Crypto Market Poised for Strong Rebound as Bitcoin (BTC) Price Sticks to Interim Target

After withstanding acute bearish pressure in the first fortnight of the month, the crypto markets are expected to trigger a strong rebound.

Crypto markets are likely to witness a strong rebound after facing acute bearish pressure in the first half of the month. In the latest drop from levels close to $60,000, the Bitcoin price is hovering around the interim target, indicating the bull’s preparation in the coming days. In the meantime, some altcoins are expected to witness an ongoing squeeze, offering a ‘buying’ opportunity before the next bullish rise.

Solana (SOL) price is facing fresh bearish action as it slips down the levels below $140, continuing the trend it started a few days ago. The bulls have always entered as the levels hit the local support and hence a similar action may occur as the price has entered the same zone.

The SOL price has reached the lower support of the decisive symmetrical triangle and is expected to drop to the lower support zone. However, the price is facing equal bullish and bearish pressure, due to which the next price action remains uncertain. While the Ichimoku cloud is about to turn bullish, the RSI maintains a descending trend. Therefore, the SOL price may hit the support zone between $120.66 and $125.13 and if the bulls fail to hold, a buying opportunity may occur around $108.

Injective (INJ) price has been trading within a falling wedge and, after reaching the final stages, is juggling around some range. These ranges have been trend reversal zones in the past and hence after a brief consolidation, the price is expected to trigger a minor upswing beyond $20. But the question appears: whether the INJ price sustains above the gains?

After the major fall in the first few days of the month, the INJ price triggered a recovery that seems to remain restricted within a range. The RSI rebounded and reached the average zone but is failing to surpass it. Therefore, it suggests that the INJ price may certainly rise above the consolidation but may soon drop back to the lower support of the wedge, which may place the token at the apex of the consolidation. This could be when the platform witnesses a huge influx of buying volume, which may eventually trigger a bullish rise beyond $26.

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