Bitcoin Tests ₱4,453,656 ($74,500) Resistance as Analyst Warns of ₱3,586,837 ($60,000) Retest
Material Indicators cofounder Keith Alan warned in a video analysis that Bitcoin remains in a bear market and may retest support near $60,000, even as recent ETF inflows and corporate buying have strengthened long-term holder sentiment.
Key Takeaway
Bitcoin's $74,508 resistance level will decide if the bull market continues or retests $60,000 support.
Bitcoin rallied to $74,508 on Monday, testing a resistance level that could determine whether the crypto bull market continues.
Material Indicators cofounder Keith Alan warned in a video analysis that BTC remains in a bear market and may retest support near $60,000. Bernstein told Cointelegraph in a Monday research note that sustained inflows into BTC ETFs and steady corporate buying by companies such as Strategy have strengthened Bitcoin's long-term holder base, contributing to a more stable market structure during periods of stress. US spot BTC ETFs recorded five straight days of inflows last week, while data from Santiment showed wallets holding between 10 and 10,000 BTC have started accumulating.
A close above the $74,508 level would complete a bullish ascending triangle pattern, opening the gates for a rally to $84,000. The 20-day EMA sits at $70,028, providing support if bulls fail to push through resistance.
Ethereum broke out Sunday from its $1,750 to $2,111 consolidation range. The move sets up upside targets at $2,600 and $3,450, but the 20-day EMA at $2,072 is now critical support. If that level breaks, ETH could slide to $1,916.
BNB closed above $670 resistance on Sunday, with the 20-day EMA at $646 now acting as critical support. Bulls are targeting $730 and $790 on the upside. A breakdown below the 20-day EMA would trap BNB in a range between $570 and $670.
The S&P 500 Index turned down from its 20-day EMA at $6,799 on Tuesday. A break below $6,550 could trigger a deeper correction to $6,350, while the US Dollar Index reached $100.54 resistance on Friday with upside targets at $102 and $103.54.
This article was written based on reporting from Cointelegraph.
