Coinpedia, citing analyst Gareth Soloway, stated that Bitcoin is currently near a key support level, with $63,500 being the most important level to watch. If this level holds, the price could continue towards $70,000; if it falls below, the market structure will weaken further.
Bitcoin holds above $63,500
Bitcoin previously rebounded from a double bottom pattern to $67,200 before falling back. Soloway believes this pullback itself is not unusual; the key question is whether the support near the original breakout point can hold.
He stated that if the $63,500 level is breached, the double bottom support will gradually weaken with repeated testing. If this level continues to be lost, the market may first look towards a lower range.
The worst-case scenario is $35,000.
Looking at a longer-term chart, Soloway believes Bitcoin may be forming a head and shoulders pattern, with a target price of approximately $35,000.
He also mentioned that his phased buying range would start at $50,000, then move on to $45,000, $40,000, and even $35,000.
Key levels for ETH, XRP, and SOL
Ethereum is currently holding above its uptrend line since the 2022 lows, with Soloway watching the key range between $1,690 and $1,700, marking the third test of this trend line.
XRP needs to hold above $1.21 to confirm the breakout. Soloway points out that this level was briefly broken before but failed to hold. Solana is still trading above the breakout level, and he maintains his bullish outlook.
- Cardano key support: $0.165
- ZEC key support: $460
- XMR key support: $293, resistance at $428
Cardano continues to fluctuate within a range, with weak momentum. ZEC needs to hold $460, a level that has previously turned from resistance to support. XMR is more volatile; Soloway believes $293 is a trendline that must be held, while a confirmed break above $428 could lead to stronger upside potential.
