Recent Top on Bitcoin Price Triggered by the Technicals
What has been a consistent and healthy rally up to the $717.99 local high over the past few weeks, has finally hit a wall. While many tops come on bearish news or fundamentals, this one was almost purely technical in our opinion. Two weekends ago we mentioned that the action over those two days would determine the flow of funds into the market until the end of the month and indeed that is precisely what has materialized. What were overbought conditions last week, turned out to be signs of strength as a continuation to the upside broke not only the key $700 level, but also tested the upper....
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Bitcoin price is currently reeling due to a series of rejections above $60,000. After such a powerful impulse upward, technicals are severely overheated and beginning to turn down. But regardless of any technical-driven selloff that might result, such continued bullish fundamentals in the leading cryptocurrency by market cap could keep prices from going too low, […]
Last week Bitcoin exhibited relative strength in the marketplace when compared to precious metals, adding to the fundamental bull case, however the near term technicals are saying that perhaps the market is not yet ready for a breakout move higher. While our bias remains generally bullish for the time being, we realize the market could stay around for awhile first. Last week we saw a somewhat surprising continuation of the near term rally up towards the $755 level where sellers began to move in to put a cap on price. Following that local top, price began to show signs of diminishing....
Solana (SOL) faced a brutal selloff yesterday, mirroring the broader market collapse triggered by escalating U.S. trade war fears. The price plummeted over 19% in less than 24 hours, wiping out weeks of gains and sending shockwaves through the crypto market. Investors are now bracing for more volatility, as the bearish momentum could extend into the week ahead. Related Reading: Bitcoin Price Must Hold Above $97K To Sustain Momentum – Metrics Top analyst Jelle shared a price chart on X, highlighting that Solana has completely retraced the TRUMP meme coin pump. The rapid decline saw SOL drop....
The recent drop in bitcoin’s price may come from reactions to the movement of large amounts of bitcoin.
XRP is currently finding it hard to close above $2.20 on the daily timeframe, which caused it to close its most recent weekly candlestick just below this level. Although the technicals show some sort of resistance at this zone, XRP fundamentals are still positive, and the cryptocurrency is on track for high valuations. XRP’s bullish […]