🚨 The cryptocurrency market is at a turning point! 🚨
🔑 Bitcoin $BTC has marked its first significant bearish signal in weeks with a bearish engulfing candle, suggesting a potential short-term exhaustion. Despite this, the miner position index has reached its highest point since November 2024, indicating that more BTC is being sold. Additionally, profit-taking reached historic highs of USD 9.29 billion. Despite the panic selling, over 196,600 BTC were accumulated between USD 116K–118K, demonstrating long-term confidence in the market.
📉 What does this mean?
Resistance at USD 120K: Bitcoin is facing a natural resistance at this level, a common phenomenon during times of high volatility.
Healthy correction or end of the bullish trend: While the pullback could suggest a potential cooling of the market, the key support remains at USD 112K, which could keep the bullish trend intact.
🔥 Solana $SOL is also gaining attention, breaking above USD 159 and approaching resistance at USD 185. The institutional demand for liquid staking options is driving the price, and some analysts predict that if it surpasses USD 185, SOL could soar to USD 210.
💡 Key data:
SOL's Relative Strength Index (RSI) shows that the path of least resistance is upward.
Liquid staking on Solana has attracted more interest from institutional investors, reinforcing confidence in its growth.
⚡ Are we facing a temporary correction or the start of a bullish rally? The crypto market is full of opportunities but also risks. With the Fear & Greed Index in "Extreme Greed" territory, many experts caution about a potential short-term correction, but buy signals remain strong for the long term.
