Bitcoin is at a pivotal moment. Analyst Gareth Soloway has identified $63,500 as the single most important level in the near term. Bitcoin rallied from its double bottom to $67,200 before pulling back to current levels. That pullback is normal and healthy. But the level being tested right now is exactly where the original breakout occurred, making it a critical support zone that bulls must defend.
If $63,500 holds, the next technical target is $70,000. If it breaks, the double bottom support weakens with each subsequent test and eventually gives way entirely.
The Macro Concern
Zooming out, Soloway identified a head and shoulders pattern on Bitcoin’s longer-term chart that produces a worst-case measured move target of approximately $35,000.
“I hope it doesn’t happen because I am going to be a buyer of Bitcoin once we get down to $50,000 and below,” Soloway said, adding that his accumulation plan runs from $50,000 down to $45,000, $40,000, and potentially $35,000 if the pattern fully plays out.
Ethereum, $XRP, and Solana
Ethereum is holding a long-term ascending trend line that dates back to the 2022 lows, with the important level to watch around $1,690 to $1,700. This is the third test of that trend line.
$XRP still needs to break and hold above $1.21 to confirm a breakout. It has pierced that level before and failed. A sustained move above it would be significant and until then $XRP remains in a holding pattern waiting for a catalyst.
Solana is holding well above its own breakout level and Soloway remains long, expecting a move higher unless the breakout level breaks down.
Cardano, $ZEC and $XMR
Cardano is struggling to find footing, bouncing but then falling back into the same range. The critical level to hold is $0.165. A sustained hold there keeps the structure intact but momentum is weak.
For $ZEC the key level is $460, which also represents a former resistance level that had flipped to support. Holding that zone keeps the recent move intact.
$XMR is the most volatile of the group. Soloway identified $293 as the trend line that must hold to prevent a larger pattern from developing to the downside. The upside level worth watching is $428. A confirmed breakout above that level would produce what Soloway described as an explosive move higher.
