Bitcoin
What’s next for these top cryptocurrencies?
Crypto World Analyst Josh said Bitcoin price is now issuing a new short-term signal that requires attention and Ethereum is rejecting key resistance after bouncing back from key support. As soon as the new CPI numbers were released, showing 3.3% year-over-year inflation, Bitcoin saw a rapid increase in price.
This was followed by Federal Reserve Meeting, where they decided to keep interest rates unchanged. However, the Fed has hinted at fewer rate cuts later this year, potentially just one, rather than the two or three cuts many had expected. This led to a “buy the rumor, sell the news” scenario: upbeat CPI numbers caused an initial boost, but the Fed’s more cautious stance on rate cuts led to a retracement of those gains.
What’s next for Bitcoin?
The analyst noted that recent events had a negative impact Bitcoin Price. Currently, Bitcoin charts show a period of consolidation in the short term, while maintaining a larger uptrend in longer time frames.
Furthermore, Bitcoin is forming an inverse Head and Shoulders pattern, a bullish indicator depending on the break above the $71.7K to $74K resistance levels. The potential target for this breakout is around $86K to $87K.
Support for Bitcoin is currently at $67K-$68K, with resistance between $72K-$74K, leading to a neutral outlook while the price remains in this range.
What’s next for Ethereum?
The analyst then said that in the short term, Ethereum recently reclaimed the 38.2% Fibonacci support level at around $3,480 in logarithmic settings. Below this level, 50% retracement support is at approximately $3,340, and golden pocket support is between $3,170 and $3,220.
On the 8-hour ETH to USD chart, Ethereum Price mirrored Bitcoin stock jumping from around $3,450 but is now facing resistance in the gold pocket area between $3,600 and $3,650. If ETH breaks above $3,650 with confirmed candle closing, further resistance is expected between $3,800 and $3,900.
What’s next for Solana?
Moving on to Solana, he said the coin is showing similar prices to Ethereum. Solana has bounced almost perfectly from the support area between $140 and $144, specifically around $145. It is now encountering strong resistance at $160, which has been a significant support and resistance level in the past. If Solana Price Breaks out and closes above $160, the next resistance zone is between $170 and $175. However, as long as Solana remains between this support and resistance, it is likely to continue trading in an unstable sideways range in the near term.