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Major BTC sell-offs are primarily linked to significant transactions by large holders, rather than changes in the market structure of Bitcoin.
Despite recent market corrections, Ether and BNB continue to show strength on the charts.
Bitcoin (BTC) bulls are working to defend the support level at $110,530, but bearish pressure remains strong. CoinShares reported a net outflow of $1 billion from BTC exchange-traded products last week.
Investor focus appears to be shifting from BTC to Ether (ETH), as ETH ETPs recorded $2.5 billion in inflows this month, while BTC experienced $1 billion in outflows.
Data from crypto intelligence firm Arkham, shared on X by Lookonchain, revealed that a whale deposited approximately 22,769 BTC ($2.59 billion) to Hyperliquid (HYPE) for sale before acquiring 472,920 ETH ($2.22 billion) in spot trades and opening a long position of 135,265 ETH ($577M).
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Meanwhile, Michael Saylor’s Strategy, the largest public BTC holder, purchased 3,081 BTC for $356.9 million, increasing its total BTC holdings to 632,457 BTC, according to a filing with the US Securities and Exchange Commission on Monday.
Will buyers be able to maintain BTC above its crucial support? Could ETH’s strength spark an altcoin rally? Let’s examine the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Forecast
The S&P 500 Index (SPX) saw a significant bounce from the 20-day exponential moving average (6,392) on Friday, indicating robust buying on dips.
Buyers will aim to solidify their position by pushing the price above 6,581. If successful, the index could rise to 6,696.
Although the trend is upward, the relative strength index (RSI) indicates a potential negative divergence, suggesting that bullish momentum might be fading. Bears will need to push the price below the 20-day EMA to ramp up selling, potentially causing the index to drop to the breakout level of 6,147.
US Dollar Index Price Forecast
The US Dollar Index (DXY) moved above the moving averages on Thursday, but higher prices led to significant selling from bears.
The moving averages are gradually sloping downward, and with the RSI just below the midpoint, bears hold a slight advantage. If the price dips below 97.50, the next targets could be 97 and subsequently 96.37.
Buyers need to quickly drive the price above 99 to indicate strength. If that happens, the index may rise to 100.50, where bears are likely to intervene. However, if buyers push past the 100.50 resistance, the rally could extend to the 102 level.
Bitcoin Price Forecast
BTC approached the essential support level of $110,530 on Monday, but a silver lining is that bulls managed to hold it.
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Any recovery efforts are likely to encounter strong resistance at the 20-day EMA ($115,639). If the price declines from the 20-day EMA, the likelihood of breaking below the $110,530 support increases. Should that happen, the BTC/USDT pair could drop to $105 and then to the psychological level of $100,000.
On the contrary, if the price rises above $117,500, it may indicate a potential range formation, allowing Bitcoin’s price to fluctuate between $110,530 and $124,474 for a period.
Ether Price Forecast
ETH surged to a record high of $4,956 on Sunday, but bulls were unable to maintain those elevated levels.
The price pulled back on Monday, indicating profit-taking by short-term traders. The ETH/USDT pair could decline to the 20-day EMA ($4,349), which is a crucial level to monitor. If the price rebounds from the 20-day EMA with strength, bulls will attempt to push the pair above $5,000. A successful move could see Ether’s price rise to $5,500.
Conversely, breaching below the 20-day EMA could drive the Ether price down to significant support at $4,060.
XRP Price Forecast
XRP has formed a descending triangle pattern, which will complete upon breaking and closing below $2.73.
The slightly downward-slope of the 20-day EMA ($3.04) and the RSI below the midpoint indicate neither bulls nor bears have a clear advantage. If the price turns down from the 20-day EMA, sellers will attempt to push XRP below $2.73. Should they succeed, the price could plummet to $2.33.
This bearish setup will be invalidated if the price breaks and closes above the downtrend line, potentially allowing XRP to rise to $3.40 and then to $3.66.
BNB Price Forecast
BNB skyrocketed to a new all-time high on Friday, signaling that bulls are firmly in control.
Profit-taking around $900 has retracted the price to the breakout level of $861, a critical level to watch. If the price rebounds from $861 and exceeds $900, the BNB/USDT pair could surge towards $1,000.
Sellers must drive and hold the BNB price below the 20-day EMA ($838) to diminish bullish momentum. This could pave the way for a deeper correction towards the 50-day SMA ($779).
Solana Price Forecast
Solana (SOL) is encountering resistance at the $210 mark, but a positive development is that bulls haven’t surrendered much ground to bears.
The SOL/USDT pair has formed an ascending triangle pattern, scheduled to complete upon breaking and closing above $210. If achieved, Solana’s price could initiate the next upward movement toward $240, then reach the pattern target of $265.
This optimistic forecast will be invalidated in the near term if the price continues to decline and breaks below the uptrend line, potentially dropping to $155, where buyers are expected to step in.
Related: XRP struggles to surpass $3: Is a breakout still feasible?
Dogecoin Price Forecast
Dogecoin (DOGE) sharply rebounded from the $0.21 support on Friday and rose above the 20-day EMA ($0.22), but bulls could not maintain these heightened levels.
The stable 20-day EMA and the RSI around the midpoint suggest a balance in supply and demand may keep the DOGE/USDT pair oscillating between $0.21 and $0.26 for several days.
The first sign of bullish strength would be a break and close above $0.26, potentially leading Dogecoin’s price to climb to $0.29. A sustained move above $0.29 could open the pathway for a rally to $0.35. Conversely, a drop below $0.21 could push the pair down to $0.19 and then $0.16.
Cardano Price Forecast
Cardano (ADA) rebounded from the 20-day EMA ($0.86) on Friday; however, bulls face challenges in maintaining these higher levels.
Both moving averages are trending upwards, suggesting a buyer’s advantage, but the negative divergence in the RSI indicates that upward momentum may be slowing. If the price closes below the 20-day EMA, the likelihood of a decline below the 50-day SMA ($0.80) increases, possibly leading the ADA/USDT pair to drop to $0.70.
Buyers must push Cardano’s price above the $1.02 resistance to resume the upward trend towards $1.17.
Chainlink Price Forecast
Chainlink (LINK) faced a downturn from $27 on Saturday, demonstrating that bears are actively defending this level.
Sellers will attempt to drive the price down to the 20-day EMA ($23.37), a critical level to monitor. If the LINK/USDT pair bounces off the 20-day EMA with strength, bulls will make another attempt to overcome the overhead resistance. If successful, Chainlink’s price could soar to $31.
On the other hand, a break and close below the 20-day EMA may indicate that bulls are exiting the market, which could deepen the correction to $20.84.
This article does not provide investment advice or recommendations. All investment and trading involves risk, and readers should do their own research before making decisions.
