Yesterday, BTC briefly dipped below the $25,000 threshold before swiftly recovering within its sideways trading range. Here's a market analysis for Bitcoin (BTC) and Solana (SOL) as of Tuesday, September 12.
Bitcoin (BTC)
After hitting a recent low at $24,912, buyers took advantage of the psychological $25,000 mark, pushing Bitcoin's price close to the $26,050 resistance.
Should the buyers maintain their momentum, BTC might break this current resistance and solidify above the selling range of $26,300-$26,600. This would open up the possibility of reaching new highs around $27,200 and within the $27,700-$28,200 bracket.
Nevertheless, it's crucial to note that as long as Bitcoin remains below $28,000, the overarching trend is bearish. Further declines might be on the horizon if the $25,250-$25,500 support range is breached.
BTC chart on the H2 timeframe
Solana (SOL)
Since mid-July, Solana has been on a local downtrend. Currently, it sits within the support zone of $17.34 to $18.14. If this range fails to hold, SOL might refresh its lows and drop below $17.
A key resistance stands at $19.5. Beyond this, sell orders are concentrated between $20.25 and $21.08, with another significant cluster lying between $22 and $23. As long as Solana's price is below this latter range, the trend remains bearish.
Recent chatter suggests that the FTX exchange is preparing to liquidate a significant portion of its SOL holdings, rumored to be over a billion. Although this news might already be factored into Solana's valuation, the asset's chart could still exhibit some irregularities due to the ongoing buzz. Traders should exercise caution or even consider temporarily suspending their Solana trading activities in the near term.
SOL chart on the H4 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
