After an explosive, broad-based rally in July, the cryptocurrency market has witnessed a cooling period. Bitcoin, which failed to breach the critical $120k resistance, has retraced to a strong support level at $117,000. Meanwhile, Ethereum continues to struggle under the $4000 mark, leaving investors cautious but on the lookout for opportunities as savvy whales step in.

Recent Price Trends and Market Sentiment

Recent market activity shows that both Bitcoin and Ethereum are facing resistance at key levels. Bitcoin's failed attempt to break past $120k has shifted market focus to its crucial support at $117k. Meanwhile, Ethereum's repeated inability to reach $4000 has generated uncertainty among short-term traders.

• Bitcoin: The inability to breach major resistance levels is causing a temporary cooling, yet the consistent $117k support indicates potential stabilization.
• Ethereum: The cryptocurrency remains under pressure, with resistance hindering breakthroughs to $4000.

Whale Activity: Buying the Dip

In a surprising twist, large investors—often referred to as "whales"—are seizing the current market conditions to expand their portfolios. Their activity suggests confidence in the market’s potential rebound, particularly in coins that have shown historical resilience.

These investments are not isolated to Bitcoin and Ethereum alone. Other coins experiencing temporary price falls have also caught the whales' attention, highlighting a strategic move to buy the dip and potentially contribute to a market turnaround.

Forecasts and What to Expect

Market analysts are closely monitoring the support levels and whale activity. Key forecasts include:

• Bitcoin: With strong support at $117k, a rebound could lead Bitcoin to test the $120k resistance once again.
• Ethereum: Continued pressure might push Ethereum to consolidate below $4000 before making an upward breakout.
• Other Altcoins: Select coins that have caught the whales' interest may experience significant gains if broader market sentiment improves.

Investors are advised to stay informed with the latest developments and consider both technical analysis and macroeconomic factors affecting the market.

Conclusion

The current crypto market presents a contrasting picture: while overall prices have fallen after a robust rally, the strategic buying by whales indicates underlying strength. As Bitcoin tests its support and Ethereum struggles to overcome resistance, understanding these trends becomes crucial for anyone looking to navigate the crypto landscape confidently.