Crypto Market Watch: Bitcoin, Ethereum, & Solana Price Analysis

May 8, 2024

1 minute read

Bitcoin, Ethereum, and Solana stand in the spotlight in the crypto space as analysts dissect current trends. Recent data reveals a hefty influx of about $217 million into spot Bitcoin ETFs on Monday, signaling enduring institutional interest.

Notably, Grayscale has seen significant inflows over recent trading days, reflecting positive investor sentiment.

Bitcoin’s Bullish Stance

Bitcoin has maintained its upward momentum over three days, forming higher lows and higher highs within a broader bullish trend. While short-term fluctuations are expected, daily indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) signal a bullish outlook, suggesting potential for further gains.

Key Levels to Watch

At present, Bitcoin is testing a crucial support-turned-resistance level around $62.8k. A bounce from here could confirm a bullish breakout, setting sights on price targets between $72k to $74k. However, failing to hold above this level could invite further downside towards $61k.

In the past week, the DXY has dipped noticeably, hinting at a potential price surge for Bitcoin. However, the DXY has slightly rebounded, causing a minor pullback in Bitcoin’s price for now. If the DXY continues its upward trend, this pullback might signal a temporary pause in Bitcoin’s rise amid a broader market pullback.

Ethereum’s Trading Range

Ethereum is currently trading within a narrow range, oscillating between support at $2,870 and resistance at $3,340. Despite recent volatility, the overall trend remains neutral, awaiting a breakout above resistance to confirm a bullish reversal.

Solana‘s Challenges

Solana faces significant resistance levels between $150 and $160, with additional hurdles at $167 to $172. While bullish signals on the 8-hour timeframe hint at potential upside, a clear breakthrough above resistance is necessary to validate this bullish scenario.