Kraken Market Watch: Bitcoin Shows Signs of Recovery Amid Bearish Pressure
Bitcoin is attempting a recovery after a recent dip to $110,650, with buyers pushing the price back above $112,200. However, the rebound faces immediate resistance NEAR $113,600, and a critical bearish trendline is capping gains at $114,000. The market structure remains weak as BTC continues to trade below both the $114,000 level and the 100-hour moving average. A decisive break above $114,500 could signal renewed bullish momentum, while failure to hold current support levels may lead to further downside. This analysis provides insights into Bitcoin's current price action and key levels to watch on Kraken and other major exchanges.
Bitcoin Price Attempts Recovery Amid Bearish Pressure
Bitcoin shows tentative signs of recovery after dipping to $110,650, with buyers pushing the price back above $112,200. The rebound faces immediate resistance near $113,600, with a critical bearish trendline capping gains at $114,000.
Market structure remains weak as BTC trades below both the $114,000 level and the 100-hour moving average. A decisive break above $114,500 could signal renewed bullish momentum, while failure to hold $110,650 may trigger another leg down.
Ethereum Price Hits Fresh High as Bulls Dominate, Bitcoin Slides Lower
Ethereum surged to a new all-time high above $4,900, demonstrating strong bullish momentum while Bitcoin lagged. The ETH/USD pair breached the $4,650 resistance with conviction, peaking at $4,956 before entering a consolidation phase.
Technical indicators suggest robust support near $4,550, with the 100-hour moving average acting as a floor. Market participants are watching for either a breakout above the $4,920 resistance or a potential retest of support levels. The price action contrasts sharply with Bitcoin's recent weakness, highlighting Ethereum's relative strength in current market conditions.
Kraken's hourly chart shows a broken rising channel pattern near $4,750, indicating potential short-term volatility. Traders appear to be accumulating at higher levels, with the 23.6% Fibonacci retracement level already tested during the pullback.
Solana (SOL) Breaks $200 Resistance as Bulls Eye Further Gains
Solana's native token SOL surged past the $200 mark, demonstrating resilience amid broader market fluctuations. The asset now consolidates above this psychological threshold, with technical indicators suggesting potential for continued upward momentum.
A rising channel formation on hourly charts reveals strong support at $205, while resistance looms near $212. Market participants watch for a decisive break above $215, which could catalyze movement toward the $220 benchmark. This performance notably diverges from Bitcoin's trajectory, mirroring Ethereum's recent strength instead.
The Kraken exchange data shows SOL trading comfortably above its 100-hour moving average, having recovered from a $188 support level. Fibonacci retracement levels from the recent $177-$213 swing suggest healthy consolidation before the next potential leg up.
XRP Price Action Signals Strength, More Upside Potential Ahead
XRP is demonstrating bullish momentum as it consolidates above key support levels. The cryptocurrency now trades above $2.950 and the 100-hourly Simple Moving Average, with technical analysis revealing a rising channel formation that could propel prices toward $3.120 resistance.
Market activity shows XRP outperforming bitcoin while mirroring Ethereum's stability, having successfully breached the $2.920 and $3.00 resistance zones. Current price action suggests accumulation below the 23.6% Fibonacci retracement level of its recent upward swing from $2.781 to $3.126.
A decisive break above the $3.120 barrier could open path toward $3.150, with potential for extended gains targeting the $3.20 and $3.25 thresholds. The Kraken exchange data indicates sustained buying interest, though bears remain active near local highs.
Bitcoin Price Slips Below $110K, Is a Bigger Drop Coming?
Bitcoin's price continues to show bearish momentum, slipping below the critical $112,500 support level. The cryptocurrency now trades under $112,000 and the 100-hour Simple Moving Average, signaling potential further declines toward $105,500. A key bearish trend line has formed with resistance at $112,500 on the hourly BTC/USD chart, based on Kraken data.
The latest downturn followed a close below $113,500, with BTC failing to reclaim lost ground. A test of the $108,750 zone marked a temporary low before a modest recovery attempt. However, the rebound remains weak, struggling to surpass the 23.6% Fibonacci retracement level of the recent drop from $117,354 to $110,692.
Immediate resistance looms near $110,750, while the $112,500 level—aligned with the trend line—poses a more significant barrier. A decisive break above this zone could pave the way for a retest of $113,000, corresponding to the 50% Fib retracement level.
Ethereum Price Retreats Amid Broad Crypto Market Correction
Ethereum's rally stalled abruptly after touching a record $4,950, with the second-largest cryptocurrency now trading below $4,550. The pullback mirrors Bitcoin's recent downturn, suggesting sector-wide profit-taking rather than asset-specific weakness.
Technical indicators show ETH breaking below its 100-hour moving average, with a bearish trend line forming at $4,510 resistance. The 50% Fibonacci retracement level of the recent upswing from $4,065 to $4,956 has been breached, signaling potential for further downside.
Market structure remains fluid - sustained trading above $4,250 could prevent deeper losses, while a breakout past $4,620 resistance might reignite bullish momentum toward $4,750. The Kraken exchange data reveals shrinking liquidity near key technical levels, amplifying volatility risks.
