Bitcoin (BTC) has been trading in a range above the $35,000 mark for several days, with resistance being found around the $38,000 level. Despite this, a failure to break through the resistance suggests hesitation from buyers at higher levels. According to BitGo CEO Mike Belshe, there is likely to be another round of rejections for spot Bitcoin exchange-traded fund (ETF) applications before they are finally approved.
While multiple analysts believe that Bitcoin will undergo a correction in the near term, the worst-case scenario would bring the price down to $30,000. However, this potential drop is unlikely to signify the start of a bear market. Philip Swift, the creator of Look Into Bitcoin, commented that on-chain data suggests that the Bitcoin bull market is still in its early stages as there is “no fear of missing out” (FOMO) yet.
As Bitcoin consolidates, several altcoins have seen a pullback, but some are showing signs of resuming their upward trajectories. Fidelity and BlackRock’s applications filed for a spot Ether ETF show strong demand for investment in specific altcoins. This suggests that there may be opportunities in the altcoin market as well.
Bitcoin Price Analysis
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Bitcoin is currently facing resistance around the $38,000 level, but bulls have been able to keep the price from dipping below the 20-day exponential moving average (EMA) of $35,666. The upward-trending moving averages and the relative strength index (RSI) in the positive zone indicate that bulls still have control. A close below the 20-day EMA would signal the possibility of a range-bound market, with support around $34,800 and resistance at $38,000.
Looking at the short-term chart, we can see that the price of Bitcoin has been swinging between $38,000 and $34,800. Both moving averages have flattened out, suggesting that the range-bound action may continue. A tight consolidation near the 52-week high indicates that the bullish sentiment is still strong and could lead to a potential upside breakout.
Solana Price Analysis
Solana (SOL) temporarily fell below the breakout level of $59, but buying interest picked up, indicating that selling pressure at lower levels is limited. The bulls are attempting to push the price back above $59, which could lead to a climb to $68.20 and eventually the all-time high of $95.
On the other hand, should the price drop below $48, it could lead to a deeper correction. The 20-day EMA is currently flattening out, and the RSI is just above the midpoint, suggesting a balance between supply and demand.
Chainlink Price Analysis
Chainlink (LINK) is experiencing a pullback, finding support at the 20-day EMA, indicating buyer interest at lower levels. The bulls are attempting to push the price to the local high of $16.60, with the potential to continue the uptrend to $20.
Should the price turn down from $15.38, it could lead to a deeper correction, with a potential drop to the 50-day SMA. The current descending channel pattern suggests that traders are selling near the resistance line, but an upside breakout could lead to a potential uptrend continuation.
Near Protocol Price Analysis
Near Protocol (NEAR) broke and closed above the resistance level of $1.72, indicating a potential trend change in the short term. The 20-day EMA and the RSI in the positive zone indicate that bulls are in control, with potential resistance at $2.
A drop below the breakout level of $1.72, on the other hand, could indicate that sellers are back in control, leading to a potential fall to the 20-day EMA.
Theta Network Price Analysis
Theta Network (THETA) is finding support at the 20-day EMA after a recent correction. The potential breakout from a falling wedge pattern could lead to a rally to $1.20 and beyond.
However, failure to sustain the price above the wedge could lead to a prolonged consolidation. A drop below the wedge would signal a bearish trend.
It’s important to note that this content does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers are encouraged to conduct their own research when making financial decisions.
