Bitcoin Faces Heavy Overhead Supply, Needs to Break $100K Resistance
- Market Structure Analysis: Analysts highlight that Bitcoin's rebound from the low $80,000 region has faced heavy selling pressure from a dense supply zone between $94,000 and $120,000, creating a top-heavy structure that repeatedly caps rallies, resembling early bear market phases seen in past cycles.
- Downside Risk Warning: Bitcoin's downside risks remain elevated as long as it trades below the short-term holder cost basis of $100,589, with approximately 6.7 million bitcoins currently held at a loss, marking the highest level recorded in this cycle, indicating potential for further declines.
- Ethereum Stabilization Signs: In contrast to Bitcoin, Ethereum shows signs of stabilization above the $2,750 support level, with improving momentum indicators, and a breakout above $3,100 could confirm a corrective low and open upside towards the 200-day moving average near $3,570.
- Demand Absorption Challenge: Analysts note that the future market trajectory will depend on whether fresh demand can absorb the overhead supply currently dominating rallies; failure to do so may lead to further declines in Bitcoin's price.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for EPT
Technical Sentiment Analysis for Balance (EPT) As of , Balance (EPT) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for EPT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, EPT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Balance (EPT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -0.000367 | 0.0000984 | 0.000437 | 0.000902 | 0.00124 | 0.00171 | 0.00204 |
| Fibonacci | 0.0000984 | 0.000405 | 0.000595 | 0.000902 | 0.00121 | 0.0014 | 0.00171 |
About EPT
About the author
