출처: Block Media
Bitcoin Struggles Near $116,300 Amid Stiff Resistance; Ethereum, XRP Show Mixed Signals
Bitcoin is encountering significant technical resistance as it remains range-bound near the $116,300 mark in pre-market trading on the 17th (local time). This minor dip from the previous day underscores tensions, with the cryptocurrency striving to break past the crucial $117,000 threshold.
Amid broader market fluctuations, the total cryptocurrency market capitalization stands at $4.03 trillion. The Fear & Greed Index is currently neutral at 51, indicating balanced sentiment among investors. According to CoinMarketCap data, Bitcoin (BTC) is trading at $116,300.12 with a 24-hour trading volume of approximately $49 billion. Intraday trading has been confined to lows of $114,866 and highs of $117,292.
Technical Analysis: Key Levels and Slowing Momentum
Bitcoin's critical resistance level remains at $117,500, where sustained buying pressure is needed for a meaningful breakout. However, diminishing trading volumes highlight weakening short-term bullish momentum, leaving analysts concerned about immediate price traction. Support zones are identified around $111,000 to $114,000, providing potential safety nets for the asset.
On weekly charts, a mid-term uptrend remains intact, bolstered by supportive moving averages. Yet, intraday candlestick analyses reveal bearish signals as recent breakout attempts have faltered against strong resistance, painting a mixed technical picture.
Mixed Results Across Top Cryptocurrencies
Major cryptocurrencies exhibited varied performances as market participants absorbed evolving sentiment. Ethereum (ETH) fell marginally by 0.07% to $4,506, while XRP (XRP) slipped by 0.43%, now trading at $3.03.
Altcoins demonstrated mixed action:
- Solana (SOL) climbed 0.47%, reaching $235 and registering recovery momentum.
- Dogecoin (DOGE) eased 0.31%, holding onto impressive weekly gains exceeding 10%.
- Cardano (ADA) saw a minor dip of 0.16%, trading at $0.8729, reflecting underlying weakness.
In contrast, Binance Coin (BNB) outperformed, soaring 2.47% to $953, showcasing robust bullish strength. Avalanche (AVAX), however, edged lower to $29.85, while Stellar (XLM) declined to $0.3877, extending weaker trends among select altcoins.
Selling Pressure Mounts Despite Mid-Term Stability
Indicators highlight intensifying short-term selling pressure for Bitcoin, as evidenced by bearish candlestick patterns on 4-hour charts. Stiff resistance above current levels continues to suppress upward momentum.
Technical indicators present a nuanced picture of market strength:
- The Relative Strength Index (RSI) and Stochastic Oscillator signal weakening momentum.
- The Moving Average Convergence Divergence (MACD), however, retains a bullish stance, suggesting robustness in a longer view.
- Key moving averages, including the 10-day and 50-day averages, remain comfortably below the current price, indicating resilience in the mid-term uptrend.
Analysts assert that if Bitcoin can maintain support within the $115,200 to $115,500 zone, a rebound may be possible. A breakout supported by increased trading volume above $117,500 could open pathways to further gains, potentially driving prices beyond $120,000 in the near future.
The Federal Reserve’s Rate Decision: A Market Catalyst
The Federal Reserve’s upcoming interest rate decision presents a critical factor influencing sentiment in the cryptocurrency landscape. Current assessments indicate a 96% probability of a 25-basis-point rate cut, which could fuel short-term optimism for risk assets, including Bitcoin.
However, caution looms ahead of Federal Reserve Chair Jerome Powell’s press conference. Uncertainty regarding the trajectory of future monetary easing or signals pointing toward additional rate cuts may trigger volatility, influencing market conditions.
While diminishing trading activity points to fragile short-term dynamics, institutional demand and long-term holders (HODLers) remain instrumental in defending Bitcoin’s price floor.
Outlook: Watching Technical Levels and Institutional Activity
As traders and investors await decisive market signals from the Federal Reserve, the focus remains on Bitcoin’s technical levels and trading volume fluctuations to gauge its near-term trajectory. Sustained momentum above critical resistance or clarity on dovish monetary policies could act as potential catalysts for upside movement.
Even amidst current pressures, the cryptocurrency market continues to exhibit resilience, bolstered by robust institutional involvement and long-term holding behavior.
