Bitcoin, Ethereum, and Solana are all the rage in the cryptocurrency space as analysts analyze current trends. The Spot Bitcoin ETF saw massive inflows of around $217 million on Monday, according to recent data, showing that institutional investor interest is enduring.
Notably, Grayscale has seen significant capital inflows in recent business days, reflecting positive investor sentiment.
Bitcoin bullish stance
Bitcoin maintained its upward momentum for three days, forming new lows and highs within a broader bullish trend. While short-term volatility is expected, daily indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) point to a bullish outlook, suggesting further upside potential.
Key levels to focus on
Bitcoin is currently testing a key support-turned-resistance level around $628,000. A rebound from here could confirm a bullish breakout and set sights on a price target between $72,000 and $74,000. However, failure to sustain above this level could lead to further downside towards $61,000.
DXY has fallen significantly over the past week, hinting at a potential Bitcoin price spike. However, DXY has rebounded slightly, causing a slight decline in Bitcoin price for now. If DXY continues its upward trend, this decline could signal a temporary halt in Bitcoin's rise amid a broader market decline.
Ethereum trading range
Ethereum is currently trading within a narrow range swinging between support at $2,870 and resistance at $3,340. Despite the recent volatility, the overall trend remains neutral, waiting for a break above resistance to confirm a bullish reversal.
Solana's assignment
Solana is facing significant resistance levels between $150 and $160, with an additional hurdle at $167 and $172. The 8-hour bullish signal suggests potential upside, but a clear break above the resistance is required to validate this bullish scenario.
Do not miss it! Do your own research and consider incorporating these insights into your encryption strategy.
