Key Takeaways
- Bitcoin suffered a fresh price decline last week toward $86k, as the price could see further declines if bulls fail to protect price
- Crypto experts and traders hint at a possible market crash if BTC fails to defend its key demand zone at $80k.
- Solana’s price trades above $140 as bulls eye a strong bullish push to the upside of $170 in the coming days.
The price of Bitcoin is looking strong once again, following a recent decline towards $86k ahead of its monthly and weekly closes. This also affected the price of altcoins, but things could change for the better as the crypto asset trades above $91k.
A relief bounce towards the $91k region suggests the market could see some rebounds to the upside in the coming days, following Bitcoin’s price struggling, leaving altcoins such as Solana trading around key levels as the price looks to build on current price action.
Bitcoin and Solana Market Sentiment
A short-term target for BTC price remains in the $107k region before the end of the year, as price trading above this zone on the higher timeframe with strong volume could see it build on its price action.
If the cryptocurrency asset fails to trade higher, we could see bears attempt to take control of the price, as Bitcoin declined 35% and 17% in previous months, leading to negative market sentiment.
While the price of BTC has captured the attention of many traders and investors, Solana’s price action remains interesting, as it has defended its key zone at $120; a breakdown below this zone could see the price dominated by bears.
Crypto expert Ali Martinez, on his X account, believes the price of Solana is at the edge of the 2023 market zone, and a breakdown to a lower price region could see bears attempt to take over the price, making trading these assets difficult.
Market price action still looks uncertain as it comes out of the back of the market crash, as confidence will take time to be fully restored ahead of its yearly close.
FAQs
Will BTC go back up?
The price of Bitcoin crashing to its yearly low of $80k has raised concerns among crypto traders who are not convinced of the price action.
Why did Bitcoin crash now?
The crypto market crashed due to market uncertainties and a shift in sentiment from bullish to bearish, as BTC trades with extreme caution.
Is BTC expected to rise or fall?
The price of Bitcoin is attempting to rebound from its key support zone of $90k as it aims for a short-term price gain towards $107k.
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