Bitcoin is currently experiencing notable resistance at the $117,500 level, yet bulls remain optimistic as long as the price holds above $113,400. Recent market activity indicates that Bitcoin’s failure to breach this resistance has led to profit booking by short-term traders, resulting in a price drop below $115,000. Keith Alan, co-founder of Material Indicators, highlighted that Bitcoin has not peaked at $124,500 due to increasing institutional demand.
In terms of market flows, Bitcoin exchange-traded funds (ETFs) received a substantial $642.35 million in inflows last Friday, bringing the weekly total to $2.34 billion. Additionally, Ethereum (ETH) ETFs also saw significant interest, attracting $637.68 million in the same timeframe.
However, not all market participants are optimistic about Bitcoin’s future. Recent reports from Lookonchain noted that a long-term Bitcoin whale, who previously swapped $4 billion worth of BTC for ETH, transferred 1,176 BTC—valued at over $136 million—to the trading platform Hyperliquid, indicating possible selling pressure.
The broader cryptocurrency market is witnessing a shift, with several altcoins indicating signs of profit booking in the near term. This could trigger buyer interest at lower price levels.
On the S&P 500 Index front, the index continues its upward trend, with buyers expected to challenge resistance at 6,700. If the uptrend continues without dipping below the 20-day exponential moving average (6,491), there is potential for movement toward the 7,000 mark. Should the bears succeed in pushing the index below the 50-day simple moving average (6,391), it could lead to a decline toward the breakout point at 6,147.
In the foreign exchange realm, the US Dollar Index (DXY) has faced repeated challenges in surpassing its moving averages, with sellers targeting support at 97.10. A break below this level could bring additional selling, with potential stops at 96.37 and possibly as low as 95. Strength in the index would necessitate a close above its moving averages, which could spark a rally to 99 and then 100.50.
Focusing back on Bitcoin, the cryptocurrency has been trading above the 20-day EMA ($113,365), but encounters significant selling pressure at $117,500. If bears succeed in pulling the price below the 20-day EMA, the BTC/USDT pair might remain in a range between $107,000 and $124,474 in the short term. Conversely, a breakthrough above $117,500 could propel the price to $124,474, with further gains taking it to around $141,948.
At the same time, Ethereum has turned downward from resistance between $4,788 and $4,956, with the critical support at the 20-day EMA ($4,438). A rebound from this level could signal renewed bullish momentum, pushing prices towards $5,500. If ETH dips below the 20-day EMA, it may slide toward a critical support level at $4,060.
In other altcoin developments, XRP is currently retracing from a recent high, testing levels from a descending triangle pattern. A successful bounce off the downtrend line could reinvigorate bullish momentum, with potential targets of $3.20, $3.40, and $3.66. On the flip side, a drop below the downtrend line may indicate a bull trap with possible declines toward $2.69.
Solana’s price action has seen resistance around $250, with potential dips to the 20-day EMA at $217 likely to attract buyers. Success in reclaiming and breaking above $260 could signal a charge towards an all-time high of $295.
BNB continues on an upward trajectory, with both moving averages trending positively. The next resistance level lies at $1,000, while the 20-day EMA at $884 remains a crucial support level.
Dogecoin broke through the $0.29 resistance but faces selling pressure trying to maintain higher levels. A significant drop toward the 20-day EMA ($0.24) could signal weakening bullish momentum.
Cardano is showing indecision with a symmetrical triangle formation. A successful breakout above the resistance line could lead to gains of $1.02 and further, while a decline below the support line risks dropping toward $0.78 or $0.68.
Finally, Hyperliquid has seen a slight pullback after reaching $57.44, but indications suggest that buyers are still in command. Pushing above $57.44 could lead to a price rally toward $64.25.
Market participants are advised to carefully navigate the evolving landscape, as price movements may shift rapidly.
