Bitcoin is making what may be its fifth attempt to breach this psychological barrier as it approaches the much-anticipated $100,000 resistance level once more. The top cryptocurrency is now trading at about $98,166, demonstrating its strong resilience in the face of recent market turbulence. Bitcoin has made several attempts to reach $100,000, but each time it has been pulled back.
The market structure, however, indicates that this subsequent attempt might be among the final ones in this cycle. Repeated resistance tests have been shown to reduce selling pressure and raise the likelihood of a clear breakout. In the upcoming months, Bitcoin may reach $120,000 or even $150,000 if it surpasses this milestone and stays above it during the next significant price discovery phase.
An uptrend would be confirmed by a push above 60. Bitcoin is headed for another breakout above $100,000, but if it does not hold above this level, the market might correct again. The next significant level of support for Bitcoin if it falls below $95,000 is $93,000, which is followed by the 200 EMA at $83,500. One of the final significant chances in this cycle before the market shifts into a new phase may be the impending Bitcoin breakout.
Bitcoin may be about to begin a new parabolic move if it breaks $100,000 and stays above it. Rejection, on the other hand, might signal yet another consolidation phase, postponing the unavoidable surge to all-time highs.
Cardano retracing
Cardano touched the 200 EMA, a significant long-term support level, and is now indicating that it may make a significant recovery. ADA has begun to stabilize after a steep decline, and if momentum keeps up, there are early signs that it could recover by 50%. ADA recently recovered from the 200 EMA, indicating that traders believe this level presents a significant buying opportunity.
Since ADA has historically recovered well from comparable long-term moving averages, a retest of higher levels is conceivable. The 100 EMA is the next major resistance, and it may decide how far ADA's rally can go. Although the price could recover by 50%, it would still be difficult to break through the 100 EMA.
Resistance levels will take some time to solidify because they have not formed completely yet due to recent market movements. A significant bullish continuation could be triggered if ADA is able to regain $0.88-$0.90, which could push it above $1.00.
Trading volume is a crucial indicator to keep an eye on. A true trend shift requires consistent high volume and bullish follow-through, but the recent volume spike points to a potential reversal. If this does not happen, ADA might experience another decline, particularly if it does not overcome the 100 EMA resistance.
The 100 EMA is still the next barrier, but Cardano is at a pivotal point where a bounce is likely. ADA has the potential to recover 50% from recent lows if it overcomes this resistance. Before any significant bullish move, there may be a longer consolidation period if momentum is not maintained. The course of events over the next few days will determine whether ADA recovers or continues to face pressure.
Solana hits potential retrace
Near $202, Solana has reached a critical price level, where the 200 EMA may serve as a significant accumulation zone. This level acts as a reset, deciding whether SOL finds solid support for a possible recovery or keeps falling. In the past, the 200 EMA has served as a long-term support level, particularly when prices have been retracing.
This crucial technical zone is now within striking distance of SOL's most recent decline, making it a make-or-break situation for traders. There is a chance that Solana will reverse and test higher resistance levels if buying pressure increases. The volume of trade is a significant factor. Strong buying activity at lower levels suggests possible accumulation even though recent sell-offs drove SOL lower. In the short term, Solana may stabilize and retest the $210-$215 range if buyers keep intervening.
The first obstacle is at $211 where prior support becomes resistance if Solana recovers from $202. If $219 is decisively broken above, a bullish reversal could be confirmed. With $189 as the next significant support, failure to hold $200 could pave the way for additional declines. The 200 EMA might act as a launching pad for Solana's recovery at this reset level.
Buyers defending this area could help SOL pick up steam again. If $200 is not maintained, a deeper decline may be confirmed, which could result in new multi-week lows. Solana's next course of action will be determined in the days to come.
