Key points:
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Bitcoin is trying to take support near $112,000, but higher levels are likely to attract selling by the bears.
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The deep pullback in several altcoins suggests the next leg of the up move may not happen in a hurry.
Bitcoin and Ethereum Market Dynamics
Bitcoin (BTC) bulls are working diligently to maintain the cryptocurrency’s price above $115,000. However, they are encountering significant resistance from bearish market participants. Arthur Hayes, the Chief Investment Officer of Maelstrom Fund, commented on X that a sluggish credit market and decreased job creation could potentially drive Bitcoin’s price down to $100,000 and Ethereum (ETH) to $3,000.
Further evidence of market caution is seen in the recent outflows from US spot Bitcoin and Ethereum exchange-traded funds (ETFs). According to SoSoValue data, Bitcoin ETFs experienced net outflows of $812.25 million on Friday, while Ethereum ETFs saw $152.26 million in outflows, halting a 20-day streak of inflows.
Crypto market data daily view. Source: Coin360
Institutional Interest Remains Strong
Despite near-term uncertainties, institutional interest in cryptocurrencies remains robust. The Japanese investment company Metaplanet announced on Monday the acquisition of 463 BTC at an average price of approximately $115,895, thereby increasing its total holdings to 17,595 BTC. Similarly, SharpLink revealed the purchase of 30,755 ETH at an average price of $3,530, bringing its total Ethereum holdings to 480,031 ETH.
Bitcoin Price Analysis
Bitcoin’s price fell below the neckline of the inverse head-and-shoulders pattern on Friday, but it found support at the 50-day simple moving average (SMA) of $112,262.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day SMA at $117,237 has begun to decline, and the relative strength index (RSI) is positioned just below the midpoint, signaling a potential comeback by the bears. The relief rally is anticipated to encounter selling pressure between the neckline and the 20-day SMA.
If the price falls below the critical support at $110,530, it could lead to a decline to $105,000 and subsequently to $100,000. Conversely, a sustained move above the 20-day SMA could drive the BTC/USDT pair towards the $120,000 to $123,218 resistance zone.
Ethereum Price Analysis
Ethereum is currently finding support between the 50% Fibonacci retracement level of $3,422 and the 61.8% retracement level of $3,300.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The relief rally is likely to face resistance at the 20-day SMA of $3,652. Should the bulls manage to overcome this level, the ETH/USDT pair could rise to $3,941 and eventually to $4,094, where sellers are expected to mount a strong defense.
Alternatively, if the price declines from the 20-day SMA and breaks below $3,354, it could indicate weakening bullish momentum, increasing the risk of a drop to the 50-day SMA at $3,013.
Other Cryptocurrency Price Predictions
XRP Price Analysis
XRP (XRP) declined below $2.95 on Saturday but rebounded off the 50-day SMA at $2.66 on Sunday, indicating buying at lower levels.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The XRP/USDT pair could see an upward move to the 20-day SMA at $3.19, a level where bears are expected to assert selling pressure. A break and close above this level could pave the way for a rally to $3.33 and then to $3.66. Conversely, a decline below the 50-day SMA could signal the onset of a deeper correction to $2.40.
BNB, Solana, Dogecoin, Cardano, and Stellar Price Analysis
BNB (BNB) found support at $732 after plunging below the 20-day SMA at $769. A break and close above the 20-day SMA would suggest strong buying on dips, potentially leading to a climb towards $794 and $815.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
Solana (SOL) hovered near the 50-day SMA at $161, with the RSI not favoring either bulls or bears. A move above the 20-day SMA at $179 could shift momentum in favor of bulls, targeting $195, while a close below $155 could give bears an edge.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
Dogecoin (DOGE) is trading within a range of $0.14 to $0.29, with a break below $0.19 potentially sinking the price to $0.14. Conversely, a close above the 20-day SMA could lead to a rise to $0.26 and eventually $0.29.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
Cardano (ADA) rebounded from the 50-day SMA at $0.68, with the RSI indicating a balance between supply and demand. A push above the 20-day SMA could favor buyers, while a drop below the 50-day SMA could extend the pullback towards $0.50.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
Stellar (XLM) is attempting a bounce from the 61.8% Fibonacci retracement level at $0.34, with a relief rally likely facing resistance at the 20-day SMA at $0.43. A break below the 50-day SMA could lead to a drop to $0.29, while a move above the 20-day SMA may target $0.46 and $0.49.
XLM/USDT daily chart. Source: Cointelegraph/TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. For more details, visit
