Bitcoin
Crypto Market Watch: Bitcoin, Ethereum and Solana Price Trends and Analysis
Bitcoin, Ethereum and Solana are in focus as Crypto World analysts delve into the details of the current trend. The analyst noted that recent data shows a substantial inflow of around $217 million into spot Bitcoin ETFs on Monday, signaling continued institutional interest in the crypto market. Grayscale, in particular, has seen significant inflows in recent trading sessions, indicating positive sentiment among investors.
During the 3 days, Bitcoin remained within a larger uptrend, forming higher lows and higher highs. While short-term fluctuations are expected, the daily RSI and MACD indicators suggest a more bullish outlook with potential for further upside.
Key levels to watch out for:
Bitcoin is currently retesting a critical support-turned-resistance level of around $62,800. A rebound from this level could confirm an upside breakout, with price targets around $72,000 to $74,000. However, failure to maintain above this level could lead to a further drop towards $61K.
The analyst highlighted that during the last week, DXY fell noticeably, leading to an expected increase in the price of Bitcoin. However, DXY recovered slightly, causing a small pullback in the price of Bitcoin in the short term. If DXY continues its upward trend, this pullback could indicate a temporary bounce in Bitcoin price during a broader pullback.
Ethereum Side Consolidation:
Ethereum is trading within a tight range between support at $2,870 and resistance at $3,340. Despite recent volatility, the overall trend remains neutral, with a break above resistance required to confirm a bullish reversal.
Solana Faces Resistance:
Solana is encountering significant resistance between $150 and $160, with additional resistance between $167 and $172. While the bullish divergence on the 8-hour time frame suggests a potential rally, a clear break above resistance is needed to validate this bullish scenario.