Analysis of Bitcoin, Ethereum, and Solana Trends and Price in the Crypto Market Watch
Bitcoin, Ethereum, and Solana continue to attract the attention of analysts in the Crypto World as they delve into the intricacies of the current trend. Recent data reveals a substantial inflow of approximately $217 million into spot Bitcoin ETFs on Monday, indicating sustained institutional interest in the crypto market. Grayscale, in particular, has experienced significant inflows over the past few trading days, reflecting a positive sentiment among investors.
Throughout the past three days, Bitcoin has remained within a larger bullish trend, forming higher lows and higher highs. While short-term fluctuations are to be expected, the daily RSI and MACD indicators suggest a more optimistic outlook, with the potential for further upside.
Key Levels to Monitor:
Bitcoin is currently undergoing a retest of a critical support-turned-resistance level around $62.8k. A bounce from this level could confirm a bullish breakout, with price targets ranging from $72k to $74k. However, failure to maintain a position above this level could result in further downside towards $61k.
The analyst highlights that over the past week, the DXY has experienced a noticeable decline, leading to an anticipated surge in Bitcoin’s price. However, the DXY has recently rebounded slightly, causing a minor pullback in Bitcoin’s price in the short term. If the DXY continues its upward trajectory, this pullback may indicate a temporary bounce in Bitcoin’s price during a broader pullback.
Ethereum’s Sideways Consolidation:
Ethereum is currently trading within a narrow range between support at $2,870 and resistance at $3,340. Despite recent volatility, the overall trend remains neutral, and a breakout above the resistance level is necessary to confirm a bullish reversal.
Solana Faces Resistance:
Solana is currently facing significant resistance between the $150 and $160 levels, with additional resistance at $167 to $172. While bullish divergence on the 8-hour timeframe suggests the potential for upside, a clear breakout above the resistance levels is required to validate this optimistic scenario.
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