Bitcoin and several major altcoins are currently navigating turbulent waters, facing significant selling pressure near their range highs. This raises the critical question: Are BTC and other altcoins forming a bottom?

Bitcoin's recent relief rally has encountered resistance near $72,000. Despite some selling, the bulls have managed to maintain ground against the bears. Currently, BTC is hovering around $69,500, suggesting that sellers are active on any rallies. Analysts remain divided; some believe BTC’s true bottom lies below $50,000, while others argue that a genuine bottom may have formed around $60,000.

Crypto sentiment platform Santiment suggests that the market needs to sustain above key support levels for a lasting recovery. Notably, Bitcoin's Sharpe ratio has dropped to -10, historically a sign of potential bear market exhaustion. This statistic hints that the risk-to-reward profile may be reaching extreme levels, opening the door for a potential relief rally.

Turning to the S&P 500 Index (SPX), it fell below the ascending channel pattern recently. However, the bulls rebounded, pushing the index back above moving averages, indicating that the prior breakdown could have been a bear trap. A close above resistance could signal the next leg of an uptrend.

As for the US Dollar Index (DXY), it rose above the 20-day EMA but faced a sharp decline below this level, suggesting that bears are attempting to take control. Strong support exists in the 96.21 to 95.51 zone, and if bears prevail, the index could drop to 91.88. Conversely, if it bounces from the current levels, it may remain within the 96.21 to 100.54 range a bit longer.

Analyzing Bitcoin's price action, its recovery is struggling just below the breakdown level of $74,508. This indicates that sellers are trying to convert this level into resistance. If Bitcoin turns down from here, it could retest the $60,000 mark. However, should it break above the 20-day EMA, this may signal a substantial buying opportunity.

Ethereum (ETH) is also facing selling pressure around the $2,111 level. If ETH closes decisively above this resistance, it may climb toward the 20-day EMA at $2,447, a crucial level to watch. If bears maintain their grip, the price could drop to $1,750.

BNB's rally is similarly under pressure, facing resistance near the 50% Fibonacci retracement level at $676. If the price slips below $602, it may plunge to $500. However, if bulls can push above $676, BNB may rise to $730.

XRP has been trading above its support line but struggles to push higher. If it breaks below this support, it could revisit the $1.11 level. On the other hand, a push above the 20-day EMA may signal a new upward trajectory.

Solana (SOL) is currently facing resistance just below the breakdown level of $95. Should the price fall below $77, it may retest $67. A close above the 20-day EMA would indicate a shift in momentum towards the bulls.

Dogecoin (DOGE) is at a critical juncture, with sellers trying to halt its rally at the psychological level of $0.10. If it turns down from here, it could drop to $0.08. Bulls need to push the price above the 20-day EMA to suggest weakening bearish momentum.

Cardano (ADA) shows signs of weakness as well, with bears selling on rallies. If ADA turns down from the current level, it could collapse to $0.20. Conversely, breaking above the 20-day EMA could signal a longer consolidation phase within its channel.

Bitcoin Cash (BCH) is facing resistance at the 20-day EMA. A drop below $497 could lead to a retest of the crucial support at $443. However, if bulls push BCH above the 20-day EMA, it may climb toward the 50-day SMA at $585.

In summary, the current landscape for Bitcoin and major altcoins is precarious as they face significant selling pressure near critical levels. The market sentiment is mixed, with some analysts predicting a bottom forming while others remain cautious. Keeping an eye on these price levels will be essential for traders looking to navigate these turbulent waters successfully.