By Chris Hollingworth 
Bitcoin’s recovery is facing resistance from selling pressure, indicating that bearish sentiment persists. Material Indicators noted that “Spoofy the Whale” has been keeping Bitcoin’s price below $87,500. While the upside potential is currently limited, some analysts believe that the downside risks are constrained. BitMEX co-founder Arthur Hayes suggested that Bitcoin may have found support around $77,000, especially with the Federal Reserve signaling a slowdown in quantitative tightening from April.
Another positive factor for Bitcoin could be a potential economic recession, according to BlackRock’s head of digital assets, Robbie Mitchnick. He mentioned that sophisticated long-term Bitcoin investors are viewing the market downturn as a buying opportunity amidst economic uncertainties.
The question arises: Could Bitcoin establish a higher low and break above the $87,500 level, potentially triggering increased interest in altcoins? To gain insights, let’s delve into the technical analysis of the top 10 cryptocurrencies.
### Bitcoin Price Analysis
Bitcoin recently crossed above the 20-day exponential moving average but faced resistance at the $87,500 level. If the price breaks below the uptrend line, we might see a decline towards $80,000 and potentially $76,606. However, a bounce off the uptrend line and a break above $87,500 could pave the way for further upside towards $95,000 and $100,000.
### Ether Price Analysis
Ether’s recovery hit a roadblock at the 20-day EMA, suggesting bearish pressure at higher levels. A break below $1,927 could lead to a drop towards $1,800 and potentially $1,550. On the upside, clearing the $2,111 level could open the doors for a rally towards $2,420 and $2,850.
### XRP Price Analysis
XRP saw a surge above moving averages but faced resistance, potentially signaling a pullback. A break below the 20-day EMA may lead to declines towards $2.22 and critical support at $2. On the flip side, a rebound off the EMA could signal buying interest, pushing the price towards resistance levels.
### BNB Price Analysis
Binance Coin (BNB) found support at the 20-day EMA, indicating buying interest. Breaking above $644 could trigger a rally towards $686 and potentially $745. However, sellers might defend the $686 level, aiming to push the price lower towards $550.
### Solana Price Analysis
Solana (SOL) faced selling pressure at the 20-day EMA, suggesting bearish sentiment. A breakdown below current levels could lead to further downside. However, a reversal from the EMA could indicate a potential recovery.
As market dynamics evolve, monitoring key levels and price actions will be crucial for investors navigating the cryptocurrency landscape.
