Bitcoin has dipped below $116,000, yet certain analysts are optimistic, believing that buying pressure will emerge at lower price points.
Key insights:
- Bitcoin has retraced past $116,000, prompting analysts to expect buy support at this and lower ranges.
- Several altcoins have also hit significant support levels, suggesting potential for robust buying action.
BTC made a bid for recovery last Friday, but selling pressure at higher levels has prevented this rebound, driving the price beneath $116,000 as short-term traders quickly exited their positions. Analyst Stockmoney Lizards mentioned in a Twitter post that BTC is seeing volatility in both directions. Notably, despite this movement, they remain optimistic about BTC finding support between $118,000 and $119,000.
Bitcoin Market Analysis
Crypto market data daily view. Source: Coin360
Peter Brandt, a trader, shared insights with Cointelegraph stating that “BTC could hit a bull market high any day now,” based on historical trend patterns. Nonetheless, he cautioned that cycles may shift, yielding a 50/50 chance of such an outcome. Should counter-cycles prevail, Brandt anticipates BTC could surge to reach as high as $185,000.
What critical support and resistance levels should traders be vigilant of when evaluating BTC and leading altcoins? Let’s delve into the charts of the top 10 cryptocurrencies.
Bitcoin Price Outlook
BTC has retraced under the 20-day exponential moving average (EMA) set at $118,807, a crucial short-term support level that bulls must uphold.
BTC Daily Chart
BTC/USDT daily chart. Source: Cointelegraph/TradingView
A robust rebound from the 20-day EMA could see bulls targeting the BTC/USDT pair towards its previous all-time high of $126,199. A breakthrough here might set the stage for an upward momentum towards $141,948. Conversely, a close below this EMA indicates diminishing control by bulls and potential slippage towards a 50-day simple moving average (SMA) at $114,571. This could signal an extended range for Bitcoin’s price, oscillating between $107,000 and $126,199, with increased seller traction likely beneath $107,000.
Ether Price Insights
Ether (ETH) faced robust selling after failing to rise above the resistance line recently, now finding solid support at $4,060. Buyers are anticipated to defend the range $4,060 to $3,745 vigorously, as a drop beyond this point might imply a short-term peak. If buyers push above this resistance line, there is optimism for upward momentum past $4,750.
