Key Highlights

• Bitcoin has dropped below $116,000, yet some analysts maintain a positive outlook, expecting buyers to enter at lower levels.
• Specific altcoins have hit critical support zones, where potential buying may take place.

Bitcoin Price Movement

Bitcoin (BTC) made an attempt to recover on Friday but faced selling pressure at higher levels, leading to its price falling under $116,000 as short-term traders exited the market. Analyst Stockmoney Lizards mentioned that BTC is experiencing volatility, although they anticipate support around $118,000 to $119,000.

Crypto Market Data Daily View Crypto market data daily view. Source: Coin360

Trader Peter Brandt stated:

“BTC could hit a bull market high any day now if it follows its historical pattern, though there is a 50/50 chance of a cycle change.”
Translation: BTC might reach a new high soon, but changes in market cycles can happen.

Important Levels to Monitor

• BTC is currently below the 20-day EMA ($118,807), a crucial support level for buyers to defend.
• If Bitcoin rebounds, a push toward $126,199 could occur, and breaking above may set the stage for a rally to $141,948.
• Conversely, slipping below the 20-day EMA hints at potential weakness and could lead to a drop toward the 50-day SMA ($114,571).

Ether and Altcoin Insights

Ether (ETH) faced solid selling pressure after failing to surpass a resistance line, but support at $4,060 is where buyers are expected to mount a defense.

BNB has also seen a fallback near $1,217 and could bounce back if resistances are broken.

Additional Altcoin Analyses

• XRP nears the critical support level of $2.69.
• Solana is trading around the 50-day SMA, but bulls will need to defend key support levels.
• Dogecoin is at risk if it fails to hold above the 50-day SMA.

Each cryptocurrency is experiencing unique market dynamics; traders should remain aware of support and resistance levels as they navigate their strategies.