Bitcoin is currently seeking stability around the $25,000 mark, but analysts predict a potential drop to $20,000.
Trader sentiment has turned bearish following Bitcoin’s recent 11% slump.
US equities markets have also experienced losses, indicating a risk-off mode among traders.
Despite the overall market decline, there are some altcoins that show potential for further upside.
Bitcoin’s price has been range-bound between $24,800 and $31,000, with the possibility of a recovery if it rises from its current level.
Hedera (HBAR) has seen a minor advantage for bulls as it bounces off the 50-day SMA, but faces resistance at $0.078.
Optimism (OP) has found support at the uptrend line, increasing the likelihood of a rally above the 20-day EMA.
Injective (INJ) shows a bullish ascending triangle pattern, with the potential for a rally to $10 if it breaks above the 50-day SMA.
THORChain (RUNE) has been in an uptrend, but faces selling pressure at $2 and may experience a consolidation or minor correction.
Overall, investors should conduct their own research and consider the risks involved in cryptocurrency investments.