.png){kind=logo}
Bitcoin bounced back alongside the broader digital assets, as the cumulative crypto market cap rose 3.29% to $3.91 trillion. Almost 95% of the 100 largest cryptocurrencies recorded positive gains as investors returned to purchasing after a turbulent week.
After opening at $113,000, Bitcoin price increased by 3.1% and surged above $150,000. The key support now holds at the range of $110,000 to $114,000, and immediate resistance is at $117,000 to $120,000.
Technical indicators suggest consolidation, rather than a clear bullish breakout. Bitcoin is in a neutral position with a Relative Strength Index (RSI) value of 52. The Average Directional Index(ADX) is equal to 18, which means that there is no strong directional trend. Although the bounce occurred, the momentum is still wary.
Short-term optimism is based on the fact that the 50-day exponential moving average of Bitcoin recently traded above the 200-day average, an indication of a bullish trend often seen by traders. However, the difference between these averages is decreasing, raising concerns about the ‘death cross’, a situation where the shorter-term average drops below the longer-term one. This event is typically viewed as bearish.
On the prediction market platform Myriad, for example, traders bet on a 46% probability that Bitcoin will settle at $125,000, before falling to $105,000. This suggests a decline in confidence compared to the previous time in September, when bullish bets were more common. Despite the bounce, however, sentiment suggests that buyers are cautious until stronger momentum is established.
Solana saw a rise of $217, but the setup on Solana is showing increasing accumulation. Over the past 24 hours, SOL gained 5%, making it the top-performing asset among the top 10 cryptocurrencies in the same period. The coin opened at $208 and moved upward to $217, surpassing the $211 mark, and maintaining a market capitalization of more than $115 billion.
The RSI for Solana is at 47, which is slightly bearish but recovering from the bearishness of last week. Its ADX reading of 27, and prices holding above the 50-day and 200 Day EMAs, suggests bulls still have the edge. Immediate resistance is located at $220, with stronger resistance at $230. Market focus is now on upcoming SEC decisions regarding Solana ETF applications, with analysts projecting a high likelihood of approval.
