Bitcoin and numerous prominent altcoins are making efforts to initiate a relief rally, indicating that bulls are striving to establish a higher low. Currently, Bitcoin is navigating through a challenging phase, poised to confront significant resistance near the breakdown level of $74,508. The cryptocurrency has recently risen above $68,500, with buyers attempting to hold a higher low around $65,000.
Data from Glassnode reveals that BTC is caught in a range between the market”s true mean at $79,200 and the realized price of approximately $55,000. Analysts are forecasting a potential decline to $50,000 in the coming months, followed by a possible recovery later in the year. Crypto analyst Tony Research shared insights on social media, predicting that Bitcoin may find its bottom within the $40,000 to $50,000 range between mid-September and late November 2026.
Currently, Bitcoin has rebounded from $65,118, demonstrating demand at lower price levels. The bulls aim to push the price towards the critical resistance at $74,508. A significant downturn from this level could indicate persistent selling pressure, potentially keeping the BTC/USDT pair trading between $74,508 and $60,000 temporarily. A breakdown below the $60,000 support might lead to a further decline to $52,500.
On the other hand, if buyers succeed in driving the price above $74,508, it could signal a reduction in selling pressure, potentially leading to a rally towards the 50-day simple moving average.
Ethereum is also navigating a critical juncture. The price is currently facing resistance near $2,111, and if it declines from this level, it could retest support at $1,750. A breach of this support may extend the descent to $1,537. For a bullish scenario, buyers need to push Ethereum above the 20-day exponential moving average, which could pave the way for a rally towards the 50-day SMA.
The situation for BNB is similarly precarious. Should it fall below the $570 support, it may signal the beginning of a new downtrend towards the psychological level of $500. However, the relative strength index indicates oversold conditions, suggesting a potential short-term rally if the price rebounds from current levels, allowing BNB to target the $669 level.
For XRP, a drop to $1.11 is crucial for bullish sentiment. A decline below this level may trigger further downtrends, pushing the pair to $1 and later to $0.75. Conversely, if XRP rises above the 20-day EMA, it could maintain a range-bound trading structure.
Turning to Solana, the price may reach the breakdown level of $95, where bears are expected to exert strong resistance. A sharp decline from this level could bring the price down to $67. However, a push above $95 could suggest a bear trap, leading to a potential rally towards the 50-day SMA.
Dogecoin faces a critical support level at $0.09, with a potential drop to $0.08 if breached. A failure to hold this level could extend the downtrend to $0.06. Strength may return if the price breaks and closes above the 20-day EMA, paving the way to challenge the breakdown level at $0.12.
Bitcoin Cash is also under pressure, with a potential decline towards $443 if it breaks below $493. A close above the 20-day EMA would indicate demand and may drive the price to the 50-day SMA, where selling pressure is expected.
The price action of Hyperliquid suggests that buyers must push above $35.50 to signal an end to the corrective phase. Conversely, a drop below the 50-day SMA would indicate bearish dominance.
For Cardano, the bears may attempt to pull the price below the support line at $0.22, risking a decline to $0.20 and possibly to $0.15. However, if the price rebounds and breaks above the 20-day EMA, it could signal a sustained channel movement.
Finally, Monero is encountering resistance near $360, with a potential breakout if bulls maintain momentum. Should the price break below $309, it may drop to $276, where buying interest might re-emerge.
This article does not constitute investment advice. All trading carries risk, and readers are encouraged to conduct thorough research before making any investment decisions.
