bitcoin recently encountered resistance at the $110,000 threshold, prompting a pullback to around $108,000. This reset could present opportunities for altcoins such as BNB, SOL, LINK, and AAVE to rally higher in the upcoming weeks.
Analysts are observing that bitcoin's bounce off moving averages may enhance sentiment. If positive trends continue, we could see BNB, SOL, LINK, and AAVE break through their respective overhead resistance levels.
Daan Crypto Trades stated on X that a close above $110,000 would signify strength for bitcoin; however, a drop below $108,000 might intensify the correction phase.
There is speculation that U.S. President Donald Trump's proposed “Big Beautiful Bill” could serve as a catalyst for bitcoin's movement, echoing historical trends where U.S. borrowing increases have positively impacted bitcoin prices.
For instance, bitcoin surged approximately 38% following the COVID-19 spending bill signed in late 2020.
While many analysts maintain a bullish outlook on the 's trajectory, caution is advised as Rekt Capital warns that the current bull may only last another two to three months if it mirrors 2020 patterns.
bitcoin Analysis
Buyers attempted to push bitcoin above the $110,500 resistance but were met with strong selling pressure. The current daily chart indicates sellers have successfully pulled the back below critical downtrend lines.
Continued defense of the moving averages by buyers is essential; failure here could see bitcoin fall to $105,000 or even test psychological support at $100,000.
A sharp rebound from current levels would suggest positive sentiment and an increased likelihood of a rally toward an all-time high near $111,980.
BNB price Insights
In terms of altcoins, BNB has shown resilience by rebounding from a breakout level recently and surpassing its 50-day simple moving average at $654. The bulls are working hard to defend this position against bearish attempts to push prices lower.
If BNB breaks above $665, it may accelerate towards $675; however, bears will likely try to cap the rise there. Should buyers succeed in overcoming this resistance, further targets may include around $698.
It's crucial for traders to monitor these levels closely; if BNB drops below moving averages again, it could signify a rejection of recent bullish momentum.
As bitcoin continues to face resistance at crucial levels and altcoins like BNB show promise for upward movement, staying informed about trends is vital for traders navigating this dynamic landscape.
