- Bitcoin prices dropped below a key technical indicator for the first time since April.
- BTC’s decline strengthens a bearish outlook and signals risk of further losses.
- Ether, XRP, and Solana performed more strongly, trading above major support levels.
- Analysts highlight $105,390 as a key support and $117,416 as important resistance for BTC.
- XRP remains in a consolidation phase, while ETH and SOL show potential to outperform BTC.
Bitcoin saw its technical position weaken in the last day as its price fell below a widely-watched moving average. This marks the first such decline since April and leaves the cryptocurrency trailing other major tokens, including Ether, XRP, and Solana.
In recent trading, Bitcoin dropped more than 1% over 24 hours, briefly hitting a low of $109,172. Analysts report that Bitcoin has fallen under its 100-day simple moving average (SMA)—a common indicator of overall momentum and possible support. At the same time, Bitcoin has dipped below the Ichimoku cloud, a technical measure often used to assess shifts in market trends.
The move below the 100-day SMA and Ichimoku cloud has confirmed a bearish setup. This comes after Bitcoin broke the upward-sloping trendline that has held since April and posted several consecutive negative readings on the longer-duration MACD histogram, a tool for tracking trend strength. According to analysts, this pattern is similar to what happened in February before Bitcoin fell to $75,000. The next important level to watch is $105,390, based on the 38.2% Fibonacci retracement from the rally between April and July. Additional support sits at the 200-day SMA, near $100,928. For Bitcoin to break the current negative momentum, prices need to climb above $117,416, a recent lower high.
XRP, Ether, and Solana have held above their respective 100-day SMAs. XRP continues trading within the Ichimoku cloud, which analysts describe as a “zone of uncertainty” where neither buyers nor sellers control the price. This indicates a lack of clear direction for the token.
Both Ether and Solana trade above their support zones and remain outside the Ichimoku cloud. Analysts suggest these factors could position each to perform better than Bitcoin and XRP during a market upswing. For additional details on market trends and options strategies, read more here.
Key resistance for Bitcoin stands at $111,592, $117,416, and $120,000, while support levels to watch are $105,390, $100,928, and $100,000.
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