Bitcoin (BTC) Faces Persistent 69k Resistance
With a market capitalization of $1.354 trillion, the leading cryptocurrency Bitcoin (BTC) continues to trade below the $69k level. Yesterday, Bitcoin (BTC) started the day at $67,969, tested $66,600, and closed at $68,549 with a 0.85% increase. Today, Bitcoin (BTC) has made a slightly positive start and is currently trading at $68,757, up 0.30%, just below the $69k resistance level.
Bitcoin (BTC) Technical Analysis
Bitcoin (BTC) has fallen below $69k due to selling pressure and continues to trade at this level. After a sharp rise to $72k earlier in the week, Bitcoin (BTC) faced selling pressure from $72k and dropped back below the $69k support level, indicating a shift in market sentiment. A review of Bitcoin’s (BTC) daily chart shows that after testing $72k, it encountered selling pressure again, and the $69k support level has now turned into a resistance level.
Previously, Bitcoin (BTC) faced selling pressure at the $72k resistance area. If Bitcoin (BTC) manages to close daily above $69k, it could target the $72k and $74k peaks and possibly new highs. If it continues to close below $69k, investors should watch the support levels at the EMA5, which is $68,588, and the EMA21, which is $66,282.
Solana (SOL) Aims for $216 Despite Recent Setback
With a market capitalization of $76.06 billion, Solana (SOL) ranks fifth behind Bitcoin (BTC). After consolidating between $116.0 and $164.50 for over a month, Solana (SOL) broke through the $164.50 resistance and began its journey towards $216. Following this break, Solana (SOL) reached $189 but then faced selling pressure again. Yesterday, Solana (SOL) started the day at $176.15 and closed at $167.70, down 4.80%. Today, Solana (SOL) made a positive start and is currently trading at $169.20, up 0.89%.
Solana (SOL) Daily Chart Analysis
Solana (SOL), the fifth-largest cryptocurrency by market capitalization, accelerated its rise after breaking above the $116.0-$164.5 range it maintained for over a month and tested $189. Reviewing Solana’s (SOL) daily chart, we see that it retraced to the EMA21 support level yesterday, closing at $167.70, above the $164.50 support. If Solana (SOL) continues to close daily above the $164.50 support, it is likely to resume its upward trend and reach the $216 target. Daily closes below the $164.50 support would indicate a breakdown in market structure and increased selling pressure. In the event of heightened selling pressure, the first support levels for Solana (SOL) are at $156.35 (EMA55) and $146.78 (EMA100).
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