Bitcoin Below 100-Day SMA; ETH, SOL, XRP Hold Up
Bitcoin fell below its 100-day SMA for the first time since April, signaling a bearish shift in momentum. The price also dropped beneath the Ichimoku cloud and violated the April-July trendline, mirroring the February breakdown that preceded a deeper sell-off. Traders will watch support at $105,390 (38.2% Fibonacci retracement) and the 200-day SMA near $100,928, with resistance at $111,592 and the recent high of $117,416. In contrast, ETH, SOL and XRP remain above their 100-day SMAs. Ether and Solana also sit above their Ichimoku clouds, suggesting relative strength. XRP trades within the cloud, indicating consolidation. A risk-on move could see ETH or SOL outperform Bitcoin. This technical analysis offers crypto traders clear levels to monitor for potential reversals or continuation.
Bearish
Bitcoin’s breach of the 100-day SMA and fall below the Ichimoku cloud mark a clear bearish technical shift. Historically, a similar breakdown in February preceded a deeper decline toward $75K, underscoring the risk of further losses. Short-term traders may see limited upside until Bitcoin reclaims the lower high at $117,416 and moves above the 100-day SMA. Failure to hold support at $105,390 or the 200-day SMA near $100,928 could accelerate selling pressure. However, ETH and SOL’s positions above their SMAs and clouds suggest altcoins could outperform in a risk-on scenario, drawing capital away from Bitcoin. In the long run, persistent bearish signals may challenge Bitcoin’s dominance and encourage rotation into stronger altcoin setups. Overall, the current technical landscape points to a cautious, bearish bias for Bitcoin, with potential opportunities in altcoins exhibiting relative strength.