Bitcoin (BTC) Reclaims $100,00 Level, Targeting a New All-Time High

For the first time in over three months, Bitcoin has reclaimed the $100,000 level, rallying towards a new all-time high. Along with it, major cryptocurrencies have surged from their recent lows to new highs.

This surge is driven by a reduction in tariff tensions between China and the United States, softer inflation numbers, and overall positive macroeconomic conditions.

In the previous trading session, following a sharp rally, major cryptocurrencies experienced a slight price correction due to profit booking. Also, Bitcoin tested the $105,000 level, while Ethereum rallied toward the $2,750 resistance level.

At the time of writing, Bitcoin trades at $1,04,058, reflecting a 0.2% up, Ethereum at $2,620, with an upside of 3.3%, and Solana trading around 3.5% up at $180.9 over the past 24 hours.

In this overview, we will analyse the key technical levels and trend directions for Bitcoin, Ethereum, and Solana to monitor in the upcoming trading sessions. All charts mentioned below are based on the 15-minute timeframe.

Bitcoin Chart Analysis & BTCUSD Price Action

Bitcoin is holding strongly above the $1,00,000 level in the previous trading sessions, which is a few levels away from the all-time high. It is currently trading around $1,04,100 with a first level of support at $1,03,443. If the price manages to break this level, we can see a downfall to the next support at $1,02,817, and a decline in price below this level will push the price to fall to the price level at $1,01,441.

On the upside, we can see in the chart that the first level of resistance is at $1,04,083, followed by the next resistance at $1,04,860 and $1,05,825. If the price manages to break above this level, we can observe a good price movement upside. As the 1st resistance level is broken, we can observe the strong bullish movement.

Ethereum Chart Analysis & ETHUSD Price Action

Ethereum has been rallying in the past week consistently with a strong bullish momentum. It is currently trading at $2,620. If the price manages to break below the first level of support at $2,583, we can observe the price moving towards the next price level at $2,499 and $2,415. Also, if price manages to break these levels, we can observe a further downside.

On the upside, we can see resistance to the price action at levels $2,673, $2,723, and $2,860. If the price of Ethereum manages to break the first level of resistance, we can see an upside price movement to the next level of resistance, as shown in the chart.

Solana Chart Analysis & SOLUSD Price Action

With a strong bullish momentum, Solana is currently trading higher with its strong technical strength. The coin is presently priced at $180.4. If the price manages to break the first level of support at $177.9, we can see a bearish trend. The next level of support is observed at $174.8. If the price fails to hold this level, we can observe a free fall to the next support to 166.1.

On the upside movements, we can observe key resistance levels at $181.7, $184.8 and $189.8. If price manages to break the first resistance levels, we can observe further price movements to the next resistance levels.

Trade setup Summary

Currently, the cryptocurrency market is experiencing a sideways trend and a short correction due to profit-taking after a strong rally. If the price of the cryptocurrency successfully breaks through these resistance levels, we can anticipate a stronger upward trend to a sideways trend in the upcoming trading sessions. However, if the resistance levels remain intact, the market may shift into a bearish trading session.

Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points. For more news updates, visit Trade Brains.