Crypto Market Watch: Bitcoin, Ethereum, and Solana Trends and Price Analysis
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Bitcoin, Ethereum, and Solana are all in focus as Crypto World analysts delve into the details of the current trend. The analyst noted that recent data shows a substantial inflow of around $217 million into spot Bitcoin ETFs on Monday, signaling continued institutional interest in the crypto market. Grayscale, in particular, has seen significant inflows over the last few trading days, indicating a positive sentiment among investors.
During the 3-day, Bitcoin remained within a larger bullish trend, forming higher lows and higher highs. While short-term fluctuations are expected, the daily RSI and MACD indicators suggest a more bullish outlook, with potential for further upside.
Key Levels to Watch:
Bitcoin is currently retesting a critical support-turned-resistance level of around $62.8k. A bounce from this level could confirm a bullish breakout, with price targets around $72k to $74k. However, failure to hold above this level could lead to further downside towards $61k.
The analyst pointed out that over the past week or so, the DXY has dropped noticeably, leading to an expected spike in Bitcoin’s price. However, the DXY has now rebounded slightly, causing a minor pullback in Bitcoin’s price in the short term. If the DXY continues its upward trend, this pullback might indicate a temporary bounce in Bitcoin’s price during a broader pullback.
Ethereum’s Sideways Consolidation:
Ethereum is trading within a tight range between support at $2,870 and resistance at $3,340. Despite recent volatility, the overall trend remains neutral, with a breakout above resistance needed to confirm a bullish reversal.
Solana Faces Resistance:
Solana is encountering significant resistance between $150 and $160, with further resistance at $167 to $172. While bullish divergence on the 8-hour timeframe suggests potential upside, a clear breakout above resistance is needed to validate this bullish scenario.
Filed under: Bitcoin - @ May 8, 2024 7:20 am