Bitcoin and select altcoins are showing signs of recovery, but selling at the top of each price breakout suggests that bears still have control. Short-term holders of Bitcoin have experienced losses, indicating increased price sensitivity. Long-term holders have remained steady during the recent fall. Traders will be watching Federal Reserve Chairman Jerome Powell’s speech for potential market impact. Important support and resistance levels to watch for in Bitcoin and altcoins are analyzed. The S&P 500 Index is correcting in an uptrend, while the U.S. Dollar Index is facing resistance. Bitcoin has been consolidating within a range, with the moving averages and RSI indicating bearish control. Ether’s bounce is struggling to rise above resistance, increasing the risk of a breakdown. BNB has tumbled below support and may continue to face downward pressure. XRP’s relief rally is being stalled by bears, suggesting a negative sentiment. Cardano’s relief rally is facing downward pressure, and a breakdown may occur if support gives way. Dogecoin’s shallow bounce suggests negative sentiment, and a break below support could lead to further decline. Solana bulls are facing resistance from bears, with a potential deeper correction if support breaks. Polkadot’s buying pressure has been reducing, and a break below support may indicate bearish control.
