The cryptocurrency market is showing volatility with recent price drops for Bitcoin and strengthening for Ether. Analysis indicates that key support and resistance levels are becoming critically important.
Bitcoin Price Analysis
Recent price fluctuations for Bitcoin (BTC) show that the market is currently in a support zone between $115,000 and $110,530. In recent days, BTC struggled to maintain above the $120,000 level, which may have prompted short-term traders to take profits, leading to price declines below $115,000. Nevertheless, bulls are expected to aggressively defend this level, aiming to push the price above $123,218, potentially leading to new highs around $135,729.
Forecasts for Ether and Other Altcoins
Ethereum (ETH) continues to attract investor attention, with recent inflows into ETH ETFs totaling around $2.4 billion, significantly surpassing the $827 million in inflows for Bitcoin ETFs during the same period. According to Galaxy Digital CEO Michael Novogratz, ETH could outperform Bitcoin in the next three to six months and potentially reach $4,000, opening pathways for further growth.
General Conclusions and Support Levels
Currently, important levels for most cryptocurrencies are support and resistance levels. For example, XRP has a key resistance at $3.66, and if it breaks above, a rise to $4.00 is feasible. BNB, on the other hand, also experienced a pullback after reaching a new record, with a primary support zone at $761–$732.
In anticipation of possible fluctuations in the cryptocurrency market, it is crucial for investors to monitor key support and resistance levels to make more informed decisions.
