Market Turmoil Follows Bitcoin's Failed Breakout

Bitcoin's rally stalled at $109,588 this week, triggering a 5% pullback to $104,000 as traders locked in profits. The retreat coincided with 【$347 million】 in net outflows from US spot Bitcoin ETFs - the first negative movement since May 13. Analysts suggest this consolidation phase could precede another major upward move, with Derive founder Nick Forster calling it "a healthy pause" in the current market cycle.

Technical Outlook for Major Cryptocurrencies

Market watchers identify critical support levels that may determine short-term trajectories:

Bitcoin's Pivotal Juncture

The BTC/USDT pair now tests its 20-day EMA at $105,485. A breakdown could see prices retreat to the psychological $100,000 support zone, where buyers are expected to mount strong defense. Conversely, holding this level might set the stage for another assault on the $111,980 resistance.

Ethereum's Make-or-Break Moment

ETH faces a crucial test at its uptrend line near $2,500. The ascending triangle pattern remains valid, with a breakout above $2,738 potentially propelling prices toward $3,153. However, failure to hold the 20-day EMA could trigger a deeper correction to $2,100.

Altcoins at Critical Supports

Several major altcoins approach decisive technical levels:

• XRP battles to maintain $2 support after slipping below its 50-day SMA

• BNB's ascending triangle pattern hinges on the $661 support holding

• SOL faces a binary outcome between $153 support and $180 resistance

• DOGE's breakdown below $0.21 opens the door to $0.16-$0.14 range

Long-Term Bullish Signals Remain

Despite short-term uncertainty, analysts maintain optimistic projections. ——Trading account Stockmoney Lizards predicts Bitcoin could reach $200,000 in 2025——, with potential extension to $250,000 the following year. The current pullback appears consistent with historical patterns during bull market corrections.

Trader Strategies for Volatile Conditions

Market participants suggest these approaches:

1. Scaling into positions at identified support levels

2. Setting tighter stop-losses below key technical markers

3. Monitoring ETF flow data for institutional sentiment cues

4. Watching Bitcoin dominance for altcoin rotation signals

As the market digests recent gains, the coming days may determine whether this represents a healthy consolidation or the start of deeper correction. All eyes remain on Bitcoin's ability to hold critical support levels that could dictate broader market direction.