By Frank Martin (MoneyAmped.com)
Bitcoin has been consolidating below the $109,634 breakout level this week, suggesting that the sellers are booking profits. Despite the latest price action, which the bears are dominating, Bitfinex analysts say the consolidation is healthy and could lead to a breakout above the all-time high of $111,827 in the coming days.
Similarly, analysts from Glassnode have noted that the Relative Strength Index is weakening, indicating that Bitcoin is no longer in the overbought zone, which signals a potential bullish price reversal.
Meanwhile, Material Indicators founder Keith Alan has insisted that the $100,000 vital support level is likely to be defended as the whales continue to accumulate.
So, what key areas must traders watch keenly if Bitcoin crosses $109,634? Let’s find the answers by taking a closer look at the charts.
Bitcoin Price Analysis
Increased profit-taking has caused Bitcoin to plunge below the 20-day Exponential Moving Average (EMA) of $105,569 as of this writing. The bulls’ failure to protect that critical level could lead to a drop to $100,108, where solid buying activity is likely to be witnessed.
On the bullish side, if BTC crosses $105,569 and reaches $109,634, we expect this level to give way, with the buyers targeting $111,827. Increased buying at the all-time high could trigger a rally to $129,000.
Ethereum Price Analysis
Ethereum has been among the top performers this week. It nearly touched the $2,800 major resistance on Thursday. However, selling pressure at higher prices has led to a drop to $2,624 at press time. If the bulls fail to start a recovery rally at $2,600, Ether could see its value depreciate to the 20-day Exponential Moving Average of $2,476 and subsequently to $2,381.
On the other hand, a surge above $2,800 increases the probability of a move to $3,000 for the first time since January. And if the sellers are defeated there, Ethereum will likely rise further toward $3,149.
XRP Price Analysis
XRP has dropped below the 50-day Simple Moving Average of $2.246, giving the bears a massive boost, which, if capitalized, a move to $2 could become a reality. While we anticipate the buyers to purchase the dip at $2, a journey to the $1.623 support could begin if the sellers overpower them.
Conversely, if XRP rises above $2.246, then the bulls are likely to prompt a move to the 20-day Exponential Moving Average of $2.331 and later to $2.648.
BNB Price Analysis
BNB hasn’t succeeded in surpassing the $692.80 resistance this week, indicating rising selling pressure at higher levels. Many expected the token to cross that barrier on Thursday after the US Securities and Exchange Commission announced that it had dropped charges against crypto trading platform Binance. The charges were filed by the agency’s former Chair, Gary Gensler, in 2023.
That said, a dip to the 20-day Exponential Moving Average of $657 seems possible if $675 is violated. Moreover, BNB could hit the 50-day Simple Moving Average of $621 if the daily candle closes below $657.
From a positive point of view, the Binance Coin is set to hit $720 or even $754 if it crosses above $692.80.
Solana Price Analysis
SOL has now broken below the consolidation range of between $168 and $181, suggesting that the bears have taken control in the short term. Continued profit booking could fuel a drop to the 50-day Simple Moving Average of $152, where the start of a recovery rally is expected. If the bulls buy the dip and thrust Solana above $181, a surge to $210.37 could occur for the first time in four months.
Hyperliquid Price Prediction
HYPE peaked at $40 this week after rallying 83% in the past 30 days. It has, however, plunged to $35.72 at press time as short-term traders book profits. The decline could be arrested at the 20-day Exponential Moving Average of $29.89, with the buyers aiming to push Hyperliquid to the $42 resistance.
