Bitcoin and several altcoins are currently trading in a tight range, suggesting a potential breakout is on the horizon.
BlackRock’s filing for a spot Bitcoin ETF has a 50% chance of approval, according to Bloomberg senior ETF analyst Eric Balchunas.
Fidelity Investments is also looking to launch its own Bitcoin spot ETF, indicating growing interest from institutional investors.
Retail traders still hold significant power in the market, as institutional entry may not lead to significant price increases.
Bitcoin’s price is currently stuck between $31,000 and $29,500, with the 20-day EMA and RSI indicating bullish momentum.
Ether’s narrow range trading between $1,936 and $1,861 has resolved to the downside, with the moving averages acting as key support levels.
BNB has reached its first support level at $230, with a rise above the 20-day EMA indicating strong buying at lower levels.
XRP closed below the 50-day SMA of $0.48, suggesting bearish sentiment, with potential support levels at $0.44 and $0.41.
Cardano’s failure to break above $0.30 may result in range-bound action between $0.24 and $0.30, with a break below $0.24 signaling a downtrend.
Dogecoin tripped below the 20-day EMA and may fall to strong support at $0.06, with consolidation expected in the near term.
Solana turned down from the 20-day EMA and may slide to $15.28 if it sustains below $16.18, with resistance at $17.75 and $18.70.
Litecoin’s failure to rebound may lead to a drop to $80 and $76, with a break above the channel resistance needed for an uptrend.
Polygon’s failure to clear the overhead resistance at $0.69 may result in selling pressure, with support at $0.56 and $0.51.
Polkadot has been trading near the breakdown level of $5.15, with a slight bullish edge indicated by the rising 20-day EMA.
Summary:
– Bitcoin and altcoins are in a tight range, indicating a potential breakout.
– Institutional interest in Bitcoin ETFs is growing, with BlackRock and Fidelity Investments filing for approval.
– Retail traders still hold significant power in the market.
– Bitcoin, Ether, BNB, XRP, Cardano, Dogecoin, Solana, Litecoin, Polygon, and Polkadot are analyzed for their price movements and key support/resistance levels.