Bitcoin (BTC) has been consolidating above $35,000, but the bulls have struggled to push the price above $38,000, indicating hesitation to buy at higher levels.
Multiple analysts believe Bitcoin will enter a correction in the near term, with a worst-case scenario projecting a drop to $30,000. However, this is unlikely to start a bear phase.
Altcoins like SOL, LINK, NEAR, and THETA are showing signs of resuming their uptrends as Bitcoin takes a breather.
Solana (SOL) fell below the breakout level of $59 but found support, indicating that selling pressure is drying up at lower levels. If the price climbs back above $59, it may resume its uptrend.
Chainlink (LINK) is finding support at the 20-day EMA and may attempt to push higher towards the local high of $16.60. A break above this level could start the next leg of the uptrend.
Near Protocol (NEAR) rose above the resistance level of $1.72, suggesting a potential trend change. The bulls may target $2.40 if they can clear the minor resistance at $2.
Theta Network (THETA) is finding support at the 20-day EMA and may face resistance at $1. If this level is conquered, the pair could rise to $1.05 and later to $1.20.
Summary:
– Bitcoin is consolidating above $35,000 with resistance at $38,000.
– Altcoins like SOL, LINK, NEAR, and THETA are showing signs of resuming their uptrends.
– SOL may resume its uptrend if it climbs back above $59.
– LINK is finding support at the 20-day EMA and may attempt to break above $16.60.
– NEAR rose above $1.72, indicating a potential trend change.
– THETA is finding support at the 20-day EMA and may face resistance at $1.
