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Jakarta, Pintu News – The crypto market currently appears weak as major coins struggle to climb higher. Bitcoin (BTC) and major altcoins such as Solana (SOL), XRP (XRP), BNB Coin (BNB), Dogecoin (DOGE), and Cardano (ADA) are all testing important support levels. If these levels are broken, volatility could increase in the next few days.
For Bitcoin, the $65,000 level is now the main focus. There is considerable liquidity below the current price, so the area is a potential short-term target. At the same time, prices are trending down while open interest is rising.
This means that more and more leveraged positions are open with no apparent price movement. Under these conditions, the market often drops first to “clean up” liquidity before determining the next direction.
Clay, a crypto analyst and YouTuber, shares his views on market conditions. He said that no one really knows where Bitcoin will go next, but panicking and selling at the lowest levels is a mistake.
“You should buy at the bottom and sell at the top,” he said.
Read also: Bitcoin Plunges 50%, Here’s a List of Grayscale’s Favorite Crypto to Rebound: ETH, SOL, LINK & More
Recent analysis suggests that Bitcoin could test the area between $54,000 to $60,000. Technical charts indicate selling pressure, but the moving average around $57,000-$58,000 has previously served as support several times.
Bitcoin also recently bounced off this area, which could be a sign that a bottom is starting to form.
Overall, Clay believes that Bitcoin and some of these major altcoins could make a significant comeback in the coming months.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.
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