Cryptocurrencies are currently experiencing frustrating days, with BTC price at $61,500 as this article is prepared. The price, having returned to a key support area, faced strong selling during the $65,000 test. Bitcoin is witnessing a tug-of-war between bulls and bears, reminiscent of a game of musical chairs.
Cryptocurrency Commentary
According to Farside Investors data, between May 3 and May 6, spot Bitcoin exchange-traded funds saw an influx of $595 million, but a $15 million outflow on May 7 was disappointing. Despite short-term uncertainties, Anthony Pompliano told CNBC that staying above the 200-day simple moving average of $50,000 indicates a clear upward trend.
Susquehanna International Group announced that it gathered over $1 billion in BTC ETFs in the first quarter of 2024. This interest from major trading firms reflects the potential demand from the ETF channel. However, we currently cannot feel this impact. What is the latest on altcoins?
SOL Coin Commentary
$146 is an important level to maintain, and closing below it could lead to a drop to $126. A break below this support could lead to a fall to the psychological support of $100. On the other hand, closing above $162 could target $185 and $205. Currently, the overall market sentiment is negative, making a downward scenario more likely.
XRP Coin Commentary
XRP Coin is trapped between $0.57 and $0.46; closing below $0.53 could target deeper lows. Gaining the resistance zone could test $0.67. Currently, there are no significant developments on the legal front, and parties are presenting their appeals. Experts believe the collective appeal process could extend the case until 2026.
A long-term bottom target of $0.38 exists below $0.46.
Avalanche (AVAX) Commentary
On May 6, the AVAX price fell below the general resistance of $40, showing a weaker outlook compared to the market average. When it comes to SOL Coin and many other altcoins, AVAX is notably less active.
Possible declines could test the $29 and $18 levels. If BTC continues its current movements, activity within the $29-40 range is expected.
