The post What’s Next? Did Bitcoin (BTC) Reach Top? Solana (SOL) Finally Breaks Downtrend appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The value of Bitcoin has increased to test the $100,000 mark in recent weeks, demonstrating remarkable strength. It is unclear whether Bitcoin has hit a temporary peak, though, as the asset may be finding it difficult to sustain its bullish momentum based on the current price action. The sharp red candle that follows the $100,000 test on the given chart indicates significant profit-taking by investors. This suggests that a lot of traders and holders took advantage of the chance to lock in profits, which led to selling pressure and kept Bitcoin from decisively breaking through the six-figure mark.  BTC/USDT Chart by TradingView Bitcoin is still above important support levels, such as $92,000, which could serve as a basis for additional upward movement in spite of this. Technically, Bitcoin is still trading above its upward-trending 50-100 and 200-day EMAs. Even in the case of brief market consolidation, this bullish alignment indicates that the overall upward trend is still in place. A slight overbought condition is also indicated by the RSI, suggesting that a cooldown may occur prior to any notable higher movements. Bitcoin must overcome the existing resistance levels and spark fresh buying interest in order to make a convincing break above $100,000. This will probably rely on a mix of improved macroeconomic circumstances, more institutional involvement and…

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Filed under: News - @ December 7, 2024 3:29 am