Bitcoin faces uncertainty as it trades within a narrow band between approximately $112,000 and $115,720. This price tightening signals significant indecision among traders and hints at the potential for a significant breakout move once momentum shifts.
In contrast, Ether is demonstrating stronger resilience, holding firmly above key support levels. Buyer activity suggests rising momentum for ETH, indicating a potential path upwards despite the broader market hesitation.
Analysts at Bitfinex highlight a noticeable shift in market sentiment, pointing to a decline in speculative trading appetite. This observation supports forecasts for an extended period of price consolidation across major cryptocurrencies.
Potential catalysts to jolt the market out of this stagnant phase appear limited. However, significant inflows into cryptocurrency-based exchange-traded funds (ETFs) are noted as one possible trigger capable of sparking renewed momentum.
Breaking the current consolidation depends on overcoming critical resistance hurdles. Bitcoin faces major resistance around the $120,000 price point. Similarly, Ether confronts a significant technical barrier near $3,745.