Bitcoin’s price remains range-bound, making it challenging to predict its next breakout direction. The recent drop in the U.S. Dollar Index (DXY) has not significantly impacted Bitcoin’s performance, indicating that it is charting its own course for now. Despite the uncertainty, on-chain indicators suggest that Bitcoin may have room to grow, with rising unspent transaction outputs pointing to a potential long-term bottom.
In terms of traditional markets, the S&P 500 Index (SPX) continues its upward trend, facing resistance at 4,513. If the bulls hold their ground, it could signal an expectation for the rally to continue. Conversely, the U.S. Dollar Index has experienced a bearish descent, breaking crucial support levels, which raises questions about its potential impact on Bitcoin and other major altcoins.
Bitcoin’s price analysis reveals that bulls have defended the 20-day exponential moving average (EMA), but a lack of strong bounce suggests limited demand at current levels. Buyers must push the price above $32,400 to confirm the start of the next uptrend leg. On the downside, a drop below $29,500 could lead to a further decline towards the 50-day simple moving average (SMA).
Ether (ETH) remains above the 20-day EMA, attracting buyers at lower levels. A break and close above the psychological resistance level of $2,000 would open up possibilities for a rally towards $2,141 to $2,200. However, if the support at the 50-day SMA cracks, ETH may consolidate within a larger range between $1,626 and $2,000.
XRP finds support between key Fibonacci retracement levels, but significant resistance lies at $0.83 and $0.93. Failure to surpass this zone may result in a range-bound market, while a break below $0.64 could trigger a bearish sentiment.
BNB faces resistance at the 50-day SMA and has re-entered a symmetrical triangle pattern. The flattening 20-day EMA and balanced RSI indicate equilibrium between supply and demand. A breakout above the triangle would favor buyers, while a breakdown suggests a potential downtrend resumption.
Solana (SOL) shows short-term uncertainty with an inside-day candlestick pattern. A breakout above $29.12 could spark a rally towards $32.13 and potentially $38. Conversely, a drop below $26 might indicate a shift in favor of the bears.
Cardano’s (ADA) deep correction near the breakout level of $0.30 may delay the start of the next uptrend leg. However, bullish crossovers between moving averages and a positive RSI suggest a slight advantage for bulls. Resistance levels at $0.34 and $0.36 could hinder ADA’s recovery, while a close below $0.30 might favor the bears.
Dogecoin (DOGE) experiences tough resistance near $0.07, with the 20-day EMA turning up and the RSI in positive territory. Bulls must breach $0.08 to gain the upper hand, while a drop below moving averages could maintain the current range-bound behavior.
Polygon (MATIC) retraces towards a breakout level, potentially reaching $0.72. A strong rebound from this support may indicate further buying opportunities, targeting resistance at $0.90 and possibly higher. However, a decline below the uptrend line could lead to a slump towards $0.60.
Note: This article does not provide investment advice or recommendations. Readers should conduct their own research and assessment when making investment decisions.