Bitcoin, Altcoins Consolidate in Search of New Price Floor

Key Points:-

Bitcoin position selling leaves a retest of $60,000 open as a short-term result.

A number of major altcoins are at risk of resuming their decline, reflecting negative investor sentiment.

Bitcoin (BTC) is under pressure again, falling below $66,000 in the early hours of the US trading session. According to Kaiko Research, the 52% recapture from the all-time high was “unusually shallow,” and the 60% to 68% drawdown is similar to previous bear market cycles. That suggests BTC could be low between $40,000 and $50,000.

BTC appears to have bucked the “digital gold” narrative and is emerging as a high-risk growth asset in new research from Greyscale. Author Zack Pandle says BTC is more closely tied to software stocks than gold, especially starting in 2024. This represents a deeper integration into traditional financial markets, which is part of BTC's ongoing evolution, the report added.

For the bulls, BTC spot exchange-traded funds have witnessed inflows for the past three consecutive days, according to data from Farside Investors. This indicates that institutional investors are accumulating at lower levels.

Will BTC and the major altcoins continue their downward trend? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC dropped below $72,271 on Sunday, indicating bearish selling has begun at higher levels.

If the price of Bitcoin stays below $67,300, the BTC/USDT pair may slide towards $62,345 and then towards $60,000. Buyers are expected to defend the $60,000 level with all their might.

Buyers may have other plans. They will try to quickly push the price above the $72,271 resistance. If they do that, the pair could rally towards the 20-day exponential moving average ($76,275). Buyers need to pierce the 20-day EMA to initiate a sustained recovery towards the 50-day simple moving average ($85,832). Such a move suggests that the pair may be down in the near future.

Ether price prediction

Ether (ETH) declined from $2,111, indicating that the bears will defend the level aggressively.

As the ETH/USDT pair slips to the crucial $1,750 support, the buyers are expected to move in. A strong breakout from the $1,750 level could create a range in the near term.

Instead, if sellers enter Ether's price below $1,750, the next stop could be $1,537. The first sign of strength will be the close above $2,111. The pair could climb to the 20-day EMA ($2,364). This is a critical level for the bears to defend against, as a close above it could move the pair to the 50-day SMA ($2,838).

BNB price prediction

The failure of the bulls to push BNB (BNB) above the 50% retracement level of $676 has started a reversal towards $570.

The bulls are expected to mount a strong resistance at the $570 level, but if the bears win, the BNB/USDT pair may continue its downtrend and fall to the psychological support at $500.

On the contrary, if the price of BNB changes from the current level of $ 570, it indicates the need for lower levels. The bulls will try to drive the pair above $669. If they manage to do that, the pair could rally towards the 20-day EMA ($730).

XRP price prediction

Buyers held XRP (XRP) above the support line of the descending channel pattern but failed to initiate a strong rebound.

This increases the possibility of a drop below the support line. If that happens, the XRP/USDT pair could retest the $1.11 level. If it gives a level of $1.11, the pair may drop to $1 and then to $0.75.

Buyers should drive the price of XRP above the $1.61 level to signal that the selling pressure is waning. The pair may move towards the 50-day SMA ($1.85) and later a downtrend line.

Solana price forecast

Solana's ( SOL ) support rally stopped below the $95 breakout, indicating that the bears are trying to turn the level into resistance.

There is a small support at $77, but if the level is broken, the SOL/USDT pair can go down to the $67 level. Buyers are expected to aggressively defend the $67 level, as a break below could extend the decline to $50.

The first signal of strength will be a break and close above the 20-day EMA ($100). That suggests the markets have rejected a breakout below $95. Solana's price may rise towards the 50-day SMA ($121).

Dogecoin price prediction

Dogecoin (DOGE) has fallen from the psychological level of $0.10, which indicates that the bears are trying to turn the level into resistance.

The DOGE/USDT pair may drop to the $0.08 level, which may attract buyers. If the price of Dogecoin reverses and breaks above the 20-day EMA, it indicates that the bear momentum is weakening. The pair could jump to the $0.12 breakout level.

Alternatively, if the price continues lower and breaks below $0.08, it would signal a resumption of the downtrend. The pair may drop to $0.06.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) continues to face strong resistance at the 20-day EMA ($540), but on a positive note, the bulls have not given much ground to the bears.

If the price breaks above the current level and breaks above the 20-day EMA, it suggests that the $443 level is acting as a strong floor. The BCH/USDT pair may rally towards the 50-day SMA ($583).

Conversely, if the price of Bitcoin Cash declines and slips below $497, it indicates that the bears are trying to take control. The pair may drop to $467 and eventually to the necessary support at $443.

RELATED: Ethereum Holders Accumulate ‘In Full' As ETH Price Drops Below $2K

High Liquidity Price Prediction

Hyperliquid (HYPE) continued lower and fell below the 20-day EMA ($29.95) on Tuesday, which discouraged the bulls.

The 20-day EMA is flat, and the RSI is below the midpoint, indicating range-bound action in the near term. The HYPE/USDT pair may fluctuate between $35.50 and $20.82 for a few days.

Buyers should push the price of Hyperliquid above the $35.50 level to signal the start of a new bullish move. On the downside, a close below the $20.82 support could extend the decline to $17.

Cardano price prediction

Cardano (ADA) is slowly sliding towards the support line of the descending channel pattern, which indicates that the bears are continuing the pressure.

Sellers will try to drag the price below the support line and Friday's low of $0.22. If they can pull through, the ADA/USDT pair may continue its downtrend. The next support is at $0.20 and then $0.15.

The bulls need to push the price of Cardano above the 20-day EMA ($0.29) to keep the pair in the channel for some time. Buyers are back in the driver's seat above the ramp.

Monero price prediction

Monero (XMR) reached $361 at the 38.2% Fibonacci retracement level, which is a strong challenge for bears.

If the price of Monero declines and breaks below $309, it suggests that the bears will remain in charge. The XMR/USDT pair may drop to the $291 to $276 support zone.

Conversely, if the price breaks out of the current level or support zone and breaks above $361, the next stop would be the 20-day EMA ($394). Sellers will try to stop the recovery again at the 20-day EMA, but if buyers break the resistance, the pair may move towards the 50-day SMA ($464).