The cryptocurrency market is showing activity, particularly in the Bitcoin and Ether segments. Predictions indicate a possible expansion of price ranges in the coming days.
Current Situation in the Bitcoin Market
Bitcoin (BTC) continues to sell off around the $120,000 level, with repeated tests of this resistance level tending to weaken it. If buyers do not yield much ground to the bears, there is a likelihood of BTC hitting a new all-time high above $123,218. Fundstrat head of research Tom Lee stated in an interview with CNBC that BTC could soar to $200,000 to $250,000 over the next few months, which would place BTC at 25% the size of the gold market.
Forecast for Ether and Other Altcoins
Ether (ETH) continues to show upward momentum, with a record 16-day inflow streak in ETH exchange-traded funds, boosting net inflows from $4.25 billion to $9.33 billion. Many altcoins are also facing selling pressure but remain above near-term support levels. For instance, XRP is finding support at $3.10 while BNB is showing strong growth but also faces resistance.
Analysis of the S&P 500 and DXY Indices
The S&P 500 Index (SPX) continues its march toward the 6,500 target, indicating sustained demand at higher levels. However, the high RSI level suggests the rally may be getting overheated, which could lead to consolidation or correction. The US Dollar Index (DXY) is attempting to sustain above the 50-day SMA, indicating bullish attempts to form a higher low.
The cryptocurrency market is positioned for a potential rally, but high resistance levels could hinder further growth. Investors should closely monitor the support and resistance levels, as they may determine the market's future movements.
