Bitcoin and various altcoins experienced a significant rebound, recovering from the severe downturn observed earlier this week. This raises the question of whether the surge is a precursor to a lasting recovery or merely a temporary spike. Notably, Bitcoin surged past the $69,000 mark after dropping to $60,000, indicating robust buying interest at reduced prices. Despite the bounce, sentiment remains fragile with the Crypto Fear & Greed Index plummeting to 9, its lowest since June 2022.
Experienced trader Peter Brandt has highlighted that the recent decline seems to be driven by campaign selling rather than retail liquidation, making it challenging to predict its conclusion. On a more optimistic note, analyst Subu Trade pointed out that Bitcoin's relative strength index (RSI) on the weekly chart has dipped below 30, an occurrence that historically led to an average 23.34% gain within a month.
Bitcoin (BTC) Analysis Bitcoin's price closed below the critical level of $74,508, reaching down to $60,000. The RSI has plunged into oversold territory, suggesting that the selling may be excessive, paving the way for a potential relief rally. Resistance is anticipated at $74,508, and a successful breach could propel Bitcoin towards the 20-day EMA at $80,899.
Ethereum (ETH) Analysis Ethereum dropped beneath $2,111, touching a low of $1,750. A recovery attempt is underway, although resistance at $2,111 is expected. A failure to surpass this level could lead to a further decline with $1,537 as the next support. Conversely, breaking above $2,111 could indicate weakening bearish control, possibly driving the price to $2,569.
Binance Coin (BNB) Analysis BNB fell below $730, reaching $570, with its RSI in oversold territory. A lackluster rebound may lead to further declines, possibly down to $500. For a reversal, the price needs to climb back above $730, targeting the 20-day EMA at $798.
XRP Analysis XRP dipped below its descending channel pattern but quickly rebounded, aiming for the 20-day EMA at $1.71. A move above this could lead to a surge towards the downtrend line. Failure to sustain may see the price sink below support.
Solana (SOL) Analysis SOL extended its decline below $95, hitting a low of $67.50. The RSI suggests a short-term recovery. A breach above $95 could see the price rally to $110, while failure increases the risk of falling below $67.50.
Dogecoin (DOGE) Analysis Dogecoin fell below $0.10, with attempts to recover from $0.08. Resistance is expected at the 20-day EMA of $0.11, and a failure to rise above this may result in a slide to $0.07.
Cardano (ADA) Analysis Cardano fell beneath its descending channel, with buying interest at lower levels. The price above the support line could propel it to $0.32, but failure to hold could drive it down to $0.20 and possibly $0.15.
Bitcoin Cash (BCH) Analysis Bitcoin Cash slipped below $443 but rebounded, indicating strong buying. A sustained price above $443 could lead to a test of the 20-day EMA, while a drop below $443 suggests further declines to $380.
Hyperliquid (HYPE) Analysis HYPE faces resistance at $35.50 but remains supported by an upsloping 20-day EMA. A rise above $35.50 could lead to gains towards $44, while a drop below the EMA suggests consolidation between $35.50 and $20.82.
Monero (XMR) Analysis Monero broke below $360, with a relief rally facing resistance at the $361 level. A rise above this could lead to $388 and potentially $432, whereas a failure to rise suggests further declines possible to $231.