The cryptocurrency market is experiencing noticeable fluctuations with a general decline in prices over the past 24 hours. Here’s a quick look at the performance of major currencies and current trends: Bitcoin (BTC): Current price: about $112,000 - $116,000.
Performance: Decreased by about 4-7% after testing resistance at $114,500. It is moving within an upward channel with key support at $110,000 - $112,000. Forecasts indicate a potential rebound to $125,000 if it exceeds resistance at $119,800, but there are risks of a deeper correction if support is broken.
Ethereum (ETH): Current price: about $4,263.34
Performance: A decline of 6-8% with a correction from a recent peak of $3,800. Ethereum is attempting to recover losses with dynamic support at the upward trend line. Long-term forecasts are positive due to institutional demand and ETF funds.
Alternative currencies (Altcoins): Experienced sharp declines averaging 8%, with weak performance for coins like Solana (-8.18%), Cardano (-11.45%), and Dogecoin (-9.32%). Some coins like Hyperliquid and LEO Token recorded slight increases, reflecting a disparity in performance.
General trend: The market is in a corrective phase after previous rises, with Bitcoin (54.55%) and Ethereum (11.49%) dominating market value.
Influencing factors: Market fluctuations driven by inflation fears, interest rates, and regulatory news. Institutional flows towards Bitcoin are ongoing, while altcoins are witnessing liquidity outflows.
Recommendations: Short-term traders: Exercise caution while monitoring the mentioned support and resistance levels.
Long-term investors: Current declines may represent buying opportunities, especially for Bitcoin and Ethereum, with a focus on projects with strong fundamentals.
Risk management: Diversify investments and set stop-loss orders to reduce risks.