Cryptocurrency giants Bitcoin, Ethereum, Binance Coin, and Solana are facing renewed resistance as buying pressure declines significantly. Despite Bitcoin nearing $95K, its buyer strength is faltering. Similar trends are visible in Ethereum, BNB and Solana, all showing potential signs of a bearish shift unless buying activity picks up soon.
As buying pressure weakens within the cryptocurrency sphere, Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) are all facing notable resistance. This decline in buyer momentum gives rise to potential market uncertainties that could dampen recent gains.
Bitcoin, approaching the $95,000 mark, shows signs of a decelerating momentum. The latest buy/sell pressure delta depicts a delicate balance, with buy pressure at 0.387 and sell pressure at 0.239, yielding a delta of just 6.578. Previous rallies exhibited a much more robust buying strength; back in January, the delta soared above 30, signalling a much more aggressive bullish trend.
However, the recent dip in buyer strength raises concerns. The long/short ratio reveals that 63.76% of Binance users have taken short positions, which essentially reflects a bearish outlook. With only 36.24% holding long positions, it suggests that many traders anticipate a market pullback, leading to an overall sentiment of caution.
Turning to Ethereum, the asset has witnessed a frustrating trend around the $2,800 level. Current figures show a buy pressure of 0.575 against sell pressure at 0.385, yielding a delta of 6.346, considerably less than when it surged close to $3,600 earlier this year.
The ETH chart reflects a prolonged period of selling pressure and repeated rejection around this upper resistance. While recent weeks have seen a return of buyers, the momentum is far from robust, as evidenced by the shrinking buy volumes that struggle to sustain upward movement. Without stronger buy support, ETH could face consolidation or a downward correction.
Binance Coin is also feeling the pinch, maintaining around $600 but showing declining buying activity. Buy pressure stands at just 0.128 while sell pressure is at 0.259, creating a meager delta of 1.263, the lowest among the analysed assets. Since peaking near $720 in February, BNB has stagnated as seller activity has surged, putting any significant breakthrough at risk.
Meanwhile, Solana has rebounded since hitting near $100 in April, currently trading around $160. However, like its counterparts, buying momentum is fading. With buy pressure at 0.458 and sell pressure at 0.578, this implies sellers are regaining control. Previous bullish trends with pressure levels exceeding 80, which pushed prices above $280, are now missing that vigour. The price is on an upward trend short-term, yet the overall excitement is decreased.
For traders keeping an eye on these further major cryptocurrencies, the general consensus suggests they’d need to see improved buy/sell ratios and enhanced buying volumes to instigate confidence for a longer-term bullish breakout. If not, the market might just need to brace for another cooling phase ahead.
