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.
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