Bitcoin is trading near the $95,000 level as recent news of a delay in the crypto market structure bill has modestly dampened investor sentiment. Despite the regulatory uncertainty, Bitcoin remains underpinned by steady buyer interest, though some areas of technical resistance have constrained upward momentum.
On Thursday, Bitcoin ETFs attracted significant investment inflows with a net inflow of $100.1 million, an indication of ongoing institutional appetite. Ethereum ETFs also experienced robust inflows amounting to $164.4 million, suggesting confidence in major altcoins despite the unsettled market environment.
As of the latest price checks, Bitcoin (BTC) is trading at approximately $95,244.54. Ethereum (ETH) stands at $3,293.89, Solana (SOL) at $142.84, and XRP was priced around $2.05. In the meme coin segment, Dogecoin (DOGE) and Shiba Inu (SHIB) are at $0.1381 and $0.058446 respectively, with the overall meme coin market capitalization contracting by 3.9% to $49.18 billion.
Market strategist and trader Skew noted that Bitcoin shows ongoing support on the buy side but indicated that this demand is weaker compared to earlier in the U.S. trading session. He identified a substantial supply overhang near the $98,000 threshold. Combined with choppy market conditions, this supply pressure is limiting Bitcoin’s price progress.
Key support for Bitcoin is delineated in the $94,000 to $95,000 range. This zone has recently served as a base during lower timeframes and continues to attract active bids from buyers, suggesting it is a critical area to watch for downside risk containment.
Analyst Michael van de Poppe emphasized that Bitcoin has successfully held above a former resistance level that has now converted into support. He pointed out that as long as Bitcoin’s price remains above its 21-day moving average, the bullish trend remains intact. The prospect of Bitcoin reaching the significant $100,000 milestone appears plausible over time given these technical conditions.
Ethereum’s price action also supports a longer-term bottoming process, according to trader CyrilXBT. No immediate breakout or breakdown has been confirmed, implying a consolidation phase where price stability is establishing a base for possible future gains.
In contrast, Solana’s price dynamics remain largely static compared to a month prior. Trader PostyXBT indicated that Solana has yet to reassert control above key resistance levels necessary to confirm a bullish setup. The initial critical test for Solana lies near the $148 price point.
For XRP, technical observations from trader Popeye reveal a mixed picture. While the higher timeframe chart appears to display a distributive pattern, a break in structure on the shorter four-hour chart suggests potential upward momentum. However, the forthcoming corrective move will be crucial; it could validate a higher low formation and set the stage for renewed buying interest.
In the meme coin space, Galaxy Trading identified that Dogecoin experienced a breakout from a descending wedge pattern but subsequently retraced that move fully. This price behavior indicates a potential entry opportunity in the $0.139 to $0.14 range, with upside targets near $0.15. A protective stop-loss is recommended around $0.136 to manage risk.
The recent contraction in the total meme coin market cap by nearly 4% underscores the heightened volatility and investor hesitancy within this segment.
Key Points
- Bitcoin remains supported around $95,000, with critical support between $94,000 and $95,000.
- Bitcoin and Ethereum ETFs report significant inflows despite regulatory uncertainty.
- Solana and XRP face resistance and require key level reclaiming to confirm bullish trends.
- Meme coins Dogecoin and Shiba Inu experience pullbacks, with Dogecoin showing potential for a long setup.
Risks and Uncertainties
- Delay of the crypto market structure bill adds regulatory uncertainty and may impact market sentiment.
- Supply pressure around the $98,000 Bitcoin level could impede upward price movement.
- Altcoins like Solana and XRP have yet to confirm bullish structures, indicating potential for further downside or consolidation.
- Volatility in meme coins suggests a higher risk profile and caution is advised for these assets.
Disclosure: This analysis is based on publicly available data and market commentary; investors should perform their own due diligence. No investment advice is provided.