Key points:
Bitcoin’s failure to rise above $118,000 may have attracted profit-booking by short-term traders, resulting in a drop toward $107,000.
Several major altcoins turned down from their overhead resistance levels, signaling that the bears remain sellers on rallies.
Bitcoin (BTC) bulls are attempting to sustain the price above $111,000, but the bears have continued to exert selling pressure. Glassnode wrote in its latest Weekly Market Impulse report that BTC’s recent recovery was not supported by increased participation, signaling a “potential consolidation phase.”
A slightly cautious view came from crypto market intelligence company 10x Research, which said that BTC’s current bull market cycle may not get extended beyond the traditional four-year cycle, as BTC has become too expensive for sustained retail purchases. The company projected a cycle top of $125,000 based on their research methodology.
Crypto market data daily view. Source: Coin360
BTC remains stuck inside the large range, but a minor positive in favor of the bulls is that investors continue to buy spot BTC exchange-traded funds. According to Farside Investors’ data, the BTC ETFs have recorded net inflows of $462.6 million over the past four days.
What are the critical support and resistance levels to watch for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC’s failure to stay above the 50-day simple moving average ($114,278) attracted sellers, pulling the price below the 20-day exponential moving average ($112,347).
BTC/USDT daily chart. Source: Cointelegraph/TradingView
If the price closes below the 20-day EMA, the bears will try to yank the BTC/USDT pair to the critical support at $107,000. Buyers are expected to defend the $107,000 level with all their might, as a break below it will complete a double-top pattern. The Bitcoin price may then slump to $100,000.
The $118,000 level is a key resistance to watch on the upside. A break and close above it could propel the pair to the all-time high of $126,199.
Ether price prediction
Ether (ETH) turned down from the…
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