Key points:
-
Bitcoin’s drop has resulted in net outflows from BTC ETFs on Tuesday, but buyers are likely to step in and arrest the decline near $110,530.
-
Ether bulls are trying to flip the $4,094 level into support, indicating a positive sentiment.
Bitcoin (BTC) is attempting to bounce off the immediate support near $112,000, but higher levels are likely to attract sellers. BTC’s weakness triggered net outflows of $523.3 million from the US spot BTC exchange-traded funds on Tuesday, per Farside Investors data. That suggests the institutional investors are turning cautious in the near term.
Blockchain analytics firm Santiment said in a post on X that BTC’s dip below $113,000 resulted in the most bearish sentiment on social media since June 22. The firm said the retail cryptocurrency traders have flipped bearish, but that is a good sign for patient traders as markets move in the “opposite direction of crowd’s expectations.”
BTC’s fall has pulled several altcoins lower, hurting investor sentiment. Google Trends data shows that global search interest for the term “alt season” fell to 45 on Tuesday, down from the peak of 100 on Aug. 13.
What are the important resistance and support levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC fell below the neckline of the inverse head-and-shoulders pattern on Tuesday and reached near the solid support of $112,000.
The bulls will try to aggressively defend the $110,530 to $112,000 zone. If the price rebounds off the support zone, the BTC/USDT pair could reach the 20-day exponential moving average ($116,687). A close above the 20-day EMA signals a range-bound action between $110,530 and $124,474.
Alternatively, if the price turns down from the 20-day EMA and breaks below $110,530, it indicates that the bears are selling on rallies. The Bitcoin price could nosedive to $105,000 and eventually to the psychological support at $100,000.
Ether price prediction
Ether (ETH) rebounded off the breakout level of $4,094, signaling that the bulls are trying to flip the level into support.
The ETH/USDT pair could rise to $4,576 and then to $4,788. Sellers will mount a vigorous defense in the $4,788 to $4,868 zone, but if the buyers have their way, the Ether price could…
Click Here to Read the Full Original Article at Cointelegraph.com News…