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Bitcoin’s price recently dipped below $109,588, yet technical indicators suggest consistent buyer interest at lower levels. This dip follows a period of significant profit-taking after the price surpassed $109,588, totaling approximately $1 billion—considerably less than the $2 billion seen during a similar price surge in December. This muted profit-taking suggests sustained bullish sentiment. However, the rise in Bitcoin futures open interest to over $80 billion indicates increased leverage, raising concerns about potential liquidations during a sharp price correction. Traders should exercise caution.
Key support levels for Bitcoin are the 20-day exponential moving average ($103,652) and the crucial $100,000 psychological level. A break below $100,000 could trigger a further decline to the 50-day simple moving average ($94,001). Conversely, a sustained break above $111,980 could propel Bitcoin towards $130,000.
Altcoins also show mixed signals. Ether (ETH) faces resistance at $2,738, with potential support at the 20-day EMA ($2,388). A break above $2,738 could push ETH towards $3,000, while a break below the 20-day EMA could lead to a drop to $2,111. XRP remains range-bound between $2.65 and $2, with a potential bullish breakout above $2.65 targeting $3.70 or bearish move below $2 toward $1.27.
BNB’s recent downturn from $693 shows bearish pressure, with support at the 20-day EMA ($647). A break above $693 could send it to the $732-$761 resistance zone, while a break below the 20-day EMA could lead to a drop to $612. Solana (SOL) faces resistance near $185, with potential support at the 20-day EMA ($167). A break above $185 could take SOL to $220, while a break below the 20-day EMA suggests a drop to $147. Dogecoin (DOGE) is encountering resistance at $0.26, with support near the 20-day EMA ($0.21). A break above $0.26 could push it towards $0.35. Cardano (ADA), Sui (SUI), Hyperliquid (HYPE), and Chainlink (LINK) also show varying degrees of resistance and support levels, indicating potential price movements based on whether buyers or sellers dominate. All investors should perform their own due diligence before making any investment decisions.
