Recent days have seen price consolidation in cryptocurrencies, particularly Bitcoin and Ethereum, showing investor interest in the market.
Bitcoin (BTC) Price Outlook
Bitcoin (BTC) is trading in a narrow range between $112,000 and $115,720, indicating indecision among investors.
Analysts at Bitfinex report a decline in speculative interest in altcoins and predict that the cryptocurrency market may enter a consolidation phase, with upcoming macroeconomic events and inflows into cryptocurrency ETFs likely to affect the next breakout.
Currently, Bitcoin has found support at the 50-day SMA ($112,619). If it moves above the 20-day SMA ($116,804), it could target $120,000, potentially testing its all-time high near $123,218. Conversely, a decline below the 50-day SMA could open paths down to $105,000 and $100,000.
Ethereum (ETH) Price Forecast
Ethereum pushed above the 20-day SMA ($3,675) but couldn't surpass resistance at $3,745. However, buyer interest remains, suggesting possible upside potential. Breaking through $3,745 could lead Ethereum towards $3,941 and potentially $4,094.
If the price drops below the 61.8% Fibonacci retracement level ($3,300), the short-term positive outlook may be negated, with a potential decline towards the 50-day SMA ($3,058).
Analysis of Other Cryptocurrencies
The market is also seeing activity among other cryptocurrencies. XRP rebounded from the 50-day SMA ($2.69) and faces resistance around $3.16. BNB is experiencing selling pressure but maintains strong buyer interest, especially near $774.
Solana has dropped back to the 50-day SMA ($162), with similar patterns observed among other altcoins. DOGE is defending the $0.19 level and faces resistance at $0.21. Similarly, ADA and other cryptocurrencies oscillate depending on support and resistance levels, awaiting clearer direction.
In the current cryptocurrency market situation, Bitcoin and Ethereum show signs of readiness for significant changes. Investors remain vigilant, anticipating the next move.
