Bitcoin’s Resilience Above $85,000 May Signal Positive Trends for SOL, AVAX, SUI, and NEAR
The post Bitcoin’s Resilience Above $85,000 May Signal Positive Trends for SOL, AVAX, SUI, and NEAR appeared on BitcoinEthereumNews.com.
As Bitcoin maintains its position above $85,000, optimism in the cryptocurrency market grows, benefiting coins like SOL, AVAX, SUI, and NEAR. This week, Bitcoin (BTC) surged over 12.5%, demonstrating resilience despite bearish attempts on November 14, signaling a strong bullish sentiment. Notably, CryptoQuant analyst Darkfost remarked that Bitcoin whales are actively accumulating, indicating substantial market confidence among large traders. Bitcoin’s sustained price action bolsters altcoin prospects, with key technical levels guiding traders in the ongoing crypto rally. Bitcoin Price Analysis: Potential for Continued Upside Despite bearish resistance around the $92,000 to $93,265 area, Bitcoin’s bullish momentum remains strong as traders anticipate a breakout. If buyers succeed in pushing the price past resistance, BTC could aim for the psychological level of $100,000. Analysts view this as a critical threshold; surpassing it could open the path to approximately $113,331. Technical Indicators and Significant Support Levels Currently, $85,000 acts as a significant support level. If Bitcoin trades below this mark, a retracement towards the 20-day EMA at around $80,791 may occur. The 4-hour chart also reveals a symmetrical triangle pattern, indicating a tug-of-war between buyers and sellers. A decisive break above the triangle suggests further upward momentum, while a dip could indicate profit-taking by investors. Solana Price Analysis: Positive Divergence Amidst Profit Taking Solana (SOL) successfully defended its breakout level post-retreat, indicating strong buying interest. The recent push beyond the $225 resistance signals a promising uptrend, with targets set around $260. Profit Taking and Resistance Challenges However, minor resistance at $242 might hinder further growth. If SOL dips below the 20-day EMA at $198, it could signify a trend reversal, prompting further caution among bullish traders. Observing these levels could reveal traders’ liquidity preferences and their responses to market volatility. Avalanche Price Analysis: Breakout Potential from Support Avalanche (AVAX) recently rebounded off its…
Filed under: News - @ November 17, 2024 11:22 pm