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Bitcoin Faces Long-Term Resistance
The crypto market experienced one of its steepest weekly drops this year, with Bitcoin falling from above $107,000 to nearly $80,000. This sudden movement has unsettled investors, but Gareth Soloway, veteran trader and chief market strategist at Verified Investing, noted that select assets have already begun to show potential for short-term technical rebounds.
Soloway explains, “Bitcoin’s decline began after a clear rejection from a major resistance trendline connecting the 2017 and 2021 bull-market peaks.” Bitcoin tested this trendline three times during the current cycle. While the first two tests caused minor to moderate pullbacks, the third attempt triggered a deeper correction, demonstrating the trendline’s significance in the market’s structure.
Potential Support Levels for Bitcoin
Despite the sharp sell-off, Bitcoin may find support along nearby trendlines. According to Soloway, if momentum returns, the asset could test $100,000 again. However, he emphasizes that reclaiming this long-term trendline is key for confirming any sustained bullish trend. Failure to do so may leave Bitcoin vulnerable to a drop toward the $73,000–$75,000 zone, highlighting ongoing market uncertainty.
Ethereum Enters Critical Support Region
Ethereum has recently fallen into a significant support area. Soloway observes that ETH may attempt to rebound toward $3,300 and potentially $3,600, while the next major support sits near $2,200 if current levels fail. This aligns with broader market movements, where altcoins face pressure but maintain identifiable technical thresholds.
Solana Experiences Rapid Correction
Solana has seen a dramatic decline from above $250 to nearly $120, briefly breaking below support before quickly recovering. Soloway notes that the stronger buy area is around $110, with deeper support near $96. The speed of the decline suggests that a technical bounce is likely, reflecting typical short-term price behavior after sharp drops.
XRP and Cardano Maintain Support
XRP has entered a support zone between $1.75 and $1.80, remaining slightly above Soloway’s preferred technical level. He comments, “Support remains clear, but a breach could lead to further declines,” underlining the asset’s sensitivity to short-term fluctuations.
Cardano has also touched a long-standing trendline, with Soloway highlighting a retest around $0.40 near a key breakout zone. Both assets demonstrate how historical levels continue to influence price movements despite volatility in broader markets.
Mixed Signals Among Other Altcoins
Other altcoins present varied technical patterns. Chainlink has yet to reach the $11 entry target, while Avalanche came close but did not meet the preferred level for entry. Sui experienced a steep drop from $2.20 to $1.30, with resistance now anticipated near $1.72 and a potential move toward $2.00. These fluctuations illustrate the divergent performance among altcoins, reflecting different structural and market conditions.
Market Observations
Soloway’s analysis emphasizes that, despite the sharp declines, key technical levels remain intact across several major cryptocurrencies. He points out that the corrections seen this week are primarily a response to historical resistance zones, support retests, and short-term market sentiment rather than fundamental breakdowns in asset structures.
In summary, Bitcoin and major altcoins such as Ethereum, Solana, XRP, and Cardano have experienced significant short-term volatility. Analysts note that while weekly losses are notable, higher timeframes and historical trendlines continue to guide price movements. Observers should track these key technical areas to understand potential recovery or further correction dynamics without focusing solely on short-term price swings.
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