Bitcoin is currently trading close to its all-time high, with prices hovering approximately 5% below the record peak of $111,980. Traders are cautiously eyeing the crucial resistance level at $108,000, as a daily candle close above this point might trigger a breakout, potentially driving Bitcoin to revisit the $111,980 historical high. According to technical charts, immediate support lies at $106,290, followed by $104,600 and the key $103,000 level. On the upside, the $111,980 all-time high acts as critical resistance, while further bullish momentum could extend towards the 127.2% Fibonacci retracement around $122,172.
Despite recent bullish sentiment, derivatives data reveals heightened liquidation of long positions over short positions within the past 24 hours, resulting in a long-to-short ratio below 1, suggesting traders anticipate a short-term pullback prior to any substantial recovery. The market sentiment, gauged by the Fear & Greed Index, remains classified as “greedy,” indicating sustained investor risk appetite. However, traders exhibit slightly less bullish enthusiasm today, influenced by broader geopolitical events and the imminent expiry of approximately $15 billion worth of options.
Historically, large-scale option expiries tend to induce significant volatility in the Bitcoin market, impacting both Bitcoin and top altcoins in the short term. Yet typically, any downward pressure attributable to expiries has been temporary, with prices regaining strength shortly after due to steady spot exchange demand. For now, securing strong support above the $106,000 level remains essential—falling beneath it could escalate downside volatility in the short term.
Ethereum currently floats around the $2,400 mark, approximately 12% beneath the important $2,743 resistance. The psychologically significant $3,000 continues to serve as both a key psychological and technical hurdle. Despite institutional funds and Ethereum’s treasury allocations, the cryptocurrency has remained relatively stagnant. Key lower supports on the Ethereum daily chart align with Fair Value Gaps at $2,111 and further down at $1,850, while upside resistance lies at $3,200 and subsequently $3,600 if bullish momentum resumes decisively.
Ripple’s XRP also exhibits potential strength aligned with Bitcoin’s price movements. Key immediate support levels are at $1.9083 and $1.7700, with near-term resistance identified at $2.2524 and higher at $2.6549. Overcoming $3.00 remains the primary psychological and technical target for XRP, and daily timeframe indicators currently support bullish price action.
Meanwhile, SEI has modest prospects of upside, aiming for near-term resistance at $0.3359, reflecting a potential gain of approximately 14%. Primary SEI support levels rest between $0.2465 and $0.2650. Technical indicators including a 66-level RSI (indicating bullish momentum) and positive MACD bars lend support to further bullish movements in the short term.
Aptos (APT) is hovering slightly above the $5 support, trading around $5.142. Traders anticipate that Aptos may test lower liquidity at $4.644 before possibly moving upward to test a resistance level near $6, representing a possible near-term rise of 17%. Technical indicator readings give a bullish signal, with RSI at 58 trending upwards and MACD showing green bars above baseline.
Overall, while Bitcoin approaches its pivotal decision point just beneath all-time highs, the cryptocurrency market is experiencing cautious optimism coupled with necessary vigilance amid significant options market expiries and geopolitical uncertainty. The next several days could clearly delineate directional momentum as traders gauge key technical levels and market conditions.
