Is Bitcoin About To Do A Big Sale? | Investing.com

It encountered strong resistance near the $60,000 level, with selling taking over the market. Although recent economic data, including strong and declining data, have boosted the overall market sentiment, there are still obstacles in Bitcoin’s recovery.

A rebound in bearish trading earlier this month, fueled by dovish signals from Japan, added to a risky environment, but it wasn’t enough to push Bitcoin to new highs. As of now, the critical support level at $57,300 is still holding for now, but a breakout could trigger further selling pressure.

As the market digests the latest economic data and evaluates its potential impact on the Federal Reserve’s monetary policy, these factors are likely to have an impact on Bitcoin’s price path.

In addition to the largest cryptocurrencies, we will also try to evaluate the technical situation of altcoins such as, and .

Bitcoin is still in decline

Technically, Bitcoin has bounced back to the $62,000 level after hitting lows of $49,500. This recovery is in line with the 0.618 Fibonacci level of the recent decline, with a key resistance area at this level limiting further gains.

Bitcoin exchange rate has increased against Bitcoin every day. After failing to break higher earlier in the week, the cryptocurrency has closed in the red over the past two days and is now trading below the high. short term.

This position increases the risk of a lower acceleration, making the $57,300 support level crucial during weekend trading, again supported by Fibonacci levels. If Bitcoin loses this support, it could signal a breakdown of the short-term symmetrical triangle, which could push the price to the next support level at $54,300.

To reverse the trend, Bitcoin needs to break through the $59,000 area today. Early today, interest appeared to buy around $57,300. If this buying and bullish trend continues, the next move in weekend trading could target the defensive zone between $60,000 and $62,000. A weekly shutdown over this area would pave the way for a faster recovery next week.

Solana is looking for a fresh start after sticking with the mainstay

Since April, Solana has regularly tested a key support level around $128. Last week’s sharp decline confirmed this level as a key support area. Despite a brief recovery to $165, Solana has remained stable and hovers around $140 on lower trading volumes.

If Solana does not close above $146 in the coming days, the decline could extend towards key support below $130, especially if trading volume falls below $138.

On the other hand, a sustained move above $146 could shift focus to the $155 to $165 range. Given the recent growth in sales in this sector, a breakout could accelerate Solana’s price to $200.

At the moment, the nearest current support is about 5% below the current price, and the potential target is about 15% higher at $165, suggesting a reward ratio -1:3 risk with stop loss just below $138 for short term trades. . In terms of short trades, targeting $128 as the profit level with a stop loss at $150 provides a target return of 10% and a risk of 4%.

Binance returns to intra-channel trading

Binance stock, which has been moving within a bearish channel since March, has seen more volatility recently. Last week’s panic sell pushed Binance out of this channel, but it has since bounced back and returned to the channel. Currently, Binance is struggling to break out of the $525-530 range and is supported at $518 due to low trading volumes.

If volatility increases and Binance closes daily above the $530 level, the price could rise to $550 and possibly $580. However, if the $518 support area fails, the price could fall towards $505 and possibly $460.

Price pressure in Ripple

Ripple saw a big rally in July, hitting $0.62, but since then it has been struggling to break this resistance level. The recent gains were quickly erased as Ripple faced a market downturn.

Ripple’s bearish trend continues this week towards the $0.5355-$0.54 range, with buyers stepping back. If Ripple holds above $0.54, it may test the resistance around $0.62 first, and if it breaks, it may accelerate to $0.65 and possibly $0.72. However, losing the support at $0.54 could signal a new low, which could push Ripple below $0.50.

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Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, and does not constitute a solicitation, offer, recommendation or recommendation to invest. I would like to remind you that every asset is evaluated from many points of view and carries a high risk, so any investment decision and the associated risks are the responsibility of the investor himself . We also do not provide investment advisory services. We will never contact you to provide investment or advisory services.