Bitcoin Tests Key Resistance as Altcoins Face Support Pressure
Bitcoin (BTC) briefly surged above $113,000 on Friday, but strong selling pressure pushed the price back below this level, as indicated by a long wick on the candlestick. According to Glassnode’s latest The Week Onchain Report, the critical resistance level to watch on the upside is $116,000. A sustained breakout above this threshold could signal the start of the next leg in Bitcoin’s uptrend.
Conversely, should Bitcoin fail to hold the $104,000 support, it risks a significant correction towards the $93,000 to $95,000 range. Alphractal CEO Joao Wedson suggested that Bitcoin’s fractal cycle might conclude in October, potentially reaching as high as $140,000 before entering a bear market in 2026 with prices possibly falling below $50,000. However, this remains speculative and contingent on market dynamics.
Ethereum Consolidates Within Narrow Range
Ethereum (ETH) has been trading sideways between $4,250 and $4,500, reflecting a balance between supply and demand. The 20-day exponential moving average (EMA) is flat and the relative strength index (RSI) hovers near neutral, indicating no clear directional bias. A move above $4,500 could reignite bullish momentum, targeting $4,664 and $4,957, while a drop below $4,250 may expose support at $4,094, with risks of a further decline to $3,745.
XRP Shows Bearish Pattern With Descending Triangle
XRP is forming a descending triangle pattern, which typically signals bearish continuation if the price breaks below the $2.73 support level. The downward sloping 20-day EMA and RSI below midpoint favor sellers. A breakdown could drive XRP toward $2.20. However, a rebound above the 20-day EMA would suggest waning selling pressure, potentially leading to a rally toward the downtrend line and higher resistance at $3.40 and $3.66.
BNB and Solana Struggle at Key Moving Averages
Binance Coin (BNB) is caught in a tug-of-war near its 20-day EMA at $848, with no clear advantage to bulls or bears. A drop below $840 may lead to a test of the 50-day simple moving average (SMA) at $816, while a decisive break above $881 could trigger a rally toward $1,000.
Solana (SOL) retreated from resistance at $210 but found support at the 20-day EMA near $198. Bulls aim to break above $218 to complete a bullish ascending triangle, targeting $240 and $260. Failure to hold the uptrend line could see SOL test $175 and $155 supports, potentially consolidating within this range.
Other Altcoins Show Mixed Signals
Dogecoin (DOGE) trades between key moving averages and a $0.21 support, with bearish momentum slightly favored. A drop below $0.21 could extend losses toward $0.19. Strength above the 50-day SMA at $0.22 is needed to revive bullish prospects.
Cardano (ADA) faces resistance at the 20-day EMA ($0.84) after failing to break higher. Support at $0.80 is critical, with risks of a further decline to the descending channel’s support line and potentially $0.68 if broken. Conversely, clearing the 20-day EMA and the downtrend line could propel ADA toward $1.02.
Chainlink (LINK) encountered selling pressure at the 20-day EMA ($23.24) and may test the 50-day SMA at $21.19. A rebound and break above $24.10 would signal weakening bearish control and open the path to $26 and $28. A break below the 50-day SMA could lead to further losses.
Hyperliquid (HYPE) bounced off its 20-day EMA ($44.78), with potential to rally to the $49.88–$51.19 resistance zone. A breakout above this zone would complete a bullish ascending triangle, targeting $64.25. Failure to maintain support could see a decline to $40 or lower.
Sui (SUI) retreated from the 20-day EMA ($3.43) but attempts to hold support at $3.26. Breaking above the 20-day EMA could drive a rally to the 50-day SMA ($3.64). Bears need to push below $3.11 to gain control, risking a drop to $2.80.
Disclaimer: This analysis does not constitute investment advice. Cryptocurrency trading involves risks, and market participants should conduct their own research before making decisions.
FinOracleAI — Market View
The current Bitcoin price action near the $116,000 resistance marks a pivotal moment that could define the short-term trend. Successful breach would likely fuel bullish momentum, but failure risks a retracement to lower support levels, impacting market sentiment broadly. Altcoins remain vulnerable as many test critical support zones, with continued selling pressure posing downside risks. Investors should monitor key technical levels closely, especially Bitcoin’s ability to hold above $110,000 and Ethereum’s range boundaries, to gauge the next market phase.
Impact: Neutral
