Bitcoin’s failure to rebound off strong support levels increases the risk of a deeper correction that could negatively impact altcoins.
Institutional investors continue to invest in digital asset products, with Bitcoin attracting the majority of funds.
Bitcoin’s fair value is estimated to be $55,000, and the market is expected to drift upwards towards that level.
Important support levels for Bitcoin and altcoins need to hold to prevent a deeper decline.
Bitcoin price analysis: If buyers push the price above the 20-day EMA, the BTC/USDT pair could rally to $31,000 and then to $31,805. A drop below $29,500 could lead to a plunge to $27,500 and later to $26,000.
Ether price analysis: The ETH/USDT pair could remain stuck between the 50-day SMA and $2,000. A break above $2,000 could start the next leg of the up move to $2,141.
XRP price analysis: The XRP/USDT pair could range between $0.66 and $0.83. A break above $0.94 could start a rally to $1.40.
BNB price analysis: The BNB/USDT pair is facing resistance at the 20-day EMA. A break below the support line could challenge the vital support at $220.
Cardano price analysis: The ADA/USDT pair may ascend to $0.38 if buyers push the price above $0.34. A drop below $0.30 could lead to a decline to $0.26.
Solana price analysis: The SOL/USDT pair could correct to the 20-day EMA before attempting another rally. A break below the 20-day EMA could lead to a drop to the 50-day SMA.
Dogecoin price analysis: The DOGE/USDT pair is struggling to overcome the overhead resistance at $0.07. A drop below the 50-day SMA could keep the pair range-bound between $0.06 and $0.07.
Polygon price analysis: The MATIC/USDT pair may slump to $0.60 if the price sinks below the 50-day SMA. A break above $0.89 could signal the start of a new uptrend.
Litecoin price analysis: The LTC/USDT pair could dump to $80 if the 50-day SMA support gives way. A push above the 20-day EMA could retest the overhead resistance zone.
Polkadot price analysis: The DOT/USDT pair is swinging between the overhead resistance and the 50-day SMA. A break below the 50-day SMA could lead to a slide to $4.74.
Summary:
– Bitcoin’s failure to rebound off support levels increases the risk of a deeper correction.
– Institutional investors continue to invest in digital assets, with Bitcoin attracting the majority of funds.
– Bitcoin’s fair value is estimated to be $55,000, and the market is expected to drift upwards towards that level.
– Important support levels need to hold for Bitcoin and altcoins to prevent a deeper decline.