[Analysis] "Bitcoin (BTC) likely to move sideways for now... XRP and LTC defending support levels"
Summary
- Bitcoin is expected to move sideways between $99,000 and $74,000.
- While some altcoins are showing weakness, XRP and Litecoin (LTC) are doing well at defending their support levels, according to the analysis.
- Bitcoin price continues to rebound, but a full-fledged recovery will need more time, according to the analysis.
Bitcoin (BTC) is likely to move sideways for the time being, while XRP and Litecoin (LTC) are showing relatively strong defense at their support levels, according to a new analysis.
According to cryptocurrency media The Daily HODL on the 1st, prominent crypto analyst Crypto Bull stated through X (formerly Twitter), "Bitcoin and some altcoins are showing weakness as they temporarily give up short-term support lines, but XRP and Litecoin (LTC) are noteworthy for maintaining their support levels despite the downward market."
The analyst said, "Bitcoin has been continuing its rebound after touching $79,000," but added, "I believe Bitcoin is likely to move sideways between $99,000 and $74,000 for several days to consolidate its base. A full-fledged rebound will come afterward."
Bitcoin's price is currently trading at $85,124 as of 5:38 PM on Binance's USDT market, up 7.94% compared to the previous day.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
