- Bitcoin is trading just above key support, with analysts eyeing $86,000 for a breakout.
- ETH is below a historically crucial buying level as SOL shows strength due to reduced exchange supply.
- The total crypto market cap excluding Bitcoin (TOTAL2) has broken out of a bullish falling wedge.
Bitcoin is locked in a tight trading range, hovering just above key support. Priced near $85,190 , BTC holds above the critical $83,627 level. This consolidation has traders on alert, watching for a push past $86,000 resistance or a fall below $83,000 support.
What Are Bitcoin and Ethereum Signals Showing?
Analyst Ali Martinez notes a BTC surge above $91,275 (STH realized price) would signal bullish continuation.
Adding weight to the bullish case, Bitcoin whales (100+ BTC wallets) buy over 3x daily new supply, adding support.
Related: Four Bullish Reasons That Could Soon Flip The Crypto Market
Meanwhile, Ethereum (ETH) is trading at $1,596.45, battling resistance at its 20-day EMA near $1,668. Martinez notes ETH is below its lower MVRV band, a historical buy zone for long-term investors.
How Are Top Altcoins Performing?
Solana shows notable strength, up nearly 4% today. Lookonchain reports Galaxy Digital withdrew 606k SOL ($79.7M) and staked 462k SOL ($60M) recently, reducing available supply.
This reduction in liquid supply has contributed to SOL’s outperformance against BTC and ETH.
Other major altcoins are also attempting to regain technical footing. Binance Coin (BNB) is at $590.26, XRP at $2.084, and Cardano (ADA) at $0.6283—each striving to reclaim their respective 20-day EMAs ($589, $2.08, and $0.6277).
Is An ‘Altseason’ Starting?
The broader altcoin market shows bullish signs. The TOTAL2 chart (market cap ex-BTC) recently broke out from a falling wedge, supported by rising MACD, higher lows.
Now above $950 billion, nearing $1 trillion, TOTAL2’s breakout indicates renewed altcoin momentum. The wedge target points towards $1.1 trillion short-term, then potentially $1.3 trillion.
Related: Massive Dip in JTO, TRUMP, TON CO—Buy the Fear or Run for Cover?
Fibonacci extensions suggest higher resistance targets for the altcoin market cap at $1.163T, $1.3T, and $1.47T, reachable if capital rotates strongly from Bitcoin into altcoins.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
