Key Takeaways
- BTC’s bulls must defend its price from trading lower than $92,000 to avoid bearish dominance in lower regions.
- SOL’s price trades below its key demand zone of $160, as more sales could push the price to a low of $130 to $120.
- Ethereum’s (ETH) price is above $2,600, and it looks stronger than BTC’s as bulls attempt to defend key areas.
Following the recent hack of the Bybit platform, the crypto market has been thrown into uncertainty. The price of Bitcoin (BTC) broke out of its resistance of $98,800 and suffered a fresh setback as it retraced into its range-bound region, with bears taking advantage of this to push its price lower.
With the price of BTC trading below $95,000 support, this has hurt the price of many altcoins, such as DOGE, SOL, ETH, and ADA, which are suffering from worse price action as the price of these assets could be headed to monthly key supports.
BTC’s price could retest $85,000; how will altcoins handle such a price decline, and where would bulls be looking to open new buy orders for these top-trending crypto assets in the coming weeks?
Current Crypto Market Sentiment
Source – Current Market Overview From QuantifyCrypto
The price of BTC crashed towards $94,000 as altcoins have experienced more price decrease in the past 24 hours as BTC’s dominance continues to have a significant impact on the price of altcoins with SOL, ETH, DOGE, ADA, all struggling to protect their key support region to prevent bearish control to lower prices.
Technical Analysis Why Is Bitcoin (BTC) Crashing
Source – BTC 1D Price Chart From TradingView
The price of BTC continues to look bearish and weak following several attempts to break above $100,000. It is now trading around the key support zone of $94,000. If the price of BTC trades below $90,000 in the coming weeks, this would mean bears taking much control of the price towards a region of $80,000, leading to a 30% to 40% drop in altcoins.
If BTC bulls push prices above $96,000 in the coming days before the monthly close, we could see BTC and altcoins rally above these support zones, keeping prices from going lower.
Solana’s (SOL) price is struggling after breaking below the key demand zone of $160, which has held its price for months now. The price of SOL would attempt a retest around $130 to $120, which would act as the next key area of interest for buying opportunities.
Ethereum’s price has shown great strength, protecting its price around $2,600. If the price of ETH closes below this region, the next strong zone for a possible buy entry for bulls and whales is $2,100.
The overtrend for the cryptocurrency market is bullish. The price of BTC retracing towards $80,000 or $75,000 will mean institutions are taking advantage of the price, which could be followed by a price rally to the upside and potential new all-time highs.
Key Support Zones For BTC – $92,000, $85,000, $75,000
Key Resistance For BTC – $100,000, $109,000
Market sentiment – Bearish
