Crypto Market Gains Momentum Amid Gold Surge, FOMC Decisions, and Weak Dollar
Overview
Key Highlights:
- Bitcoin is challenging the $90,500 resistance, with bulls maintaining pressure.
- Major altcoins are initiating recovery but may encounter selling at elevated levels.
Bitcoin (BTC) sellers are striving to keep prices below $90,500, yet bullish momentum persists. Tom Lee of Fundstrat suggested on CNBC that a weaker dollar could benefit cryptocurrencies. However, traders are currently favoring gold and silver, with expectations that crypto might gain once the precious metals rally pauses.
According to Santiment, social media chatter this month has focused more on silver and gold than cryptocurrencies. Analysts noted that retail traders are likely to shift sectors based on recent market pumps.
Bitcoin Price Analysis
Bitcoin's relief rally has approached the moving averages, where bears are expected to present a strong challenge. Should prices decline from these levels, the BTC/USDT pair could fall to $84,000, a critical support level. Conversely, a break above the moving averages might lead to a rally towards the $94,789 to $97,924 resistance zone.
Ethereum Price Analysis
Ether (ETH) re-entered a symmetrical triangle pattern, facing resistance at the moving averages. A sharp downturn could drive ETH below $2,787, while a close above the moving averages might target $3,659.
BNB Price Analysis
BNB is attempting to surpass the 20-day EMA, suggesting demand at lower levels. The BNB/USDT pair may reach the $928 to $959 resistance zone. A successful break could trigger a rally to $1,020.
XRP Price Analysis
Buyers are pushing XRP above the moving averages, but bears are holding firm. A fall below $1.77 may lead to a descent to $1.61, while a break above the downtrend line could start a new upward move.
Solana Price Analysis
Solana (SOL) turned up from $117 support but faces potential selling at the moving averages. A decline below $117 could see SOL drop to $95, whereas a break above the averages might push it to $147.
Dogecoin Price Analysis
Dogecoin (DOGE) bounced off $0.12 support but faces selling at the moving averages. A decline below $0.12 risks a fall to $0.10, while a rise above $0.16 could signal a trend change.
Cardano Price Analysis
Cardano (ADA) has reached the moving averages after bouncing off $0.33. A downturn from these levels could lead to a drop to the descending channel's support line, while a break above the downtrend line might target $0.50.
Bitcoin Cash Price Analysis
Bitcoin Cash (BCH) rebounded from $563 support, indicating strong defense. A break above the moving averages could lead to $631, while a drop below $563 might complete a bearish pattern.
Hyperliquid Price Analysis
Hyperliquid (HYPE) turned up from $20.82 support, with a bullish crossover on the moving averages. A resistance break at $35.50 could see HYPE rise to $44.
Monero Price Analysis
Monero (XMR) faces resistance at the 50-day SMA, with a potential decline to $417. A rise above the 20-day EMA could lead to $546.
This article does not provide investment advice. Conduct thorough research before making financial decisions. Codeum does not guarantee the accuracy of information.