Bitcoin Holds Steady Below $105K: A Market Analysis

This weekend, Bitcoin struggles to maintain momentum, lingering below the critical $105,000 threshold. Recent reports indicate significant selling pressure from traders, casting a shadow over potential bullish sentiment and leading experts to scrutinize market dynamics closely.

Current Market Stabilization

According to CryptoQuant, which recently shared insights with Cointelegraph, some demand metrics for Bitcoin are reportedly nearing a short-term peak. This suggests that the current rally may hit a pause for reflection. Analysts are observing a support level around the psychologically significant $100,000 mark. Historical data showcases that Bitcoin rarely sustains trading below its short-term realized price during bullish phases, currently pegged at around $96,000 as per Glassnode’s findings.

The cryptocurrency landscape isn’t solely fixated on Bitcoin. Select analysts have noted that Ether (ETH) shows promising chart patterns that could signal the onset of an altcoin season. If past trends are any indication, this could present significant opportunities for altcoin investments, provided Bitcoin’s trajectory shifts favorably.

Technical Insights and Predictions

The recent plunge below the 20-day exponential moving average ($105,232) denotes weakening bullish momentum as Bitcoin seeks to reclaim higher ground. Despite the persistent selling pressure, the bulls are putting forth an effort to breach this pivotal moving average. Failure to do so could see the BTC/USDT pair dive towards $100,000, a level where buying interest is expected to intensify.

If Bitcoin manages to rally past $111,980, market sentiment could shift dramatically, opening possibilities for a surge approaching $130,000. However, the prevailing trend reveals a bearish edge in the short term, with the 4-hour chart indicating downward momentum that could challenge critical support levels.

Conversely, Ether’s performance is noteworthy. After facing resistance at $2,738, ETH retreated to its 20-day EMA ($2,496). The ongoing defense of this level by buyers is crucial. If downward pressure prevails, a drop to $2,323 is possible, escalating the pullback risk, particularly if it breaches the 50-day SMA ($2,133).

However, should the bulls gain traction, and Ethereum rises above the immediate resistance, a push to $3,000 or more could be realized. The 4-hour chart signifies consolidation between $2,462 and $2,738, with the RSI remaining in negative territory, thus keeping the bearish narrative intact unless buyers reclaim control.

Meanwhile, Hyperliquid (HYPE) has seen a pullback from $40 but is finding its footing around the 20-day EMA ($30.76). The situation appears optimistic if the price can settle above $35.73, possibly leading to a rally towards $40. Should the asset fall below this critical moving average, downside risks could materialize, with targets set at $28.50.

Bittensor (TAO) experienced a sharp rally from the 50-day SMA ($379), touching the $495 resistance. Sustaining prices above the 20-day EMA ($421) could pave the way for further upside, potentially leading to a bullish inverse head-and-shoulders pattern completion. Conversely, a breakdown below the 20-day EMA could favor sellers, shifting momentum away from the bulls.

Last but not least, Quant (QNT) is reinforcing its status as a point of interest on the charts. Support is forming at the 20-day EMA ($101), with upward momentum hinted by positive relative strength. Should bulls drive QNT past $120, it could pave the way towards $142. If bearish pressure takes hold, however, declines towards the 50-day SMA ($87) loom.

As the market continues to evolve, investors are encouraged to stay vigilant. Volatility remains a constant in the crypto space, making it essential to analyze market trends and sentiment carefully.