Analysts are observing that Bitcoin is facing rejection from a critical resistance zone. This movement has led to a short-term bearish divergence, suggesting potential downward pressure. Additionally, Ethereum and Solana are facing similar challenges as they struggle to maintain upward momentum.
Despite the short-term pullback, there has been a significant inflow into Bitcoin ETFs, particularly from major players like BlackRock. On Wednesday alone, BlackRock saw an inflow of over $872 million, contributing to a total of nearly $900 million in spot Bitcoin ETF inflows. This suggests strong institutional interest in Bitcoin, even amidst current price challenges.
According to analyst Josh of Crypto World, currently, Bitcoin is encountering resistance between $72,000 and $74,000. A pullback in this range was anticipated, and while support levels exist around $66,700 to $68,300, further drops could see Bitcoin testing support around $65,000.
Longer-Term Bullish Outlook
Despite the short-term bearish signals, the longer-term trend remains bullish. The four-day Bitcoin chart recently confirmed a bullish flip in the super trend indicator, suggesting potential upward momentum. As long as Bitcoin holds above $65,000, the bullish cup-and-handle pattern remains intact.
Ethereum (ETH) is currently trading in a sideways range, showing a neutral stance on larger time frames. In this Ethereum price prediction, ETH faced rejection at the $2,700 to $2,800 range, confirming this area as strong resistance. Currently, support is between $2,550 and $2,580. If it drops below this, the next support area is around $2,440 to $2,475. Falling below $2,440 could indicate a bearish trend, potentially pushing prices down from $2,280 to $2,320.
Solana (SOL) is also facing resistance, specifically between $183 and $187, which it recently rejected. In terms of Solana price prediction, the support is currently in the range of $159 to $163. A drop below $159 would be a bearish signal. While the larger trend remains bullish with higher lows and highs, a bearish divergence on the RSI suggests potential for a short-term pullback.
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