LONDON (IT BOLTWISE) – Bitcoin and other leading cryptocurrencies have recovered from their recent lows. But the question remains whether this recovery is sustainable or whether the bears’ selling pressure will gain the upper hand. Experts analyze current market movements and provide insights into possible developments in the coming weeks.
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Bitcoin has recovered after a dramatic sell-off and reached a price of over $111,000. This recovery was spurred by the announcement of a meeting between US President Donald Trump and Chinese President Xi Jinping, raising hopes of a trade deal between the two nations. Despite the recent correction, many institutional investors remain optimistic, as shown by a Coinbase survey in which 67% of respondents have a positive stance on Bitcoin over the next three to six months.
Technical analysis shows that Bitcoin and other major altcoins have bounced off their support levels, indicating strong demand at lower prices. Still, buyers may find it difficult to sustain the rally as bears are expected to sell on any rise. John Bollinger, a renowned technical analyst, pointed out in a post on X that Ether and Solana are showing potential W bottoms in the Bollinger Bands, while Bitcoin has not yet formed such a bottom.
Bitcoin price predictions suggest that a failure by bears to push the price below the $107,000 support has resulted in strong buying interest from bulls. Should buyers manage to overcome the moving average barrier, it could signal the end of the correction and allow a rise to the all-time high of $126,199. On the other hand, sellers need to quickly pull the price below the $107,000 support to retain the upper hand.
There are also interesting developments with other cryptocurrencies such as Ether, BNB and XRP. Ether has recovered from the support line and if the bulls break the resistance line, a new uptrend could begin. BNB is also showing activity at lower levels, and a break above the 61.8% Fibonacci retracement level could pave the way for a retest of the all-time high. XRP, on the other hand, has moved below the $2.30 support, but the long fuse on the candlestick shows strong buying interest at lower levels.
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