BTC / SOLANA / Ripple Cryptocurrency markets, which previously awaited the approval of a Bitcoin ETF, are now facing selling pressure attributed to factors affecting Bitcoin and the cryptocurrency market as a whole.
The continuous withdrawal from the Grayscale Bitcoin fund and the exploitation of Bitcoin miners add to the worries and negative outlook.
Although Bitcoin has been the center of attention, other cryptocurrencies such as Solana, Ripple, and ... may be approaching buy zones.
Grayscale
Due to redemptions in the GBTC fund, it was forced to sell nearly half a billion dollars in bitcoins, prompting investors to exit in favor of other ETF products with lower annual fees.
This process continuously affects the anxiety of the market and prolongs the negative outlook. Bitcoin miners, major investors in the market, have also contributed to the price drop by selling a significant amount to secure profits.
Although GBTC outflows will weigh on the market, continued interest in Bitcoin ETFs could become a catalyst for the crypto market as this selling pressure eases.
From the aspect of technical analysis, if we look at the latest situation of Bitcoin, we can see that despite the selling pressure in the short term, this digital currency maintained its critical support until the end of the week.
While attempts to push above $40,000 are likely to be seen in the last 48 hours, Bitcoin closing below $41,700 for the week would be an important confirmation of the recent sell-off.
If this move is supported by a decrease in GBTC redemptions, we may see a reversal of the short-term correction. This is because medium and long-term bullish expectations are valid for the Bitcoin and cryptocurrency markets.
In summary; I continue to look for Bitcoin based on the horizontal band limits (green color) that have continued since December as seen on the chart.
Another important support point on the downside is the 38.2% Fibonacci retracement, based on the October-January rally in the $39,700-$40,000 range.
A clear daily close below this area carries the risk of a further downward move to other support points in the $30,000 area.
The cryptocurrency market outlook in January showed us once again how quickly market moods can change.
While this phenomenon is related to the size and concentration of capital in the market, we have often seen dips being used as buying opportunities while medium-term bullish expectations persist.
In this context, let's try to identify the support levels that can be considered for cryptocurrencies with high market capitalization other than Bitcoin.
Let's look at the support and resistance levels of Solana, Ripple among high-volume altcoins in the short term.
Solana
Solana: Ambush to buy at support levels
Solana remained quite flexible in the correction compared to its recent bull run. Currently, buyers are moving quickly on the support line up to $85 (38.2% Fibonacci), while selling pressure is focused on the $126 ceiling.
A price breakout from the important support zone at the $96 area today can be followed as an important signal to maintain a positive outlook.
On the lower side, while a pullback to $85-86 could be seen as a buying opportunity, it could see a return to the $72-75 range if the day opens and closes below that level. to be
Ripple
Ripple seems to be approaching the buying zone.
After losing its support at $0.62 in the first week of the year and after failing to hold $0.6 in recovery attempts, it increased its corrective momentum.
After losing its support at $0.62 in the first week of the year, XRP continued its corrective momentum after failing to hold $0.6 in recovery attempts.
In the current situation, we can see that XRP, which is below the 61.8% Fibonacci level in the $0.54 range, may decline to the $0.4850-$0.4630 range, this level may emerge as a new buy zone.
However, a quick turnaround and a close above $0.58 could be seen as an early recovery in XRP.
