Amid a backdrop of geopolitical uncertainty, Bitcoin and Ethereum showed relative price stability while several meme coins experienced significant upward momentum.
Bitcoin bounced back from a dip near $99,000 to trade above the $100,000 threshold, currently supported by a Relative Strength Index (RSI) reading of 58. Key technical indicators posit Bitcoin’s sustained position above its 50-week Exponential Moving Average (EMA) near $86,000, with upside resistance noted around the $107,000 mark.
Ethereum traded near $2,285, reflecting a more neutral technical sentiment indicated by its RSI reading of 47. Market watchers identified support for Ethereum at its 200-day EMA, approximately at $2,093.
Contrary to the cautious sentiment influencing large caps, meme tokens SPX6900 and Fartcoin surged, posting 14.5% and 13% respective gains within a 24-hour period. Technical analysis showed SPX6900 exhibiting a robust trend strength with an Average Directional Index (ADX) of 36, while Fartcoin suggested signs of accumulation near the $0.90 level, supported by an ADX of 19. On-chain data aligned with this technical view, highlighting significant buying pressure at critical support zones for these assets.
Market analysts suggest a potential rebound for Bitcoin towards $103,000 could materialize if geopolitical tensions ease further. Additionally, a notable recent transfer of Ethereum by major institutional player BlackRock to exchange Coinbase has spurred speculation regarding a strategic shift.