key stakeholders took profits on February 19. Coinmarketcap data shows the total cryptocurrency market cap stands at $2.68 trillion, with Bitcoin's dominance being 61.08%.
Ripple XRP Price Analysis
XRP is experiencing a slump, forming a descending triangle on the XRP/USDT chart. The $2 support level might not withstand the pressure, potentially leading to a decline to $1.62. However, a reversal to the resistance level at $2.35 may occur.
Pi Network PI Price Development
The price of Pi Network PI shows strength following the recent token launch. The chart forms a symmetrical triangle, and the price broke through the upper trendline, indicating bullish momentum. A push towards $2 is possible.
Solana SOL Prospects
Solana's price has been in a downtrend since its peak at $296 in January, reaching a support zone of $110-120. If this support level doesn't hold, the price could drop to $80.
While the short-term outlook for Bitcoin remains uncertain, long-term prospects are positive for investors. The market analysis highlights important support and resistance levels, essential for understanding the future development of the cryptocurrency market.
