Technical Analysis of Bitcoin’s Daily Chart

On the daily chart, Bitcoin has executed a robust rebound from a crucial order block, also known as a demand zone. This move highlights that buyers are maintaining control at this critical juncture. The rebound was further validated by a breakout above the 100-day moving average, a level that previously posed dynamic resistance.

This development signals a resurgence in bullish momentum. However, traders should remain vigilant for a potential short-term pullback to the broken moving average, near the $112K mark. Should this retest hold, Bitcoin’s broader structure would continue to support its upward trajectory toward the all-time high resistance zone.

BTC’s 4-Hour Chart Insights

On the 4-hour chart, Bitcoin has shown a definitive Change of Character (CHOCH), marking a transition from a bearish to a bullish structure. After surpassing previous swing highs, Bitcoin is currently consolidating just below the $117K resistance level.

The green decision point zone at $112K remains a crucial level to watch. A retracement into this order block would not jeopardize the bullish outlook; rather, it could serve as a healthy correction before the next upward movement. Remaining above this base sustains the path toward retesting all-time highs.

On-Chain Analysis: Miner Behavior

Examining on-chain data reveals that the transfer of Bitcoin from miner wallets to exchanges often indicates supply-side pressure. Peaks in miner-to-exchange flows have historically aligned with market tops, as increased distribution heightens selling pressure.

Currently, the 30-day moving average of miner-to-exchange flow has decreased to its lowest levels recently. This decline suggests that miners are reducing their distribution and possibly accumulating Bitcoin instead. This trend aligns with Bitcoin’s recent surge above $115K, reinforcing bullish sentiment from miners.

In summary, the combination of a technical structure shift and miner accumulation paints a positive outlook. As long as the $112K support level holds, Bitcoin appears well-positioned to maintain momentum and potentially challenge its all-time highs once again.

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The key support level for ADA currently sits at $0.64, while critical resistance levels are pegged at $0.90 and $1.1. The price of ADA has comfortably secured its position above the 64 cents support, indicating that buyers are now in control.

The recent price movements suggest a clear uptrend for ADA, with a target set at $0.90, just under 20% from its current position at the time of writing.

Aligned with the broader market, Cardano’s momentum is also turning bullish, as evidenced on multiple timeframes, including the 3-day MACD. If buyers maintain their current pressure, this bullish trend may soon be reflected on the weekly timeframe, indicating that ADA has potentially bottomed out at 51 cents.

Another clear indication of a momentum shift is evidenced in the volume profile. Buyers have recently made a higher high, signaling increased confidence that ADA is poised for further growth. The key targets remain at $0.90 and $1. It is crucial for ADA to reach these targets and secure a higher high for sustained growth.

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These specific levels represent significant clusters of Bitcoin holders, and a failure to uphold them could potentially trigger a deeper market correction. Crypto analyst Ali Martinez took to social media to highlight these critical support zones, derived from data showing Bitcoin’s purchase clusters.

The data, obtained from Sentora’s In/Out of the Money Around Price metric, shows that the largest current zones of Bitcoin purchases sit at $106,738 and $98,566. These zones are indicative of massive buying activity in recent weeks and could serve as a safety net in the event of a Bitcoin price drop.

The first zone, ranging from $104,982 to $108,190, encompasses approximately 1.68 million addresses, holding a total volume of 1.28 million BTC, with an average price of $106,738. Beneath this zone, a broader group of 1.71 million addresses holds a larger volume of 1.25 million BTC within the price range of $95,248 to $98,566, with an average price of $98,566.

As long as Bitcoin continues to trade above these thresholds, its rally could potentially continue. However, if enough selling pressure breaks these pockets of demand, Bitcoin may enter a volatile price zone with limited buying interest to provide support.

Bitcoin’s journey to new highs is not yet guaranteed, despite the presence of these solid demand zones. Analyst Rekt Capital noted that Bitcoin is currently up against a strong weekly resistance band just under $109,000. To reclaim a more bullish stance, Bitcoin must achieve a weekly close above this resistance line, currently around $108,890, which is acting as a ceiling for its upward rally.

At the time of writing, Bitcoin is trading at $108,160.

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In a recent post, Colin hinted at the increasing probability of Bitcoin revisiting the $100,800 level, which serves as the first significant support point. This prediction came as Bitcoin exited a bullish pennant for the second time, with a measured target of the pennant set at $150,000.

However, given the most recent downturn, Bitcoin is at risk of further decline before possibly reversing the trend. The crypto analyst suggests the next significant support levels below $100,800 are $97,600 and $92,800, from which a swift rebound is likely.

According to Colin, such a price trajectory is possible within the right shoulder of the larger inverse Head-and-Shoulders pattern, effectively balancing it with the left shoulder. This analysis followed his revelation of Bitcoin’s deviation from the global M2 money supply.

Despite this, Colin believes that the Bitcoin bull market has not concluded. He pointed out that such deviations occur 20% of the time and do not negate the overall trend. Essentially, Bitcoin’s price is set to rally higher, potentially hitting the $150,000 target. Market expert Raoul Pal echoed this sentiment, stating that the current price movements are not a cause for concern.

In a separate post, Titan of Crypto, another analyst, urged Bitcoin bulls to step up. He noted that Bitcoin, having been repelled at the Fair Value Gap around $106,000, is now retesting the lower boundary of the symmetrical triangle.

If this lower boundary at approximately $104,000 fails, the next level would be the previous weekly low at $102,679. If Bitcoin fails to maintain this level, it could further descend to the liquidity pocket near $100,300.

As of now, Bitcoin is trading at about $103,500, reflecting a decrease over the last 24 hours, according to CoinMarketCap data.

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Top-notch analyst Efloud conducted a technical analysis on Solana, emphasising the need to monitor Solana’s reactions to broader Bitcoin fluctuations. He pointed out that if Bitcoin (BTC) continues to consolidate sideways while Bitcoin dominance (BTC.D) rises, altcoins such as SOL may face difficulties. Under such circumstances, Solana might have to retrace to find stronger support at mid-zones, especially around the $123 and $116 levels.

These price zones have previously acted as robust support/resistance areas and could become major turning points if the bearish momentum persists. A breakdown towards these targets would likely coincide with increasing BTC.D and continued investor caution in the altcoin market. Until then, SOL remains vulnerable within a fragile technical structure, and traders will closely monitor for either a rebound or deeper correction in the upcoming days.

Currently, Solana is trading about 50% down from its all-time highs, with the explosive momentum seen at the end of 2024 now replaced by more subdued price action. Despite this underperformance, many analysts remain hopeful about Solana’s potential once a new altcoin rally kicks off. For now, the focus is on maintaining critical demand zones that could determine whether SOL is preparing for recovery or further downside.

Weekly Chart Analysis brings to light that Solana is currently trading at $148.33 on the weekly timeframe, showing a 3% decline over the past seven days. The price has dropped roughly 20% from its May peak of around $185. It’s now testing the critical $140–$150 support zone. This level has played a pivotal role in the past and could shape SOL’s short-term trajectory.

Despite the current cooling, the structure may still offer solid opportunities for new entrants. If these levels hold and macro conditions improve, SOL could be setting the stage for a sustainable rally, ultimately leading to new all-time highs.

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After failing to exceed $2,650, Ethereum commenced a new drop, similar to Bitcoin’s movement. The price of ETH fell past support levels of $2,565 and $2,550. Furthermore, it broke through a significant rising channel with a support level of $2,610 as shown on the hourly chart of ETH/USD (data sourced from Kraken).

The ETH/USD pair might see an extension in losses if it dips below the $2,400 support zone in the near future. After dipping below the $2,500 support level, a low was established at $2,394, with the price now in a consolidation phase.

Resistance near the $2,460 level could be faced on the upside. It is proximate to the 23.6% Fib retracement level of the downward movement from the $2,680 high to the $2,394 low. The first noteworthy resistance is near the $2,540 level, which is close to the 50% Fib retracement level of the same downward movement. A definite move above this resistance could propel the price towards the $2,600 resistance.

If Ethereum fails to clear the $2,500 hurdle, it could commence a new decline. The first significant support is near the $2,380 zone. Should the price fall below this support, it may be pushed towards the $2,350 support. Further losses might see the price nearing the $2,320 support level in the near future. The next crucial support sits at $2,250.

Technical Indicators suggest that the MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI for ETH/USD is now below the 50 zone.

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