Market Pressure Persists: Analyzing BTC, ETH, BNB, and More
Bitcoin's and several altcoins' recovery attempts are facing hefty selling pressure as bears continue to dominate the market.
Bitcoin and various altcoins are experiencing considerable resistance during their recovery attempts, signifying that sellers are still dominating the market.
Key Observations:
- Bitcoin’s recovery is encountering resistance at higher price levels, reinforcing bear control.
- Several altcoins have started to decline from key resistance levels, indicating profit-taking.
Bitcoin’s (BTC) rally is meeting resistance, yet there’s encouraging news as bulls aim to establish a higher low around $109,500. Recent data from SoSoValue indicates net inflows into exchange-traded funds (ETFs) for Bitcoin and Ether, which saw $102.58 million and $236.22 million respectively, reflecting some ongoing interest.
Despite recent fluctuations, experts like Economist Timothy Peterson note that historically, much of Bitcoin’s gains in October materialize in the latter half of the month. Following this, Jerome Powell hinted at a potential end to quantitative tightening, prompting BitMEX’s Arthur Hayes to suggest it is time to buy aggressively.
However, caution arises from trader Peter Brandt, predicting a possible significant pullback before any recovery to record highs.
Bitcoin Price Analysis:
BTC has faced selling at the 20-day EMA ($115,945), suggesting negative sentiment where rallies are being sold. The bears are attempting to consolidate their dominance by pushing prices towards the critical support at $107,000. If this level falls, it raises the risk of a double-top pattern, potentially leading to further drops to $100,000 or even down to $89,526.
Ether (ETH) is also hitting substantial resistance at the 20-day EMA ($4,227), and should it rebound from support, it hints at staying within its descending channel longer. A decisive break above resistance may signal the end of the corrective phase, allowing it to ascend towards $4,957 and beyond.
Other coins like BNB, XRP, SOL, DOGE, and ADA all show varying levels of pressure and support, reflecting an ongoing volatile market landscape where traders are closely monitoring critical levels.
This analysis does not constitute financial advice; investment carries risks and should be approached with careful consideration.
