BTC Faces Historic Trendline Barrier Again, While SOL Technicals Flash Warning

Crypto Markets Pause Ahead of Fed as Bitcoin, Solana, and Ether Face Key Tests

Cryptocurrencies are showing hesitation as traders await Wednesday’s Federal Reserve decision. Bitcoin, Solana, and Ether are all testing crucial technical levels that could determine near-term momentum.

Bitcoin Struggles at $116K
Bitcoin (BTC) has stalled below $116,000, a resistance zone in place since July. After bouncing from $107,200 last week, BTC has been unable to sustain gains past this level. The resistance aligns with a trendline connecting the bull-market peaks of December 2017 and November 2021, which capped upside attempts in prior months. Analysts warn that repeated failure here could give bears the upper hand, even as expectations of a Fed rate cut provide some support. BTC currently trades within the Ichimoku cloud, signaling indecision until a clear breakout or breakdown occurs.

Solana’s ‘Shooting Star’ Warns of Reversal
Solana (SOL) formed a bearish “shooting star” candlestick after spiking near $250 over the weekend, then retreating sharply. The pattern, confirmed by a Monday drop to around $230, indicates buyers lost control to sellers. Bulls would need to reclaim $250 to avoid further downside, with the upcoming Fed decision potentially adding volatility.

Ether Consolidates in Tight Range
Ether (ETH) has lost momentum after reaching an all-time high near $5,000 last month. Price action has narrowed into a symmetrical triangle, reflecting indecision. Such patterns typically precede breakouts or breakdowns, leaving ETH poised for a directional move once the triangle resolves.

Market Outlook
With BTC, SOL, and ETH at key technical junctures, traders are watching closely for market-moving signals from the Fed. A dovish cut could fuel a bullish push, while a hawkish tone might trigger broader crypto retracements.