Bitcoin does appear to have the early clues that selling pressure may be slowing down; despite this, this largest cryptocurrency’s price has yet to confirm a rebound. The trading price is around $58,400 and is down around 1.2 percent on the trading session, which leaves the cryptocurrency still trading beneath all key moving averages, and this is what signals the present trend.
The interesting part right now is the momentum data. The momentum indicators, like the MACD histogram, have flicked slightly positive, with their first small positive value in this entire trend. However, a combination of the MACD line and signal line remains far in negative territory. Therefore, the positive tick might only be construed as a sign that downward momentum is currently pointing towards a slowdown in the trend but not the reversal.
The same RSI trend can be observed on BTC. RSI14 is at about the 34 level, and that is highlighting that Bitcoin is nearing the oversold condition. The thing to note here is that it is still not quite there to automatically mark a bottom signal. In the past we have experienced BTC holding in the oversold region before during other bear phases without any significant rally.
The broad context is not particularly encouraging. BTC is changing hands under the daily pivot around $59,900 and also staying below the significant $60K region. Until the time price action takes back the $60k level, this bounce is just a reactionary bounce within a trend down.
Bitcoin is stuck in the range
At the time of writing, we are witnessing a struggle clearly laid out in this chart. BTC is trading near $58,400 to $58,500, and below the last low, there is the level of $58,075. For price, we can see the daily and weekly open around the levels of $59,500 and $60,500, which are resistance points above. Earlier in the day, the asset tried to reclaim those levels of resistance but was not able to do so.
The fundamental question for Bitcoin is to determine if the market bulls are able to defend these resistances and bounce the price back to these levels for a structure change. A surge above $60K would boost short-term conditions, whereas a break below $58K would probably reopen recent lows.
ETH, BNB, and XRP are in the same group
The rest of the market is not doing anything different. ETH, BNB, and XRP have been moving far below daily pivots and significant big averages. This straightforwardly tells us it’s not only BTC that is going through the negative pressure, as the other assets are underperforming as well.
Ethereum is experiencing some minor momentum gain, just like BTC, but is still positioned well below the major moving averages. The trend for this respective asset has not shifted and remains on the lower side only.
XRP & BNB have notably weaker readings and are unable to get above anything; momentum is at best oversold, not yet showing recovery. So it is pointing down to one simple truth. These assets are in oversold territory; they can’t get out of it. That will probably only come on the next push if they are able to flip the certain levels.
Solana is the odd one out
With BTC, ETH, BNB, and XRP all being unable to push through their levels, Solana is standing out as the sole asset that has some actual short-term conviction. This asset is changing hands at around $72, and that is well above its short-term averages. Considering the RSI side, RSI14 is above the neutral zone and stands at 55. Better yet, even though Bitcoin is slowly moving based on its weak MACD reading, SOL is seeing significant buy-side momentum on its technicals side.
Nevertheless, SOL still has one crucial test to pass. The daily pivot is at the $73.80 area that should remain as resistance. Clearing out this zone would certainly signal that this layer 1 leader is indeed decoupling and the current strength is valid. In the other case, if SOL cannot surpass this level, then divergence would fade out and the crypto could be back to join its struggling group assets.
