Bitcoin, Altcoins Consolidate In Search Of New Price Floor

Key points:

• Bitcoin spot selling keeps a $60,000 retest open as a short-term outcome.

• Several major altcoins risk resuming the downtrend, indicating a negative investor outlook.

Bitcoin (BTC) has again come under pressure, dropping below the $66,000 level during the early hours of the US trading session. According to Kaiko Research, a 52% retracement from the all-time high was “unusually shallow,” and a drawdown of 60% to 68% was more in line with previous bear market cycles. That suggests BTC might bottom between $40,000 and $50,000.

BTC seems to have ditched its “digital gold” narrative and is behaving more like a high-risk growth asset, per a new research from Grayscale. Author Zach Pandl said that BTC is strongly correlated with software stocks, particularly since 2024, rather than gold. That shows a deeper integration into traditional financial markets, which is a part of BTC’s ongoing evolution, the report added.

A minor positive in favor of the bulls is that the BTC spot exchange-traded funds have witnessed inflows for the past three consecutive days, according to Farside Investors data. That suggests institutional investors are accumulating at lower levels.

Could BTC and the major altcoins resume their downtrend? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC turned down from $72,271 on Sunday, indicating that the higher levels continue to attract selling by the bears.

If the Bitcoin price stays below $67,300, the BTC/USDT pair may slide to $62,345 and subsequently to $60,000. Buyers are expected to defend the $60,000 level with all their might, as a close below it may sink the pair to $52,500.

Buyers are likely to have other plans. They will attempt to swiftly push the price above the $72,271 resistance. If they do that, the pair may rally to the 20-day exponential moving average ($76,275). Buyers will have to pierce the 20-day EMA to start a sustained recovery toward the 50-day simple moving average ($85,832). Such a move suggests that the pair may have bottomed out in the near term.

Ether price prediction

Ether (ETH) turned down from $2,111, indicating that the bears are fiercely defending the level.

The ETH/USDT pair may slide to the crucial $1,750 support, where the buyers are expected to step in. A solid bounce off the $1,750 level might form a range in the near term. 

Instead, if sellers sink the Ether price below $1,750, the next stop might be $1,537. The first sign of strength will be a close above $2,111. The pair may then climb to the 20-day EMA ($2,364). This is a critical level for the bears to defend, as a close above it might propel 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 pullback toward $570.

The bulls are expected to mount a strong defense at the $570 level, but if the bears prevail, the BNB/USDT pair may resume its downtrend and collapse toward the psychological support at $500.

Contrarily, if the BNB price turns up from the current level of $570, it suggests demand at lower levels. The bulls will then attempt to drive the pair above $669. If they manage to do that, the pair may rally to the 20-day EMA ($730). 

XRP price prediction

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

That increases the likelihood of a drop below the support line. If that happens, the XRP/USDT pair might retest the $1.11 level. If the $1.11 level gives way, the pair may plunge to $1 and then to $0.75.

Buyers will have to drive the XRP price above the $1.61 level to signal that the selling pressure is reducing. The pair may then march toward the 50-day SMA ($1.85) and later to the downtrend line.

Solana price prediction

Solana’s (SOL) relief rally stalled just below the breakdown level of $95, indicating that the bears are trying to flip the level into resistance.

There is minor support at $77, but if the level is taken out, the SOL/USDT pair may plummet to the $67 level. Buyers are expected to aggressively defend the $67 level, as a break below it may extend the decline to $50.

The first sign of strength will be a break and close above the 20-day EMA ($100). That suggests the markets have rejected the breakdown below the $95 level. The Solana price may then ascend to the 50-day SMA ($121).

Dogecoin price prediction

Dogecoin (DOGE) turned down from the psychological level of $0.10, indicating that the bears are attempting to flip the level into resistance.

The DOGE/USDT pair might drop to the $0.08 level, which is likely to attract buyers. If the Dogecoin price turns up and breaks above the 20-day EMA, it suggests that the bearish momentum is weakening. The pair may then jump toward the breakdown level of $0.12.

Alternatively, if the price continues lower and breaks below $0.08, it signals the resumption of the downtrend. The pair may then plummet to $0.06. 

Bitcoin Cash price prediction

Bitcoin Cash (BCH) continues to face stiff resistance at the 20-day EMA ($540), but a minor positive is that the bulls have not ceded much ground to the bears.

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

On the contrary, if the Bitcoin Cash price continues lower and skids below $497, it signals that the bears are attempting to retain control. The pair may then descend to $467 and eventually to the vital support at $443.

Related: Ethereum holders in ‘full-scale’ accumulation as ETH price drops below $2K

Hyperliquid price prediction

Hyperliquid (HYPE) continued lower and fell below the 20-day EMA ($29.95) on Tuesday, indicating that the bulls have given up.

The 20-day EMA is flattening out, and the RSI is just below the midpoint, signaling a possible range-bound action in the near term. The HYPE/USDT pair may swing between $35.50 and $20.82 for a few days.

Buyers will have to push and maintain the Hyperliquid price above the $35.50 level to indicate the start of a new up move. On the downside, a close below the $20.82 support may deepen the fall to $17.

Cardano price prediction

Cardano (ADA) has been gradually sliding toward the support line of the descending channel pattern, indicating that the bears continue to exert pressure.

Sellers will attempt to drag the price below the support line and Friday’s low of $0.22. If they can pull it off, the ADA/USDT pair may resume the downtrend. The next support on the downside is $0.20 and then $0.15.

The bulls will have to thrust the Cardano price above the 20-day EMA ($0.29) to retain the pair inside the channel for some more time. Buyers will be back in the driver’s seat on a close above the downtrend line.

Monero price prediction

Monero (XMR) reached the 38.2% Fibonacci retracement level of $361, where the bears are posing a strong challenge.

If the Monero price turns down and breaks below $309, it suggests that the bears remain in charge. The XMR/USDT pair may then slump to the $291 to $276 support zone.

Conversely, if the price turns up from the current level or the support zone and breaks above $361, the next stop is likely to be the 20-day EMA ($394). Sellers will again attempt to halt the recovery at the 20-day EMA, but if the buyers pierce the resistance, the pair may run toward the 50-day SMA ($464).