Crypto currency market today shows calmer price movements. The largest crypto currency, Bitcoin (BTC) has risen after the halving, but the momentum gained was not strong enough to sustain gains above $67,000.
ETH and SOL Competition
For many in the market, BTC‘s lack of direction and major altcoins like Ethereum (ETH) and Solana (SOL) are moving within tight ranges. For instance, Ethereum traded above $3,000 but is currently around $3,200. A similar situation is depicted by Solana, which rose above $150 after a correction to $120 but failed to surpass the $160 barrier.
The two fiercely competitive smart contract tokens ETH and SOL, are trading at $3,184 and $154 respectively during US business hours. Bitcoin‘s price, at the time of writing, is above the $66,000 level, which experts consider critical. This could indicate its struggle to find direction. The 200-day exponential moving average (EMA) provides the next critical support below the $66,000 level.
BTC Expert Commentary
Just below this, two other important moving averages, the 20-day EMA and the 50-day EMA, are located. The Relative Strength Index (RSI) in the neutral zone at 58 suggests a short-term struggle for a breakout may continue. However, sellers do not have much impact, especially as investors are likely to hold onto their cryptocurrencies in anticipation of a post-halving rise.
According to a chart shared by popular crypto analyst Ali Chart, Bitcoin’s current supply has dropped to about 4.6 million for the first time since before the last halving cycle began. With mining rewards halved to 3.125 BTC, the supply is expected to continue decreasing and Bitcoin’s scarcity is expected to increase. This fundamental characteristic, which tightens supply when demand remains the same or increases, promises significant impact on BTC prices.
