Market Overview

Bitcoin (BTC) experienced significant selling pressure, falling to levels as low as $80,000 on Binance. This downturn coincides with a broader market sentiment weakness, influenced by a correction in US stock markets amid concerns over artificial intelligence sector valuations. Furthermore, expectations for a Federal Reserve rate cut in December have diminished, further impacting market sentiment.

Analysts suggest that Bitcoin may find a bottom within the range of $73,000 to $84,000, based on the cost-basis of major investment vehicles like BlackRock's IBIT and Strategy. Some market participants view this current dip as a potentially positive development, with veteran trader Peter Brandt expressing a long-term bullish outlook on Bitcoin, anticipating a rally to $200,000 by the third quarter of 2029.

Bitcoin Price Analysis

Bitcoin has broken through several short-term support levels, plunging to $80,600 and indicating aggressive selling by bears. The next significant support level to watch is $73,777. A break below this level could lead to a further decline towards $53,500.

The oversold conditions on the Relative Strength Index (RSI) suggest a potential for a near-term relief rally. Such a rally could push the BTC/USDT pair towards the 20-day exponential moving average (EMA) at $97,319, a level where bears are expected to exert strong selling pressure.

Ether Price Analysis

Ether (ETH) has fallen below the $3,000 level, opening the possibility of a further decline to $2,500. The RSI has entered oversold territory, indicating a potential for a relief rally in the short term.

If Ether rebounds from current levels or the $2,500 support, the ETH/USDT pair could aim for the previous breakdown level of $3,350. However, a weak rebound from $2,500 would suggest low demand from buyers, increasing the risk of a continued downtrend towards $2,111.

XRP Price Analysis

XRP has slipped below the support line of its descending channel pattern, signaling that bears are in control. If the price closes below this support line, the XRP/USDT pair may decline to the $1.61 support level. Buyers are expected to defend this level, as a break below it could initiate a new downtrend towards $1.27 and subsequently $1.

On the upside, the area between the 50-day simple moving average (SMA) at $2.45 and the downtrend line represents a key resistance zone. Buyers need to push XRP price above the downtrend line to suggest a potential trend change.

BNB Price Analysis

BNB is currently under strong bearish pressure, with sellers attempting to keep the price below the $860 support. A close below $860 could intensify selling, potentially driving the BNB price towards $818 and then $730. The recent sharp decline has pushed the RSI into oversold territory, hinting at a possible near-term relief rally.

Any recovery attempt is likely to face selling pressure at the previous breakdown level of $860 and the 20-day EMA at $946. If the price turns down from these overhead resistances, bears may aim to push the BNB/USDT pair to $625. A sustained recovery would be indicated by a close above the 20-day EMA, potentially leading to a rally towards $1,019 and the 50-day SMA at $1,069.

Solana Price Analysis

Buyers attempted a relief rally in Solana (SOL) on Thursday, but the long upper wick on the candlestick indicates that bears are active at higher price levels. Bears are aiming to solidify their position by maintaining the Solana price below the $126 support. If successful, selling pressure could increase, leading the SOL/USDT pair to decline towards $110 and subsequently $95.

The 20-day EMA at $150 remains the key short-term resistance. Buyers will need to break above this level to signal the commencement of a sustained recovery towards the 50-day SMA at $179.

Dogecoin Price Analysis

Dogecoin (DOGE) has reached the lower boundary of its trading range between $0.14 and $0.29, a level where buyers are expected to step in. Bulls need to drive the Dogecoin price above the 20-day EMA at $0.16 to signal strength. Following this, the DOGE/USDT pair could potentially rise to the 50-day SMA and then to the $0.21 level, suggesting a continuation of its stay within the current wide range.

Conversely, a break and close below $0.14 would indicate that bears have overcome the bulls, potentially initiating a new downtrend towards the October 10 low of $0.10.

Cardano Price Analysis

Cardano (ADA) has continued its downward trend, reaching the first support level at $0.40, which signifies bearish dominance. The sharp decline has pushed the RSI into oversold territory, suggesting a potential recovery might be imminent. This relief rally is anticipated to encounter selling pressure at the previous breakdown level of $0.50. If the Cardano price turns down from $0.50, it would indicate that bears have successfully flipped this level into resistance, increasing the risk of a further drop towards $0.27.

On the other hand, if buyers manage to push the price above the 20-day EMA at $0.51, it would signal a weakening grip by the bears. The ADA/USDT pair could then potentially climb towards the 50-day SMA at $0.62.

Hyperliquid Price Analysis

Hyperliquid (HYPE) attempted to move above the 20-day EMA at $39.04 on Thursday, but bears maintained their control. Selling pressure intensified, pulling the price below the $35.50 support on Friday. If the price closes below $35.50, the HYPE/USDT pair could enter a new downtrend, targeting $28 and then $24.

Buyers need to reclaim the $35.50 level quickly to indicate a rejection of the breakdown. Bulls would gain a stronger advantage if they could push the Hyperliquid price above the 50-day SMA at $40.98.

Zcash Price Analysis

Zcash (ZEC) saw a bounce off the 20-day EMA at $559 on Tuesday, but the upward movement is facing selling pressure near the $750 resistance. Negative divergence on the RSI suggests a weakening bullish momentum. Sellers will likely attempt to push the Zcash price below the 20-day EMA. If successful, the ZEC/USDT pair could experience a correction down to $424.

Conversely, bulls must defend the 20-day EMA to maintain their advantage. A close above the $750 resistance could initiate the next phase of the uptrend, potentially targeting the psychological level of $1,000.

Bitcoin Cash Price Analysis

Bitcoin Cash (BCH) has shown a strong recovery from the solid support at $443, indicating aggressive defense from buyers. The current relief rally is expected to encounter selling pressure at the resistance line of the falling wedge pattern. If the price turns down from this resistance and breaks below the moving averages, it would suggest that bears remain active at higher levels, and they may attempt to push the BCH/USDT pair below $443 once more.

Conversely, a break and close above the resistance line would signal a potential trend change, with the Bitcoin Cash price possibly rallying towards $580 and then $615.