Bitcoin has been range-bound for several months, but long-term holders remain resolute. Let's examine the current state and prospects of major cryptocurrencies.
Bitcoin Price Analysis
Bitcoin has been range-bound for several months. Glassnode's analysis shows that 74% of Bitcoin has not moved in the past six months or more. The central question occupying investors is in which direction will Bitcoin breakout. According to Aurelie Barthere, the principal research analyst at Nansen, the crypto bull market would continue if the Federal Reserve cuts rates while growth holds. However, if growth decelerates sharply, the upside will be limited for risk assets.
Ether Price Analysis
Ether, unlike Bitcoin, has attempted a recovery but faced resistance at the 20 EMA ($2,729). If the price drops below the current level, the ETH/USDT pair could slip to $2,309. If buyers manage to overcome this level, it could indicate the end of the downtrend, and the pair may rise to the $2,850 mark. For now, the bears still hold a slight advantage.
Binance Coin Price Analysis
BNB has reached the downtrend line, which is a crucial short-term resistance. If buyers can overcome this line, the BNB/USDT pair might attempt a rally to $600. Otherwise, if bears defend the level successfully, the price might fall back to the support at $495.
In conclusion, the current state of the cryptocurrency market indicates a mixed picture with potential for breakouts and further declines. Investors should closely monitor key support and resistance levels to make informed decisions.
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