The Bitcoin And Altcoin Bottom Is Not In Yet: Here’s Why

Key points:

Bitcoin’s relief rally is facing selling near $72,000, but a positive sign is that the bulls have not ceded much ground to the bears.

Several major altcoins are facing selling at higher levels, indicating that the sentiment remains negative.

Bitcoin (BTC) has slipped closer to $69,500, indicating that the bears are selling on rallies. Several analysts say that BTC’s bottom is still not in. Trader BitBull said in a post on X that BTC’s “real bottom will form below $50,000, where most of the ETF buyers will be underwater.”

A different viewpoint was put forth by crypto sentiment platform Santiment. In a report on Saturday, the Santiment team said that data suggests the fall to $60,000 may have been a genuine bottom. Still, for a sustained recovery, the market has to sustain above the key support level, and whales must continue their tentative accumulation.

Another positive for the bulls is that the BTC Sharpe ratio has fallen to -10, which historically indicates the final phases of bear markets, according to CryptoQuant analyst Darkfost. Although the readings do not confirm that the bear market is over, it indicates that the risk-to-reward profile may be reaching extreme levels.

Could BTC and the major altcoins start a strong relief rally, or will the downtrend resume? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

S&P 500 Index price prediction

The S&P 500 Index (SPX) fell below the ascending channel pattern on Thursday, but the bulls could not sustain the lower levels.

The index came roaring back on Friday and surged above the moving averages. That shows the break below the channel may have been a bear trap. The bulls will attempt to push the price to the resistance line, where the bears are expected to step in.

The 20-day exponential moving average (EMA) (6,917) is flattening out, and the relative strength index (RSI) is just above the midpoint, signaling a balance between supply and demand. A close above the resistance line might start the next leg of the uptrend toward 7,290.

US Dollar Index price prediction

The US Dollar Index (DXY) rose above the 20-day EMA (97.67) on Thursday, but the bulls could not sustain the higher levels.

The price plunged sharply below the 20-day EMA on Monday, signaling that the bears are attempting to take control. There is strong support in the 96.21 to 95.51 support zone, but if the bears prevail, the index might collapse to 91.88.

Instead, if the price turns up sharply from the current level or the support zone and rises above the moving averages, it signals that the index might extend its stay inside the 96.21 to 100.54 range for some more time.

Bitcoin price prediction

BTC’s recovery is stalling just below the breakdown level of $74,508, indicating that the bears are attempting to flip the level into resistance.

The downsloping 20-day EMA ($78,142) and the RSI in negative territory indicate an advantage to sellers. If the price turns down from $74,508 or the 20-day EMA, the bears will again strive to pull the BTC/USDT pair toward $60,000.

This negative view will be invalidated in the near term if the Bitcoin price breaks above the 20-day EMA. That suggests solid buying at lower levels. The pair may then rally toward the 50-day simple moving average (SMA) ($86,636).

Ether price prediction

Ether’s (ETH) relief rally is facing selling at the $2,111 level, but a positive sign is that the bulls have not ceded much ground to the bears.

If the price decisively closes above the $2,111 level, the ETH/USDT pair may climb to the 20-day EMA ($2,447). This is a crucial resistance to watch out for, as a break above it suggests that the bearish momentum has weakened. The Ether price may then rise to the 50-day SMA ($2,877).

Sellers will have to aggressively defend the $2,111 level to retain their advantage. If they do that, the $1,750 level may be at risk of breaking down. The pair may then slump to $1,537.

BNB price prediction

BNB’s (BNB) relief rally is facing selling near the 50% Fibonacci retracement level of $676, indicating a negative sentiment.

If the price slips below $602, the bears will attempt to yank the BNB/USDT pair below the $570 support. If they manage to do that, the pair may plummet to $500.

Contrarily, if bulls push the BNB price above $676, the pair may ascend to the breakdown level of $730. Sellers are expected to defend the $730 to $790 zone as a break above it suggests that the bulls are back in the game. The pair might then surge to the 50-day SMA ($849).

XRP price prediction

Buyers have maintained XRP (XRP) above the support line of the descending channel pattern but are struggling to push the price to the 20-day EMA ($1.63).

If the price turns down and breaks below the support line, it indicates that the bears remain in charge. The XRP/USDT pair may then retest the $1.11 level. Buyers are expected to defend the $1.11 level with all their might, as a break below it may sink the pair to $1 and then to $0.75.

Buyers will have to propel the XRP price above the 20-day EMA to gain the upper hand in the short term. The pair may then march toward the downtrend line. A close above the downtrend line suggests the start of a new up move.

Solana price prediction

Solana’s (SOL) relief rally is facing selling just below the breakdown level of $95, indicating that the bears are attempting to flip the level into resistance.