Bitcoin has exhibited a gradual pullback over the past sessions, with BTC/USD testing the critical support at $110,530βa level that traders expect buyers to defend aggressively. Data from Bitfinex analysts indicates that profit-taking by short-term participants has driven BTC below its 20-day exponential moving average (EMA), with uncertainty persisting until a decisive break above key moving averages. Should bears maintain control, Bitcoin could slide toward $107,000 or even $105,000, levels that correspond to deeper psychological support zones. A close below $110,530 would likely trigger additional stop-loss orders, accelerating the downward move.
Conversely, a robust bounce from the neckline of the inverse head-and-shoulders pattern near $110,530 could shift momentum back to buyers, setting up potential rallies toward $120,000 and higher. In such a scenario, select altcoins stand to benefit disproportionately. Ethereum, for instance, has retraced to its breakout level at $4,094βa critical threshold that aligns with the 20-day EMA and lower boundary of a falling wedge. A successful rebound here could propel ETH toward $4,576 and then $4,788, sources note. On the flip side, a breakdown below $4,094 risks sending Ether lower to the 50-day simple moving average near $3,557.
BNB is currently encountering resistance between $861 and $869, with bulls so far preventing a sustained leg lower. A breach above this zone could spark a move to $900 and perhaps $1,000, while failure to hold the 20-day EMA at $811 might confine BNB to a $732β$869 trading range. Other altcoins show mixed setups: Chainlink has turned down from $27, with support at $24 and the 20-day EMA at $21.49, and a decisive close above $27 would signal a resumption of the uptrend toward $31. Mantle has rallied recently but faces a hurdle at $1.42, with a failure to maintain above $1.20 inviting a slump to $1.06 or lower. Overall, market breadth remains under pressure, with reversals in Bitcoin often dictating altcoin performance, underscoring the interconnectedness of the broader crypto ecosystem.
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