NEW YORK / LONDON (IT BOLTWISE) – Cryptocurrency markets are showing signs of recovery as Bitcoin and other leading altcoins attempt to overcome key resistance levels. Analysts closely monitor price movements to get clues about future trends.
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Cryptocurrency markets are once again in focus as Bitcoin and other leading altcoins attempt to recover from recent declines. Bitcoin, seen as a barometer for the entire market, is struggling to overcome the $112,000 mark as analysts expect consolidation that suggests a possible continuation of the uptrend. Galaxy Digital CEO Mike Novogratz expressed optimism and expects Bitcoin to remain in a range between $100,000 and $125,000 before another price increase occurs.
Ether, the second largest cryptocurrency by market capitalization, is also showing signs of recovery. The bulls are trying to push the price above the 20-day EMA, which could indicate a possible continuation of the upward move. If successful, Ether could rise towards the 50-day SMA, indicating stabilization within the current channel.
Binance Coin (BNB) is also showing similar momentum, with bulls attempting to push the price above the 38.2% Fibonacci retracement level. A successful breakout could pave the way for further gains, while a failure could lead to a retest of the support at $1,000.
Solana and Cardano, two of the most promising altcoins, are also in the spotlight. Solana could see a surge towards the resistance line if it breaks above the 20-day EMA, while Cardano attempts to stabilize above the $0.60 level. Both cryptocurrencies could benefit from positive market sentiment supported by institutional interest and technological advancements.
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