Bitcoin, Altcoin Traders Attempt To Restart Bull Market: Will They Win?

Key points:

Buyers are attempting to push Bitcoin toward the $76,000 level but are facing significant selling from the bears.

Several major altcoins are likely to pick up momentum if they break above their overhead resistance levels.

Buyers are attempting to sustain Bitcoin (BTC) above the $72,500 level but are expected to face significant resistance from the bears. US spot BTC exchange-traded funds have witnessed a mixed week, with two days of inflows and two days of outflows, according to Farside Investors data. However, a positive sign is that the inflows have been larger than the outflows, resulting in weekly net inflows of $576.5 million.

Although there are signs of recovery, Glassnode said in its latest Week Onchain newsletter that BTC will have to cross the True Market Mean at $78,000 and the Short-Term Holder Cost Basis at $81,600 to transition into a sustainable recovery regime. Until then, the “mid to long-term bias remains tilted to the downside” as any rally into the zone is expected to encounter selling pressure from recent buyers who may want to exit their positions at or near breakeven.

Along with BTC, Ether (ETH) may also be bottoming out. The Capriole Macro Index Oscillator recorded a reading of -2.42, signaling undervaluation. In 2022, ETH had bottomed out in the $1,000 to $1,200 range when the indicator fell to -2.2. That suggests limited downside risk and greater upside potential.

Could BTC and select major altcoins continue their relief rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC rose above $73,000, but the bulls could not sustain the higher levels. That suggests the bears are attempting to retain the price below the $72,000 level.

A positive in favor of the bulls is that the 20-day exponential moving average ($69,587) has started to turn up, and the relative strength index (RSI) has risen into the positive territory. That increases the possibility of a rally to the $76,000 resistance.

Sellers are expected to defend the $76,000 level with all their might, as a close above it completes a bullish ascending triangle pattern. The BTC/USDT pair may then ascend to $84,000.

The bears will have to swiftly pull the BTC price below the support line to signal a comeback. If they do that, the pair risks dropping to the crucial $62,500 to $60,000 support zone.

Ether price prediction

ETH’s pullback is finding support at $2,200, signaling that the bulls are attempting to flip the level into support.

If the ETH price turns up from the current level and breaks above $2,274, it improves the prospects of a rally above the $2,400 resistance. If that happens, the ETH/USDT pair may surge to $2,800.

This bullish view will be invalidated in the near term if the price turns down and breaks below the moving averages. That suggests the higher levels are attracting sellers. The pair may then slump to the solid support at $1,916.

XRP price prediction

Buyers have failed to push XRP (XRP) above the 50-day simple moving average ($1.38), indicating that the bears are aggressively defending the level.

Both moving averages are flattening out, and the RSI is just below the midpoint, indicating a slight edge to the bears. A break and close below the $1.27 level signals the resumption of the downtrend to $1.11 and later to the support line of the descending channel pattern near $0.9.

On the other hand, a break above the 50-day SMA tilts the short-term advantage in favor of the buyers. The XRP/USDT pair may then rally to the downtrend line, where the bears are expected to pose a strong challenge.

BNB price prediction

BNB (BNB) has failed to rise above the 50-day SMA ($626), indicating that the bears are selling on minor rallies.

Sellers will attempt to strengthen their position by pulling the BNB price below the $570 level. If they succeed, the BNB/USDT pair may resume its downtrend to the next strong support at $500.

Conversely, a close above the moving averages signals that the pair may extend its stay within the range for some time. Buyers will be back in the driver’s seat on a close above the $687 level. That clears the path for a rally to $730 and subsequently to $790.

Solana price prediction

Solana (SOL) has been consolidating inside the $76 to $98 range, signaling buying on dips and selling on rallies.

If buyers drive the SOL price above the moving averages, the recovery may reach the $98 level. Sellers are expected to fiercely defend the $98 level, attempting to keep the SOL/USDT pair inside the range.

The next trending move is expected to begin above the $98 resistance or below the $76 support. If bulls propel the price above the $98 level, the pair may surge to $117. Alternatively, a break below the $76 level may sink the pair to $67.

Dogecoin price prediction

Dogecoin (DOGE) failed to rise above the downtrend line, indicating that the bears continue to exert pressure.

Sellers will have to quickly pull the DOGE price below the $0.09 support to complete the bearish descending triangle pattern. If they do that, the DOGE/USDT pair may plunge to $0.08 and later to the pattern target of $0.06.

Instead, if the price turns up and breaks above the downtrend line, it suggests that the bulls are aggressively defending the $0.09 level. The failure of a bearish setup is a positive sign as it is likely to attract buyers. The pair may then start its climb toward the $0.11 resistance.

Hyperliquid price prediction

Hyperliquid (HYPE) has been gradually moving higher toward the $41.59 to $43.76 resistance zone, signaling solid demand from the bulls.

The 20-day EMA ($37.91) has started to turn up, and the RSI is in the positive zone, indicating that the bulls are in command.