Bitcoin price started a recovery wave above the $80,000 zone. BTC is now rising and might aim for a move above the $84,000 and $85,000 levels.

• Bitcoin started a decent recovery wave above the $80,000 zone.
• The price is trading above $82,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $82,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $84,000 and $85,000 levels.

Bitcoin Price Eyes Breakout

Bitcoin price remained strong above the $78,000 level. BTC formed a base and recently started a recovery wave above the $80,000 resistance level.

The bulls pushed the price above the $82,000 resistance level. The price surpassed the 23.6% Fib retracement level of the downward wave from the $91,060 swing high to the $76,820 low. However, the bears are now active near the $84,000 resistance zone.

Bitcoin price is now trading above $82,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $82,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $84,000 level and the 50% Fib retracement level of the downward wave from the $91,060 swing high to the $76,820 low. The first key resistance is near the $85,000 level. The next key resistance could be $85,650.

A close above the $85,650 resistance might send the price further higher. In the stated case, the price could rise and test the $86,500 resistance level. Any more gains might send the price toward the $88,000 level or even $96,200.

Another Drop In BTC?

If Bitcoin fails to rise above the $84,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,000 level and the trend line. The first major support is near the $81,200 level.

The next support is now near the $80,000 zone. Any more losses might send the price toward the $78,000 support in the near term. The main support sits at $76,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $82,000, followed by $81,200.

Major Resistance Levels – $84,000 and $85,000.

Ondo Finance (ONDO) is up nearly 7% in the last 24 hours, attempting to reclaim a $3 billion market cap after a sharp 38% correction over the past 30 days. The recent price recovery suggests a potential trend shift, but key resistance levels must be broken for confirmation.

Indicators like the DMI and CMF show that selling pressure is fading while buying interest is increasing. If ONDO breaks past $0.90, it could rally toward $1.08 and even $1.20. However, failure to sustain momentum could lead to another drop below $0.70.

ONDO DMI Shows The Downtred Could Revert Soon

ONDO’s ADX is currently at 33.8, down from 40.5 yesterday. This indicates that while the downtrend remains strong, its intensity is starting to weaken.

The ADX (Average Directional Index) measures trend strength on a scale from 0 to 100, with values above 25 signaling a strong trend and values below 20 suggesting a weak or non-trending market.

Since Ondo Finance ADX is still well above 25, the bearish trend remains dominant, but the decline suggests that momentum could be slowing.

Meanwhile, the +DI has climbed to 21.9 from 11.18, while the -DI has dropped from 34.3 to 24.11, showing that selling pressure is fading while buying pressure is increasing.

However, since -DI remains slightly above +DI, the downtrend is still in place. If +DI continues rising and crosses above -DI, it could confirm a shift in momentum, potentially signaling a trend reversal.

Until then, Ondo Finance remains in a downtrend, but bulls are gaining ground.

Ondo Finance CMF Surged In The Last Three Days

ONDO’s Chaikin Money Flow (CMF) is currently at 0.07, recovering from a negative low of -0.32 just three days ago.

The CMF measures buying and selling pressure by analyzing both price and volume, with values above 0 indicating accumulation (buying pressure) and values below 0 signaling distribution (selling pressure).

A CMF above 0.05 suggests growing bullish momentum, while prolonged negative readings often align with downtrends.

Ondo Finance CMF turned positive yesterday after spending two consecutive days in negative territory, signaling that buying pressure is increasing.

With CMF now at 0.07, capital inflows are returning, which could support further price recovery. However, since the value is still relatively low, sustained buying volume is needed to confirm a strong uptrend.

If CMF continues rising, it could indicate stronger accumulation, potentially leading to a breakout, establishing ONDO among the top Real-World Assets coins in the market.

Will ONDO Reclaim $1 Soon?

ONDO is currently recovering after dipping below $0.79 for the first time in months, following a broader correction across major RWA coins in the last 30 days.

The recent bounce suggests buyers are stepping in, but the trend remains uncertain, with key resistance levels ahead.

If it breaks above $0.90, it could continue rising toward $0.99, and a further breakout could send it to $1.08 or even $1.20.

However, if the uptrend fails and selling pressure returns, ONDO price could drop to $0.73, with the risk of falling below $0.70 for the first time since November 2024.

Alameda Research unlocked Solana tokens worth nearly $23 million today. Despite this notable unlock, it barely affected SOL’s underlying price or demand dynamics.

FTX’s reimbursement process has begun, and the firm unlocked SOL worth $1.57 billion. Alameda’s comparatively small unlock exists in the context of bearish market factors that are drastically impacting demand.

How Will Alameda Use Its Unstaked Solana Tokens?

According to on-chain data from Arkham Intelligence, Alameda Research distributed the unstaked SOL to 38 FTX-linked addresses. As a refresher, Alameda was the trading firm linked to the FTX collapse, operated by Caroline Ellison.

“Alameda address just unstaked $23 million SOL to 38 new addresses. An FTX/Alameda staking address received $22.9 million SOL from a staking address unlock and has just distributed these funds to 37 addresses that have previously received SOL from this address. These addresses currently hold $178.82 million SOL,” Arkham claimed via social media.

Since its downfall, Alameda has moved huge amounts of assets on several occasions. For example, Alameda bankruptcy addresses staked $10 million in MATIC tokens in late 2023 and moved Ethereum worth $14.75 million in early 2024.

However, both these incidents caused significant price fluctuations in the relevant assets.

Solana’s price, on the other hand, has barely budged since these Alameda transactions took place. Yesterday, the SEC delayed several Solana ETF applications, and this had a slightly bearish impact on the altcoin’s price.

Even so, ETH jumped 10% when Alameda moved a supply worth $14.75 million. It moved much more SOL today, but this didn’t even cause the day’s largest price move.

Solana declined and spiked in a short time span, but all of this happened before the announcement. Comparatively, the Alameda unlock had practically no effect.

So far, it isn’t clear what exactly Alameda is planning to do with these unlocked Solana tokens. Last month, FTX began the first round of creditor repayments, but this will be a long process. Earlier this month, FTX also unlocked Solana tokens worth $1.57 billion.

In other words, Alameda may be planning to use these tokens as part of the FTX reimbursement process, but that might not change Solana’s demand.

The crypto market is currently in a state of Extreme Fear, and most major assets are seeing big outflows. Alameda’s actions are just one drop in a very large bucket.