Bitcoin and Major Altcoins Face Crucial Support Levels as Analysts Predict Further Declines

Bitcoin (BTC) is currently under pressure as buyers attempt to keep the price above the $66,500 level, but bears are exerting strong resistance. Analysts remain divided, with some suggesting that the $60,000 level could break, potentially leading to further declines. The BTC supply in profit and loss metric indicates that about 8.2 million BTC are in loss, a figure comparable to the previous bear market when 10.6 million BTC were in loss. This suggests the market may be approaching a bottom, but not all analysts agree. Chartered Market Technician Aksel Kibar has warned that BTC could drop to $52,500 if the bearish pattern continues, while Bloomberg Intelligence's Mike McGlone has made a more extreme prediction of a potential collapse to $10,000. In contrast, ARK Invest CEO Cathie Wood has expressed a more optimistic outlook, stating that BTC is unlikely to experience an 85-95% collapse from its all-time high. Ether (ETH) is also facing challenges as it failed to break above the $2,200 resistance level, with the price likely to oscillate between $2,200 and $1,916 in the near term. If buyers can push ETH above $2,200, a potential rally to $2,400 and $2,600 could follow. However, a close below $1,916 might lead to a decline toward $1,750. BNB (BNB) has dropped to the $570 support level, with the 20-day EMA at $620 and the RSI near oversold territory indicating a possible continuation of the downtrend. If the $570 level breaks, BNB could fall to $500. XRP (XRP) is also under pressure, with the price turning down from the 20-day EMA at $1.36 and facing a critical support level at $1.27. A break below this could lead to a decline to $1.11 and potentially to $1.00 if the descending channel pattern is invalidated. Other major altcoins, including Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Bitcoin Cash (BCH), and Chainlink (LINK), are similarly at risk of breaking below their immediate support levels, signaling that bears remain in control. The market's ability to hold above these critical levels will be a key indicator of whether the current bearish trend will continue or if a reversal is on the horizon.