An array of sell orders causing crypto markets to fall. More than USD 600 million of liquidations in Bitcoin have cause the price of the token to fall below the USD 104,000 level. A sign, that potentially more selling pressure might occur. Yet, retail traders have not been involved into most of the recent rally, which means they might step in to push markets higher again in general.
As we examined before, in particular Bitcoin is closely following the price of the Nasdaq index. Since some profit taking seems currently taking place, the downside momentum might intensify for now. In particular this week’s US data might offer fresh insights.
Technical analysis:
– BTC: Bitcoin is trading at USD 104,515. The market has not been able to break the USD 110,00 psychological level and hence broke lower again. The growing uncertainty around US tariffs might be a reason behind the move currently harming the upside momentum.
BTCUSD, weekly chart
After the strong recovery following the recent correction, it might now be time for lower prices. Should the downside momentum intensify now, the price might fall towards the 50- moving average, which currently ranges at the USD ~85,000 level. Yet along the way several support zones might also help and push the market higher again.
However, if the USD 104,000 zone is not breached, prices could rise quickly again.
– ETH: Ethereum is currently trading at USD 2,537. It has been another week of ranging price action, whereas the important resistance zone at USD 2,600 has not been broken. After several attempts to push higher it seems that the market might first run lower towards the important support level at 2,550.
ETHUSD, weekly chart
Should the market break lower this week the above-mentioned support area remains crucial for further price developments. If the general market sentiment turns bearish again, prices might also lose further momentum.
– XRP: XRP is currently trading at USD 2.1690 and remains capped in a sideways trading pattern. Ripple remains vulnerable to further losses, especially if the psychological zone of USD 2,000 should give way.
XRPUSD, monthly chart
The market might then fall back towards way lower levels, as seen before. The current “lower high”, which has been created in May might indicate that bulls currently run out of steam causing the market to push lower. The technical pinbar candlestick pattern also suggests bearish price action.
– SOL: Solana is currently trading at USD 155.63. This token remains the weakest among all observed as it has in particular broken below the 50- moving average last week. This might indicate that the price could fall even further for now.
SOLUSD, weekly chart
The upside in Solana remains capped below the USD 180,00 level. Only a break of that zone will enable the market to push higher, which seems to be a long way for now. If in particular Bitcoin will remain vulnerable for further losses this market might face an extension of negative momentum.
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