Market Overview: Bitcoin Tests Key Resistance

Bitcoin's recent rebound faces a critical test at the $120,000-$123,218 resistance zone, with analysts divided on whether bulls can sustain momentum. The flagship cryptocurrency currently trades above the crucial $116,900 level — identified by Glassnode as the cost basis for recent buyers — which serves as a make-or-break threshold for market direction.

Ethereum Leads Altcoin Charge

Ether (ETH) has broken through the $3,745 barrier, signaling potential strength in altcoins. Crypto trader Michaël van de Poppe suggests this move could precede 【200%-500% gains】 for select altcoins within 2-4 months. The ETH/USDT pair now eyes the $4,094 resistance level, where significant selling pressure may emerge.

Technical Snapshots of Major Cryptos

Bitcoin (BTC): The daily chart shows BTC testing a descending trendline. A breakout could target $135,000, while failure may trigger a pullback to $110,000. The 50-day SMA at $113,111 provides immediate support.

Ethereum (ETH): After clearing $3,941, ETH faces its next test at $4,094. Sustained buying could propel it toward $4,868, though consolidation between $3,400-$4,000 remains possible.

Altcoin Performance Highlights

XRP: The token rebounded from $2.95 to challenge the 20-day SMA at $3.15. A break above $3.66 could signal renewed strength, while failure risks a retest of support levels.

Solana (SOL): Holding above the 50-day SMA ($163), SOL now targets the 20-day SMA ($178). The $155-$163 zone remains critical support.

Emerging Tokens to Watch

Hyperliquid (HYPE): Currently testing moving averages near $36. A breakout could signal the end of its correction phase.

Sui (SUI): The token rebounded from its 50-day SMA ($3.36) and now faces resistance at the 20-day SMA ($3.75). A breakout could target $4.30-$4.44.

Market Sentiment Indicators

——The crypto market appears poised for potential volatility—— with Bitcoin's direction likely determining broader momentum. Analysts note:

• Short-term holder behavior suggests 【$116,900】 as the key level to watch

• Altcoin strength often follows ETH outperformance

• Trading volumes remain below peak levels despite price recovery

Technical Analysis Outlook

Most major cryptocurrencies show similar patterns — testing resistance levels after rebounds from support. The coming days should reveal whether current levels represent:

1. Accumulation before breakout

2. Distribution before pullback

3. Range-bound consolidation

As of press time, the total crypto market cap stands at 【$2.38 trillion】, with Bitcoin dominance at 54.3%.

Risk Considerations

This analysis contains no investment recommendations. Crypto markets remain highly volatile, with prices capable of 【20%+ swings】 within single trading sessions. Always conduct independent research before trading.