Bitcoin and select altcoins are showing signs of potential consolidation or reversal, according to recent market analysis. The market is reacting to various factors, including geopolitical events and technical indicators. This analysis provides key price levels and potential future movements for major cryptocurrencies.
Bitcoin (BTC) corrected below $103,000 on news of Israel's airstrikes on Iran, but buying at lower levels pushed the price near $106,000. The 20-day exponential moving average is flattening out, and the relative strength index (RSI) is near the midpoint, signaling a possible consolidation in the near term. Crucial levels to watch are $100,000 on the downside and the all-time high of $111,980 on the upside.
Ether (ETH) turned down from $2,879 on Wednesday and nosedived below the 20-day EMA ($2,580) on Friday. The 20-day EMA is flattening out, and the RSI has dropped to the midpoint, indicating a balance between supply and demand. If the price turns up from the current level or $2,323, the bears will attempt to halt the relief rally in the $2,738 to $2,879 zone.
XRP (XRP) broke above the moving averages on Monday, but the bulls could not build upon the momentum. The price turned down on Wednesday and has reached near the solid support at $2. BNB (BNB) has been consolidating between $693 and $634 for several days, indicating a balance between supply and demand.
Solana (SOL) rose above the moving averages on Monday, but the bulls could not sustain the higher levels. The price turned down from $168 on Wednesday and broke below the moving averages on June 12. Dogecoin (DOGE) turned down from the $0.21 level on Wednesday, indicating that the price remains stuck inside the lower half of the $0.26 to $0.14 range.
Cardano (ADA) turned down from the 50-day SMA ($0.72) on Wednesday, indicating that the bears continue to sell on rallies. Buyers pushed Hyperliquid (HYPE) above the $42.25 resistance on Wednesday and again on Thursday, but could not sustain the higher levels. Sui (SUI) turned down from the 50-day SMA ($3.55) on Wednesday, indicating that bears are fiercely defending the level.
Chainlink (LINK) turned down and re-entered the descending channel pattern on Thursday, indicating that sellers are active at higher levels. This analysis provides insights into potential price movements based on technical indicators and market trends.