Authored by Rakesh Upadhyay, Insights by Ray Salmond. Bitcoin's price recently touched a 15-month low at $72,169, prompting some analysts to forecast a potential dip to its realized price of around $56,000 in the near future. But could a rebound be on the horizon before the weekend? Here's a detailed analysis of key cryptocurrencies.
Bitcoin (BTC) Bitcoin faces significant bearish pressure as its price struggles beneath the $74,508 mark. Recent attempts to spark a recovery were thwarted by sellers, driving the price below $72,169. According to Galaxy Digital's Alex Thorn, Bitcoin might drop further to its realized price of $56,000 due to insufficient market catalysts. However, some analysts, like Bitwise's Matt Hougan, remain optimistic, predicting a market resurgence soon. Historical patterns suggest a prolonged recovery period, as BTC usually stays below the 100-week simple moving average for extensive durations unless disrupted by extraordinary events like the 2020 COVID crash.
Ethereum (ETH) Ethereum's price found support at $2,111, though the weak bounce indicates limited buying interest. If sellers push ETH below this level, it might fall to $1,750. However, the oversold RSI hints at a potential relief rally, which could drive the price to $2,467 and potentially to the 20-day EMA at $2,712. A strong move above this could signal a shift in market sentiment.
Binance Coin (BNB) BNB struggles to regain momentum as it trades below $790, with a drop below $730 looming. A decline past this point could lead to further losses, targeting $700 and then $645. Bulls need to push BNB above $790 to avert a downtrend and possibly aim for $839.
XRP XRP's inability to stabilize above $1.61 reflects ongoing bearish dominance. A breach below the descending channel's support could see XRP revisit its October 2025 low of $1.25. Conversely, a move above $1.79 could keep the price within the channel temporarily.
Solana (SOL) Solana's failure to break past $107 resulted in renewed selling, dragging it below $95. A close below this threshold may trigger further declines toward $79. However, a rebound above $107 might suggest a bear trap, with potential gains to $117.
Dogecoin (DOGE) Dogecoin attempts a recovery, but lackluster momentum suggests persistent bearish pressure. A fall below $0.10 could spark a downturn to $0.08. A rise past the moving averages, however, could negate the bearish trend and propel DOGE to $0.16.
Cardano (ADA) Cardano's attempt to rebound lacks vigor, with resistance at $0.33. A decline from this level may lead ADA towards $0.20. A breakthrough above the 20-day EMA would be needed for any significant upward movement.
Bitcoin Cash (BCH) Bitcoin Cash faces resistance at $535, with bears actively selling at higher levels. A dip below $497 could see BCH falling to $467 and $443. Overcoming $544 is crucial for any bullish momentum towards $604.
Hyperliquid (HYPE) Hyperliquid's attempt to breach $35.50 met with selling pressure. A sustained move above this could propel HYPE to $44. Alternatively, a decline below the 20-day EMA may result in continued range-bound trading.
Monero (XMR) Monero seeks support at $360, but any rally is likely to face selling at $412 and $461. A drop below $360 risks further declines to $320. A rally above $500 would indicate market optimism.
The market remains volatile, and although some indicators point to potential recoveries for certain cryptocurrencies, the overarching sentiment remains cautious, with many assets facing sustained resistance from bearish trends.