Crypto Market Tops $2 Trillion Market Cap, Solana Hits New ATH Above $70

Bitcoin has traded in a tight range this week as buyers appear to be exhausted ahead of the $48,000 resistance level while alts continued to outperform. In particular, Solana has recorded strong gains in the last two days and more than erased recent losses, hitting a new ATH of $75 this morning. However, as pointed out in our weekly note (https://medium.com/tdx-strategies/incredible-rally-but-dark-clouds-on-the-horizon-9d97e0918d7a), the risks of a technical pullback are increasing after such a significant rally. Contact the desk if you would like to look at some downside protection strategies.

Technical Analysis

Bitcoin ($46,970)

🐮 After yet another failed attempt to break the critical resistance zones at $48k (1), Bitcoin has retraced to $46.8k at the time of writing. Ability to consolidate at current levels would pave the way for a retest of the $48k level (2) and then the next resistance level at $50k (3).

🐻 If BTC is unable to hold current levels, the next level of support is at $ 45,300 (4). It is critical for prices to hold above the orange line (~$44.5k) in order for the uptrend to stay in tact

Ethereum ($3,260)

🐮 Ethereum is currently trading just above the resistance level of $3,250 (5). A close above this level could see a test of the recent high at $3,341 (6).
🐻 However, a rejection of this level will lead to a pullback towards $3,110 (7) and then 2,980 (78.6% Fibonacci Retracement level) (8).