Bitcoin has been trading in a predictable range for the past few months, leading to a drop in spot volumes.
Long consolidations are often followed by explosive price action, but it is difficult to predict the direction of the breakout.
Investor Paul Tudor Jones believes that an escalation in the Israel-Hamas conflict could bring about a risk-off sentiment, which would be bullish for gold and Bitcoin.
Bitcoin’s price is currently struggling to rebound, with the next support level at $26,000.
Ether has dipped to a critical support level at $1,531, but the bulls have successfully held this level so far.
BNB has fallen to a strong support level at $203, but the bulls are protecting it with force.
XRP has fallen below its uptrend line, indicating reduced bullish pressure and suggesting that it will continue to trade within a range.
Solana has slipped below its 20-day EMA, indicating bearish pressure, and could potentially slump to $17.33.
Cardano has formed long tails on its candlesticks, but the bulls have failed to start a recovery, indicating a lack of demand at higher levels.
Dogecoin has been trading below its support level at $0.06, suggesting that the markets have accepted lower levels.
Toncoin has been in a corrective phase, with profit booking pulling the price below the 50-day SMA.
Polkadot has reached its target support level at $3.50 and could potentially see a short squeeze if it sustains above the 20-day EMA.
Polygon continues to weaken towards its critical support level at $0.49, indicating a lack of buying interest at higher levels.
Overall, the market remains uncertain and traders need to be watchful for potential breakout directions.