• Bitcoin is trading near $31,000 and institutional investors are positive about its prospects.
• Altcoins such as ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC and DOT are struggling to break their overhead resistance barrier.
• Key support levels to watch out for include the 20-day EMA of $29673 for Bitcoin and the $2000 level for Ether.
Price Analysis: Bitcoin (BTC), Ethereum (ETH) & Other Top 10 Cryptocurrencies
Bitcoin continues to trade near $31,000 which makes it an important resistance level to watch out for in the short term. Some analysts believe that the current consolidation could result in an upside breakout in Bitcoin. CoinShares head of research James Butterfill said in a recent report that 98% of all digital asset inflows of $334 million went into Bitcoin-related products.
Key Support Levels
The 20-day exponential moving average (EMA) of $29673 is the important level to watch out for on the downside if BTC rebounds off this level it will suggest that bulls are buying dips and could lead to breaking above the overhead zone of $31000-$31432 with a possible rise up to $32400 where bears may pose a strong challenge again. On Ethers side its key support lies at $2000 as bears have actively guarded this area against any potential breakouts from happening yet.
The crypto markets are likely to be influenced by US inflation figures and Federal Reserve’s monetary action over the next few weeks adding further uncertainty making market participants stay cautious.
Bullish crypto traders are struggling against bearish pressure as they attempt to clear overhead barriers in various altcoins while BTC remains just below major resistance at around 31k USDT. Key support levels have been identified so far but due macroeconomic uncertainty caution should still be applied when making trading decisions.