- Bitcoin whales acquire over 3x the daily supply, reinforcing price support above $85,000.
- Ethereum trades below the MVRV buy zone, signaling an accumulation opportunity at current price levels.
- Altcoin market cap breaks out of falling wedge, targeting $1.3 trillion amid renewed investor interest.
Bitcoin continues to trade just above critical support, maintaining levels near $85,190. The cryptocurrency remains locked in a tight trading range, with a defined resistance at $86,000 and a crucial support level near $83,627.The cryptocurrency market analyzes price movement along this level because a progression above $86,000 indicates extra price potential yet a movement under $83,000 may indicate decreasing support.
Bitcoin would validate a bullish trend by surpassing the $91,275 short-term holder realized price, according to analyst Ali Martinez. In addition to this, whale activity has picked up, with wallets holding over 100 BTC acquiring more than three times the daily newly mined supply. This accumulation trend lends support to Bitcoin’s current price structure.
Ethereum Falls Below Historical Buying Level
Ethereum currently maintains a value of $1,596, yet it fails to surpass the 20-day exponential moving average of $1,668. The lower point of the Market Value to Realized Value (MVRV) band currently holds ETH at a historical price level, which attracts long-term investors according to Martinez. Recent price reversals of Ethereum during market cycles have occurred at this specific price point.
Solana shows strength with a daily increase of nearly 4 percent, outpacing both Bitcoin and Ethereum. Lookonchain reported that Galaxy Digital recently withdrew 606,000 SOL tokens, worth approximately $79.7 million, and staked 462,000 of them. This reduction in liquid supply appears to have supported Solana’s recent price performance, placing it ahead of its major peers in terms of momentum.
Altcoin Market Cap Breaks Bullish Pattern
The total cryptocurrency market cap, excluding Bitcoin, has broken out of a falling wedge pattern. This technical structure, combined with a rising MACD and the formation of higher lows, suggests growing strength in the broader altcoin space. TOTAL2 is now valued above $950 billion, nearing the $1 trillion mark.
Fibonacci extension levels have established three upcoming points of resistance at $1.163 trillion, then at $1.3 trillio,n and $1.47 trillion. Capital inflows between Bitcoin and altcoins present the possibility of reaching these specified levels. Binance Coin, together with XRP and Cardano, show signs of recovering their 20-day EMAs during their attempts to stabilize their position in the altcoin market structure.
