Bitcoin
Crypto Market Watch: Bitcoin, Ethereum and Solana Price Analysis
Bitcoin, Ethereum, and Solana are in the spotlight in the crypto space as analysts dissect current trends. Recent data reveals a large inflow of around $217 million into spot Bitcoin ETFs on Monday, signaling lasting institutional interest.
Notably, Grayscale has seen significant inflows in recent trading sessions, reflecting positive investor sentiment.
Bitcoin’s Bullish Stance
Bitcoin maintained its upward momentum over three days, forming higher lows and higher highs within a broader uptrend. While short-term fluctuations are expected, daily indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) signal an optimistic outlook, suggesting potential for further gains.
Key Levels to Watch
Bitcoin is currently testing a crucial support-turned-resistance level around $62,800. A rebound from here could confirm an upside breakout, setting price targets between $72K and $74K. However, failing to stay above this level could bring an even greater drop to US$61,000.
Last week, DXY fell noticeably, suggesting a potential rise in the price of Bitcoin. However, DXY has recovered slightly, causing a small pullback in Bitcoin price for now. If DXY continues its upward trend, this pullback could signal a temporary pause in Bitcoin’s rise amid a broader market pullback.
Ethereum Trading Range
Ethereum is currently trading within a tight range, fluctuating between support at $2,870 and resistance at $3,340. Despite recent volatility, the overall trend remains neutral, awaiting a break above resistance to confirm a bullish reversal.
SolanaChallenges
Solana faces significant resistance levels between $150 and $160, with additional hurdles at $167 to $172. While bullish signals on the 8-hour time frame indicate a potential rally, a clear break above resistance is needed to validate this bullish scenario.
Don’t miss it! Do your own research and consider incorporating these insights into your crypto strategy.