Bitcoin (BTC) and major cryptocurrencies fell over 3% as profit-taking followed Tuesday’s rally.
Overall crypto market capitalization fell 3.3% in the past 24 hours, with BTC sliding to nearly $83,500 from a high above $84,200 a day earlier. Ether (ETH) and Cardano’s ADA fell as much as 5% to lead losses among majors.
The cryptocurrency market added 8% over 7 days, stabilising at the $2.7 trillion level since Saturday.
FxPro’s Alex Kuptsikevich says a move higher could bolster hopes for further gains, but these expectations will “only be confirmed after a solid consolidation above the 200-day moving average, which is now near $2.97 trillion.“
“Bitcoin continues its cautious rise, trading above its 50-day moving average and reaching $85,700. This is an important technical attempt to reverse the downtrend. Interestingly, the 200-day average is quite close, so a second confirmation of a trend change could come quite quickly,” Kuptsikevich said, adding that bitcoin had entered a resistance accumulation zone where the “strength of the initial rebound may fade.”
Solana’s SOL is showing strength in a downtrodden market, making it ripe for a move higher if overall conditions improve.
“Solana is recovering faster than many of the major altcoins, trading at its 50-day moving average near $130. A consolidation above this level will open the way to $145, the area of previous peaks. A sustained move above them will signal a break of the downtrend and could lead to a move towards $180,” Kuptsikevich noted.
On a more pessimistic approach, prominent market chartist Peter Brandt is not optimistic about bitcoin setting new highs in the current cycle.
“A trendline violation does NOT signify a transition of trend BTC Sorry,” the trader noted said in an X post in response to sentiment for a bullish rebound.
Trendlines are a subjective price-action analyst method and less dependable than moving averages or key levels. A break, used in tandem with technical analysis, could hint at a change in movement.
Here’s what AI-driven market insights for some majors look like on Wednesday.
Dogecoin whales have accumulated over 800 million DOGE in the last 48 hours, signaling potential confidence in the asset’s short-term prospects, data shows.
DOGE is currently trading at a critical juncture around $0.154-$0.155, with immediate resistance at $0.157 and crucial support at $0.153 that must hold to prevent further decline.
DOGE experienced significant volatility, reaching a peak of $0.169 before entering a pronounced downtrend with lower highs and lower lows since April 14th.
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