Market Analysis by Investing.com (Günay Caymaz) covering: Bitcoin, XRP, BNB, Solana. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
As the negative outlook in Bitcoin persists, the cryptocurrency is trying to hold onto its short-term support.
As the market digests recent economic data and assesses the potential impact on the Federal Reserve's monetary policy, Bitcoin's price trajectory will likely be influenced by these factors.Technically, Bitcoin rebounded to the $62,000 level after bottoming out at $49,500. This recovery corresponds to the Fib 0.618 level from the recent decline, with the key resistance zone at this point limiting further gains.
To reverse the momentum, Bitcoin needs to break into the $59,000 region today. Early in the day, buying interest emerged around $57,300. If this buying continues and the uptrend is reclaimed, the next move in weekend trading could target the resistance area between $60,000 and $62,000. A weekly close above this zone would pave the way for an accelerated recovery next week.Since April, SOL has consistently tested a key support level around $128.
Currently, the nearest support is approximately 5% below the current price, while the potential target is about 15% above at $165, suggesting a 1:3 risk-return ratio with a stop-loss just below $138 for short-term trades. For short positions, targeting $128 as a take-profit level with a stop-loss at $150 offers a 10% return target and a 4% risk.BNB, which has been moving within a bearish channel since March, recently experienced heightened volatility.
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