Bitcoin faced intense selling pressure and volatility on Monday, dropping to a low of $54,337 and reaching a high of $58,284 before settling at $56,764. The price has recovered over the past couple of sessions and is currently trading above $57,000.
Bitcoin’s recent performance has seen the cryptocurrency shed over 17% during the past month.
Bitcoin (BTC) Back Above $57,000
Bitcoin (BTC) bulls managed to keep the price above $55,500, even though the cryptocurrency fell to day lows of $53,591 and $54,337 on Friday and Monday, respectively, before recovering. The drop in the price of BTC led to several other prominent altcoins also dropping in value. Some analysts are still attempting to ascertain whether or not Bitcoin drops further, while others are of the opinion that a bottom may be near, and once reached, we could see the price rebound. Analysts from Bitfinex have stated they see several reasons that suggest Bitcoin may have reached a local bottom.
Bitcoin’s recent price slump was triggered by the liquidation of the German government’s Bitcoin holdings and Mt. Gox creditors potentially selling their BTC to realize their gains. For now, Bitcoin bulls have prevented a further drop towards the $50,000 level.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) saw a significant slump towards the end of the previous week, falling by over 5% on Thursday to $57,097. Friday saw intense selling pressure push the price to a day low of $53,591. However, with investors buying the dip, BTC was able to recover and go back above $55,000 to eventually close at $56,742. The weekend started on a positive note for BTC as it registered an increase of 2.76% to rise above $58,000 and settle at $58,309. However, Sunday saw BTC back in the red, as the price fell by just over 4% to settle at $55,909, slipping below the crucial $56,000 mark.
Source: TradingView
The current week began with BTC experiencing considerable volatility, reaching a high of $58,284 and a low of $54,337. However, bulls were able to prop up the price back above $56,000, with BTC settling above its support levels at $56,764. The current session sees BTC up by just over 1%, currently trading at $57,345. As we can see from the price chart, bulls are defending the $56,000 and $54,000 levels. If buyers retain control of the current session, BTC could push towards $60,000, the next crucial resistance level. However, if BTC’s support levels are unable to hold the selling pressure should bearish sentiment return, a drop to $50,000 could potentially be on the cards. For any sustained upward momentum, BTC must close above the 200-day SMA, following which we could see a move to the 20-day SMA, which lies around the $60,600 level.
Ethereum (ETH) Price Analysis
The Ethereum (ETH) price jumped by over 5% in 24 hours, making it one of the biggest gainers as a significant chunk of the crypto market recovered from its recent downturn. ETH had dropped over 7% on Thursday, going below the 200-day SMA and settling at $3,059. With bearish sentiment dominating the markets, ETH encountered significant selling pressure on Friday, which pushed the price to a day low of $2,824. However, with demand at lower levels, buyers could push ETH up to $2,983. ETH registered an increase of almost 3% on Saturday to start the weekend on a positive note and climb back above $3,000. However, it fell back into the red on Sunday, falling by 4.50%, slipping back under $3,000 and settling at $2,931.
ETH faced significant volatility on Monday, with the price sinking to a day low of $2,827, as buyers attempted to breach the support at $2,800. However, with strong demand at these levels, ETH was able to bounce back, reaching a day high of $3,093. However, it was unable to move past the resistance at this level and fell back, closing the session at $3,020, an increase of just over 3%. The current session sees ETH trading at $3,084 as buyers look to push ETH above $3,100.
Source: TradingView
ETH faces resistance at the $3,100 level. If buyers are able to push the price above this, it could trigger a relief rally that could see ETH push toward $3,300, the next resistance level. However, if ETH is unable to push above the 200-day SMA and $3,100, this scenario would be invalidated. On the other hand, if sellers are able to retake control, they may look to overwhelm the support at $2,800. However, bulls are expected to vigorously defend this support level, as a slip below this level could trigger a slide towards $2,500 or lower.
Solana (SOL) Price Analysis
Solana (SOL) has been forming a descending triangle pattern, as can be seen in the price chart. After reaching $153.86 on Tuesday, SOL dropped by 8.53% on Wednesday and 9.15% on Thursday, slipping below $130 and settling at $127.86. The drop on Thursday also saw SOL slip below the 20 and 200-day SMAs. The cryptocurrency also faced intense selling pressure on Friday, as sellers drove the price down to a day low of $121. However, with strong support at $120, SOL was able to rebound, rising by 5.11% to settle at $134.40.
The weekend saw bullish sentiment persist on Saturday, with SOL rising by 6.47%, moving above the 200 and 20-day SMAs to settle at $143.10. However, with selling pressure at higher levels, SOL was back in the red on Sunday, falling by 7.99% to $131.66.With SOL’s support levels holding, the cryptocurrency registered an increase of 6.24% on Monday, settling just shy of $140. The current session sees SOL above the resistance at $140, with the cryptocurrency currently trading at $142.86.
Source: TradingView
While bears have had the edge so far, the bulls are mounting a sustained effort to push the price higher. This can be gauged by the positive divergence on the RSI. SOL already closed above the 20 and 200-day SMAs on Monday, and if the current bullish sentiment persists, we could see the price test the resistance at $150.
BNB Price Analysis
After considerable bearishness towards the end of the previous week, BNB started the current week on a positive note. Bears managed to breach the $560 support on Wednesday, as BNB dropped to $556. The cryptocurrency continued to drop on Thursday, falling by almost 8% to $513. Friday saw intense selling pressure push BNB to a day low of $455. However, buyers were able to push the price back up but could not push it above $500, as BNB settled at $498.
However, with support building at lower levels, BNB was able to register an increase of 5.68% to push back above $500 and settle at $526. Despite a positive Saturday, BNB was back in the red on Sunday, dropping by nearly 7% to $490. Monday saw a battle between buyers and sellers, with buyers eventually winning out and BNB registering an increase of just over 4% to move back above $500 and settle at $510.8. The current session sees BNB marginally up as buyers aim to push BNB back toward $550.
Source: TradingView
While the bears have attempted to begin a new downtrend, dragging BNB below $500, the bulls have pushed the price back above $500. Buyers must push the price above $550 to suggest that the current pullback is over. If BNB can close above this level and the 20-day SMA, we could see a move towards the next resistance level at $600. The RSI indicating a positive divergence suggests that bulls are attempting a comeback for the time being.
om here? If buyers are able to maintain the current upward trajectory, we could see SEI test the resistance at $0.330. A move above this level could set the stage for a rally towards the 50-day SMA. However, should bearish sentiment return, SEI could drop back towards its support levels.
BONK Price Analysis
BONK surged by over 18% in the past 24 hours, with the jump in price primarily driven by its treasury’s proposal to burn $84 billion BONK tokens. The jump in price led to its market cap surging to nearly $1.8 billion and a 153% increase in daily trading volume. BONK had dropped to $0.0000206 on Thursday before registering a strong recovery on Friday to push to $0.0000218 despite considerable market volatility. Saturday saw the price push above the 20-day SMA as it rose to $0.0000231 before dropping by over 9% on Sunday to slip back below the 20-day SMA and end the previous week at $0.0000210.
Source: TradingView
The current week began on a positive note for BONK due to the recovery in the crypto markets and the treasury announcement. As a result, BONK surged by 13.61% to $0.0000239. Buyers attempted to push BONK even higher, as the price reached a day high of $0.0000253 before sellers were able to push the price back down. However, BONK broke the selling pressure during the current session and is up by almost 10%, with the price currently at $0.0000263. BONK has support at $0.000020, and the 20-day SMA could also act as a dynamic level of support. Should the current bullish sentiment persist, BONK could move above the 50-day SMA.
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