As the week approaches the end of the week in the cryptocurrency markets, the volatility in the Bitcoin price has divided investors into two. Although Bitcoin retreated to around 79 thousand dollars on the last trading day of the week, short-term purchases brought the price back close to 80 thousand dollars. Market experts point out that there is no definitive picture regarding the direction in the coming days.
Critical levels and analyst opinions in Bitcoin
According to analyst IT Tech, sustained movements above $88,880 are needed for Bitcoin to recover from the decline and eliminate concerns of a new bottom. The region between 85 thousand dollars and 88 thousand dollars is seen as a sales zone by some investors who want to make a profit.
On the other hand, John Bollinger, the creator of Bollinger Bands, offered a different perspective. In a post on the X platform, he stated that the trend models have turned positive for Bitcoin and stated that he took a position accordingly.
In his post, Bollinger stated that their models gave a positive signal the previous day and they opened positions accordingly.
Looking at the data, it is seen that there was an outflow of $ 277.5 million from Bitcoin exchange traded funds (ETF) last Thursday. According to SoSoValue data, this figure was recorded as the first net outflow in May. This indicates that some investors are being cautious and taking profits, especially in the region close to critical resistance levels.
Latest situation in major altcoins
It seems that the fluctuations in Bitcoin are also effective in the altcoin market. When the Ether price dropped below $2,304, it appears that short-term buyers were selling for profit. The next support points for a downward movement in ETH are $2,225 and the support line.
On the BNB side, a trend close to the moving average levels shows that the selling pressure continues. If a recovery is observed, an acceleration in prices up to $687 can be expected. However, around $790 above stands out as a region where intense sales can be seen.
In XRP, the rotation of prices around moving averages is interpreted as maintaining the balance of power between buyers and sellers. If the price falls below $1.27, the downside pressure may continue for a few more days. Above, exceeding the $1.61 level may pave the way for a new rise.
Highlights in technical indicators
Resistance at $90.73 in Solana is not allowing buyers to prevail. If purchases increase, a new jump may occur up to the $98 level. Otherwise, the price may consolidate in a narrower range.
While Dogecoin (DOGE) experienced a sharp withdrawal from the $ 0.12 level, short-term investors turned to profit realization. The moving average at $0.10 is viewed as important support in the near term. Above, resistance may occur again in the range of $ 0.12-0.16.
Hyperliquid (HYPE) price turned down from the $43.76–$45.77 range and retreated to the 20-day average. A possible recovery from this level increases the chances of a move back to $50 in the short term; However, in a downside breakout, the price may drop to $34.45.
Cardano (ADA) continues to fluctuate between $0.22-0.31. The fact that the moving average turns upward and the RSI moves into the positive zone indicates that buyers are starting to come forward. If the price moves up, $0.31 stands out as resistance.
Even though Zcash (ZEC) broke the $560 resistance, it stopped its rise at the $607 level. Despite a slight correction, if the price rises above $607 again, the next target is $750. On the other hand, closes below $428 may increase the weight of sellers.
Bitcoin Cash (BCH) turned down once again from the $ 486 level. The horizontal movement around $450 and the uncertainty observed in the RSI indicate that the price may remain in the $419–486 range for a while. Directional movements are expected to come after a break at one of these levels.
