Crypto Market Analysis: BTC, USD.T Dominance, ETH and SOL

As the crypto market continues its dynamic fluctuations, investors and traders eagerly watch key areas of price action to decipher the next potential move. Here’s my comprehensive overview of Bitcoin (BTC), USD.T Dominance, Ethereum (ETH), and Solana (SOL), along with what I am currently seeing on the charts.

Bitcoin (BTC): Riding Fibonacci Waves Towards $76k?

BTC continues to respect the key weekly Fibonacci levels, with the price flirting with the previous all-time high at approximately $69k, with a further extension of the order zone to around 67k, where the price retraced back towards as the US Government also announced a new funding package of $1.2T on Sunday. 

This hammer at the close of the weekly candle within a key order zone has now presented a possibility that the larger timeframe target of around $76k may now be on the cards, which also aligns directly with the 113 Weekly Fibonacci level, a well-defined area for a potential reversal. I expect a lot of resistance at this area as bulls potentially look to take profit. 

USDT Dominance: A Crucial Indicator for Market Sentiment

Those who don’t know, the USDT.D chart is negatively correlated to BTC. Studies show that when the USDT.D drops, it has a positive impact on the crypto market overall. It is a strong representation that USDT is flowing into crypto with a strong possibility that BTC will likely be impacted first.

I personally use this chart to help track the market’s overall conditions and, in fact, it has been a great indicator to help predict the next possible move on BTC. As you can see in my analysis, I expect another 20% drop on USDT.D, which would further support my analysis on the BTC Weekly Chart. Overall, USDT.D has been in a consistent downtrend since the week commencing September 11, 2023, when BTC also broke out of the $25k zone. Since then, BTC has experienced a phenomenal trajectory and is currently up 175%.

Ethereum (ETH): Ethereum’s Resilience and Potential for $5k

Ethereum continues to dominate as it successfully held above the 618 Fibonacci level, which also coincided with a key level of Resistance and the 50 Daily EMA, which has now officially been flipped to Support. With significant buying pressure coming in towards the weekly close, I am personally setting my sights on $4k ETH once again as it approaches the 786 FIB level. From then on, if this level is broken and flipped to support, I suspect this may be the kick-starter for $5k ETH once again!

Solana (SOL): Solana’s Momentum Faces Crucial Resistance

Solana, alongside its memecoins, has been pumping through its weekly key levels, but is the price coming to a temporary halt? SOL is currently up against a key level of resistance, which also coincides with the 78.60 FIB level. In my opinion, this is a key level to break through and convert to support to further confirm positive price action. 

Right now, there is also Bearish Divergence on the CCI as well as other momentum indicators, i.e., RSI and STOCH. It’s a waiting game on SOL for the time being as we could also see SOL reject upon the retest of the 786 FIB or at around $200, and fall back towards the 618 FIB or $165 zone, and consolidate before attempting further highs.

I hope you enjoyed our first segment, and we hope to see you in the Empire! Stay informed with the latest crypto charts, FREE education, airdrop guides, and more on the Empire Platform!