Bitcoin (BTC) and various altcoins experienced price fluctuations as traders eagerly await the US Federal Reserve’s decision on potential interest rate cuts, according to Cointelegraph. The anticipation has led to increased activity among traders, with Bitcoin facing particular scrutiny as it failed to maintain levels above $118,000.
Bitcoin’s inability to sustain a price above the critical $118,000 mark has resulted in profit-taking by swing traders, pushing the price toward $107,000. Despite this, some investors continue to show confidence by buying spot BTC exchange-traded funds, which have seen net inflows of $462.6 million over the last four days, according to data from Farside Investors. The key support level to watch is $107,000, with potential resistance at $118,000 and an all-time high target of $126,199.
Ethereum (ETH) has faced resistance at the 50-day simple moving average of $4,220, with sellers attempting to push the price toward the descending triangle pattern’s support line. A break below this line could see ETH fall to $3,350. Conversely, a move above the 50-day SMA could propel the price to higher resistance levels.
Binance Coin (BNB) saw a rejection at the 38.2% Fibonacci retracement level of $1,156, but support was found at the 50-day SMA. The price remains in a tight range, with potential for a deeper correction if it breaks below the 50-day SMA, targeting $1,021 and $932. A breakout above $1,156 could see BNB rise to $1,239.
XRP has been trading within a narrow range between $2.56 and $2.69, with potential for a breakout. A move above $2.69 could lead to a rally to $3.20, while a drop below $2.56 might see prices fall to $2.20. Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Hyperliquid (HYPE), Chainlink (LINK), and Bitcoin Cash (BCH) are also experiencing varied levels of support and resistance, with each facing unique market challenges.
These analyses highlight the ongoing volatility in the cryptocurrency market as traders and investors navigate global economic influences and technical indicators. For a detailed breakdown of each cryptocurrency’s price movements, visit the full article on Cointelegraph.
