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Cryptocurrency Market Observation: Price Analysis of Bitcoin, Ethereum and Solana
Bitcoin, Ethereum, and Solana are in the spotlight in the crypto space as analysts analyze current trends. Recent data reveals a strong inflow of around $217 million into spot Bitcoin ETFs on Monday, signaling sustained institutional interest.
Notably, Grayscale has seen significant inflows over the past few trading days, reflecting positive investor sentiment.
Bitcoin’s bullish position
Bitcoin has maintained its bullish momentum for three days, forming higher lows and higher highs within a broader uptrend. While short-term fluctuations are expected, daily indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) signal a bullish outlook, suggesting the potential for further gains.
Key levels to keep an eye on
At the moment, Bitcoin is testing a crucial support-turned-resistance level around $62.8k. A bounce from here could confirm a bullish breakout, setting price targets between $72,000 and $74,000. However, failure to sustain above this level could invite a further decline towards $61,000.
Over the past week, the DXY has fallen significantly, suggesting a potential price increase for Bitcoin. However, the DXY rebounded slightly, causing the price of Bitcoin to decline slightly for now. If the DXY continues its upward trend, this pullback could signal a temporary pause in Bitcoin’s growth amid a broader market pullback.
Ethereum Trading Range
Ethereum is currently trading within a tight range, oscillating between the support at $2,870 and the resistance at $3,340. Despite the recent volatility, the overall trend remains neutral, awaiting a break above the resistance to confirm a bullish reversal.
SolanaThe challenges
Solana faces significant resistance levels between $150 and $160, with further hurdles between $167 and $172. While bullish signals on the 8-hour time horizon suggest a potential upside, a clear breakout of resistance is needed to validate this bullish scenario.
Not to be missed! Do your research and consider incorporating this information into your crypto strategy.