Following a historic peak at $73,777, Bitcoin (BTC) experienced a sharp decline to $64,500, indicating a potential weekly drop of about 1%. This price action represents a significant retraction from the record high. Analysts observe critical support and resistance levels that could determine the near-term market trajectory for Bitcoin and two notable altcoins.
Bitcoin’s Bull and Bear Tug-of-War
After its recent peak, Bitcoin retracted below a pivotal rising channel pattern. As bulls strive to stabilize the decline at the 20-day exponential moving average (EMA), they’re encountering resistance at the pattern’s breakdown point. Should the cryptocurrency further weaken, it risks falling to $59,000 and potentially approaching the 50-day simple moving average (SMA). Bulls, however, could regain control if they manage to lift Bitcoin back within the channel, setting sights on a potential push toward the $80,000 region. Market indicators present mixed signals, with a bearish moving average crossover counteracted by a rising relative strength index (RSI), pointing to diminishing selling pressure.
Altcoins Aptos and Render Test Key Levels
Aptos (APT) also saw a decline from $15.70, but maintained support at the 20-day EMA, with the potential to escalate to $18.69 if bullish momentum persists. In contrast, a drop below the 20-day EMA could signify a broader correction phase, with price possibly oscillating between $15.81 and $12 in the near term. A breakout above this range could herald a bullish trend, while a descent below $12.92 might initiate further decline.
Render (RNDR) experienced a correction to the 20-day EMA but maintained support, suggesting a positive market sentiment. Overcoming resistance at $12.78 could lead to a surge up to $16.81. Alternatively, a fall below the $12 support level might precipitate a sale off towards the 50-day SMA, indicating waning confidence among investors.
These analyses provide traders with key levels to monitor as Bitcoin and select altcoins navigate volatile market conditions, with the potential for significant price movements based on the interactions with critical support and resistance thresholds.