Bitcoin is teetering on the edge of breaking below $85,000, a threshold that could set off a wave of liquidations. The recent dip under $90,000 has empowered the bears, leading to $937.9 million in withdrawals from US spot Bitcoin ETFs. The pivotal question among traders is whether Bitcoin has hit a peak or if the current downturn is just a temporary setback in a strong upward trend. Binance CEO Richard Teng characterizes the pullback as a “tactical retreat” rather than a trend reversal, anticipating a robust rebound after the decline.
Traders are advised to exercise caution in the short term despite positive long-term outlooks. A breach of the $85,000 support could result in significant liquidations of long positions across exchanges. To prevent further decline, bulls must quickly drive Bitcoin back above $90,000, overcoming resistance at the 20-day EMA of $95,194 to signal the end of the correction cycle.
Ether has encountered resistance at $2,850, with a slip below $2,520 leading it towards $2,300 support. Buyers face key challenges at $2,520 and the 20-day EMA at $2,700, with the bulls needing to exceed the 50-day SMA of $2,974 to gain control. Conversely, a drop below $2,300 could pave the way to $2,111 support.
XRP fell below its triangle pattern support, with attempts to recover thwarted by persistent bearish pressure. A rebound into the pattern targets the 20-day EMA at $2.54, while failure to hold could drag XRP towards $1.80.
BNB slid below the $635 support, entering a broader range between $460 and $745. Attempts at recovery face resistance at the 20-day EMA of $644, with risks of further decline if this level holds. A break above $660 may offer short-term relief.
Solana seeks to stabilize at $133 after a steep downtrend, with buyers eyeing recovery targets at $150 and $156. Continuation of the decline threatens a break below $133, but a close above $156 suggests diminishing selling pressure, aiming for $175.
Dogecoin struggles to reclaim the descending channel after falling below its support, facing resistance at the 20-day EMA of $0.25, with potential decline to $0.15 if unsuccessful. A sustained recovery above the EMA could lead to $0.30.
Cardano found support at the channel line, with buyers working towards a recovery facing challenges at the 20-day EMA of $0.76. Continued downward pressure favors a decline to $0.50, unless ADA holds above the EMA to stay inside the channel.
Chainlink’s descent continues as it fails to maintain support, targeting levels of $12.71 and subsequently $10. A break above the 20-day EMA may offer temporary respite, extending its stay within the channel.
Sui saw a dip below $2.86 but buyer interest at lower levels offers hope for recovery, challenged at the 20-day EMA of $3.28. Sustaining above the EMA can propel Sui to $3.74, with bears defending the recovery.
Avalanche broke the $22.35 support, with efforts to recover potentially stymied by the 20-day EMA of $25.13. A successful rebound signals market recovery, potentially pushing to $27.50, otherwise targeting $17.50 if the decline continues.
