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Bitcoin traders eye a re-test of resistance at $108,000, a daily candlestick close above this level could drive a potential breakout past the all-time high at $111,980. $BTC should hold steady above $108,000 to end the ongoing consolidation. Institutional capital flows and relatively high correlation with $BTC is likely to catalyze gains in top altcoins.
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Bitcoin
Bitcoin ($BTC) is trading 5% away from its all-time high. The $108,000 is a key resistance for $BTC and once the crypto sees a daily candlestick close above this level, a re-test of $111,980 is likely.
On the $BTC/$USDT daily price chart key support levels are $106,290, $104,600 and $103,000. Resistance levels are the all-time high at $111,980 and the 127.2% Fibonacci retracement level at $122,172.
Derivatives data shows that more long positions were liquidated relative to shorts, in the last 24 hours. Long/short ratio is less than 1, meaning than traders expect further correction in Bitcoin before a recovery in the crypto.
Bitcoin price action and the recent geopolitical events have turned traders less bullish than yesterday, however it is “greedy” on the Fear & Greed Index, meaning there is risk appetite among market participants.
The $15 billion options expiry is another factor that could influence Bitcoin and altcoin prices over the weekend and next week. Typically a large volume options expiry induces volatility and Bitcoin could observe downward price swings. However, Bitcoin recovers the following week riding on consistent demand across spot exchange platforms.
The $106,000 support remains pivotal for Bitcoin. A drop under this level could induce further downside volatility in the largest crypto token.
Ethereum
Ethereum ($ETH) hovers around the $2,400 level, 12% below key resistance at $2,743. The $3,000 is another key resistance and a psychologically important level for Ethereum. Catalysts like $ETH treasury allocation and institutional capital flows have failed to push Ether price higher.
A 30% rally from the current price could push Ethereum to test resistance at R1, $3,200. Another key resistance is R2, $3,600.
Important support levels are marked by Fair Value Gaps on the $ETH/$USDT daily price chart, and at $2,111 and $1,850.
Ripple’s CTO David Schwartz recently said that the company plans to have a structure similar to Ethereum, for $XRP. As the largest altcoin is the token of the decentralized web’s infrastructure chain, $XRP is the native token of the XRPLedger and could become the underlying asset for the blockchain-based payment mechanism of Ripple.
$XRP
$XRP/$USDT daily price chart shows likelihood of gains in the altcoin. As Bitcoin hovers above $107,000 on Friday, it is likely that $XRP rallies alongside the token. Key support and resistance levels are S1, S2 at $1.9083 and $1.7700, and R1 at $2.2524 and $2.6549.
The psychologically important $3 level is key to the altcoin. Technical indicators on the daily timeframe support gains in $XRP.
Sei
$SEI could gain nearly 14% and test resistance at $0.3359. Support at the upper and lower boundaries of the FVG at $0.2465 and $0.2650 is key to $SEI’s price trend. The token is currently consolidating under R1 at $0.3359.
RSI reads 66, meaning above neutral and MACD flashes green histogram bars above the neutral line.
Aptos
Aptos ($APT) is trading above the $5 support level, at $5.142 on Friday. The token could collect liquidity at S1, at $4.644. The $APT/$USDT daily price chart shows signs of further gains in Aptos. RSI reads 58 and is sloping upwards, and MACD flashes green histogram bars above the neutral line.
Nearly 17% rally could push $APT to test resistance at R1, $6. The next key resistance is R2, at $7.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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