The ripples in the crypto sphere continue as the Federal Reserve indicates that the regime of interest rate hikes may persist until 2024—a move that initially sent Bitcoin and altcoins to plummet further. Yet, the resilience of the market is quite remarkable, as shortly after this initial sell-off, United States equities markets began climbing from their intraday lows. Confidence and uncertainty continue entangling in the crypto sphere, with traders constantly hypothesizing future market movements.
In a unique perspective, Pantera Capital holds the belief that the price action of Bitcoin (BTC) will stay on track with its previous halving cycles, predicting a potential rise to $35,000 by April 2024. Following this, Bitcoin might soar to $148,000. Despite this optimistic prediction, skepticism lingers. Are bears going to leverage their selling pressure and force the price below respective support levels in Bitcoin and altcoins?
Bitcoin has seen a few rejections from the overhead resistance at $26,833, implying sustained selling by bears, leaving the price boxing in between $26,833 and $24,800. If the price tanks below $24,800, it could trigger the stops of numerous traders, potentially leading to a string of sell-offs that might thrust the BTC/USDT pair to the pivotal support at $20,000.
Ether (ETH), like Bitcoin, faced its own challenges with bears defending the $1,700 level robustly. The RSI in oversold territory and the downsloping moving averages indicate bearish control. However, the flip side of the situation suggests that bulls could be plotting their counter-attack, attempting to drive the price above the moving averages and into the safer zone.
Across the diverse mix of altcoins, performance varies. Binance Coin (BNB) faced resistance at $220, potentially shifting this level into a resistance point. The bears are likely to attempt a price push towards the psychological support at $200—an important defensive line for the bulls to guard. A breach of this support could see the BNB/USDT pair fall to the next significant support at $183.
The narrative for other altcoins, including ADA, SOL, DOGE, XRP, MATIC, DOT, and TON, is more or less the same —a battleground between the bears and the bulls. Bulls need to defend important support lines and push the price over the 20-day EMA to signal strengthening, while bears intend to break these supports to maintain their dominance.
Intriguingly, TON is attempting to form a base, resulting in an inverse head and shoulders pattern, promising a possible upward trend if the price trumps $1.53. On the downside, if the price plummets, it might suggest unyielding sellers.
Amidst the whirlpool of bearish and bullish tendencies, one fact remains certain: In the crypto sphere, volatility reigns supreme. Although risks abound, the potential rewards are equally enticing, making the arena a thrilling hotbed of activity.