Bitcoin price experienced a mild correction after reaching above $35,000, but this does not signal a trend change. Traders are gearing up to buy any significant dips as they view them as buying opportunities. Strong support levels could act as potential places for buyers to step in and prevent further decline.
MicroStrategy founder Michael Saylor believes that the current level is an ideal entry point into Bitcoin for traders with a 12-month to 48-month time horizon.
Bitcoin’s weakness has also affected altcoins, but the important support levels for these cryptocurrencies vary.
Ether faced strong selling at higher levels and needs to overcome the resistance at $1,865 to start a rally towards $2,000.
BNB is stuck between $223 and $235, with the path of least resistance being to the upside if bulls can break above $235.
XRP is facing resistance near $0.61, but if bulls can push through, the rally could extend to $0.75 and $0.85.
Solana reached near its target objective at $48 but faced profit booking, and a break below $38.79 could indicate an end to the up-move.
Cardano bounced back from the 20-day EMA and aims for $0.38, but a break below $0.30 could signal rejection of higher levels.
Dogecoin rebounded off the 20-day EMA, and if bulls can push above $0.07, the pair may attempt a rally to $0.08.
Toncoin faced strong resistance at $2.31, and a break below the moving averages could result in a range-bound movement between $1.89 and $2.31.
Chainlink continues to face resistance near $11.50, and a slide below the 20-day EMA may lead to a retest of $9.50.
Polygon’s rally lacks momentum, and bulls need to clear the hurdle at $0.70 for further upside potential.
In summary, while Bitcoin’s price lost its upward momentum, traders are preparing to buy significant dips. Altcoins are also facing resistance levels, and their support levels vary.
