Bitcoin’s recent rejection near the $65,000 resistance level indicates that bears are trying to keep the price within the lower half of the $54,000 to $73,777 range. However, the bulls are putting up a fight and are not ready to give up easily. The latest report from 10x Research suggests that Bitcoin is poised for a rally, especially as it enters the historically strong season from October to March.
Another positive development for the cryptocurrency markets is the aggressive 50 basis point rate cut by the Federal Reserve on September 18. According to CoinShares’ weekly digital asset fund flows report, this rate cut could have led to inflows of $321 million into digital asset investment products last week.
Bitcoin is also approaching another historically crucial period, according to K33 Research. In the previous two bull market cycles, the trough-to-peak duration lasted for more than 1,050 days, with the most significant gains occurring during the final 365 days. The current peak-to-trough duration has reached 672 days, indicating that the cycle could be ready for a surge.
The question now is whether Bitcoin can break through the $65,000 resistance level and move towards $70,000. If it does, it could trigger buying in altcoins. Let’s analyze the charts to get a better understanding.
The S&P 500 Index reached a new all-time high on September 19, signaling that the bulls are still in control. The bears will try to pull the price back below the breakout level of 5,670, while the bulls will attempt to turn this level into support. If the bulls succeed in pushing the price above 5,734, the index could rally to 6,000. On the other hand, a dip below 5,670 could lead to short-term bulls closing their positions and a potential advantage for the bears.
The US Dollar Index (DXY) once again turned down from the 20-day exponential moving average (101.25) on September 23, indicating that the bears are still selling on rallies. It may be difficult for the bears to sink the price below the 101 to 99.57 support zone, as the bulls are expected to defend it strongly. However, if the bears succeed, the index could enter the next leg of the downtrend. A break and close above the 20-day EMA would suggest that the bears are losing their grip and could lead to bullish momentum if the price moves above the 50-day simple moving average (102.38).
Bitcoin’s price is currently facing resistance near $65,000, but the bulls are not giving up. If the bulls manage to hold their ground and prevent significant price declines, there is a higher chance of a rally above $65,000. In this scenario, the BTC/USDT pair could surge to $70,000, where bears are expected to defend strongly. However, if the price turns down and breaks below the 20-day EMA ($60,621), the pair may slide to the 50-day SMA ($59,382) and later to $57,500.
Ether broke above the 50-day SMA ($2,512) on September 20, indicating that the bears are losing their grip. The bulls will attempt to push the price to the breakdown level of $2,850, a crucial level for the bears to defend. A break and close above this level could suggest a potential trend change and lead to a rally to $3,400. However, if the bears manage to pull the price below the moving averages, the next leg of the downtrend could begin, potentially pushing the price below $2,111.
BNB has been gradually moving higher towards the $635 resistance level, which has been a significant barrier for several months. If the price sharply turns down from this resistance zone, it could indicate that the BNB/USDT pair will continue to trade within the range for some time. Conversely, if buyers manage to push the price above $635, it could signal the start of a new uptrend, with the pair potentially rallying to $722.
Solana has pulled back to the moving averages, which serve as important support levels in the near term. If the price rebounds and breaks above $152, the SOL/USDT pair could rally to $164, with potential challenges at this level. However, if the price turns down sharply and breaks below the 20-day EMA ($139), it would suggest that bears continue to sell on relief rallies, potentially leading to a range-bound movement between $164 and $116.
XRP has been maintaining its position above the moving averages in recent days, but the bulls have struggled to break through the $0.60 hurdle. However, the rising 20-day EMA ($0.57) and the positive RSI suggest that the path of least resistance is to the upside. If buyers manage to push the price above $0.60, the XRP/USDT pair could reach $0.64, with the bears expected to defend this level. However, if the bulls prevail, the rally could extend to $0.74. On the other hand, a sharp downturn and a break below the uptrend line could push the pair to $0.50 and later to $0.46.
Dogecoin broke and closed above the downtrend line of the falling wedge pattern on September 21, indicating a potential comeback for the bulls. If the bears manage to pull the price back into the wedge, it could lead to increased selling pressure, pushing the DOGE/USDT pair to $0.09 and eventually to $0.08. Conversely, if the price turns up from the current level and rises above $0.12, it could signal the start of a new uptrend, with the pair potentially rallying to $0.14 and later to $0.18.
Toncoin is currently squeezed between the moving averages, suggesting a possible range expansion in the near term. If the price breaks and closes above the 50-day SMA ($5.76), it could indicate the start of an uptrend towards $7. However, solid resistance is expected at $7, and if buyers can overcome it, the rally could reach $8.29. On the other hand, if the price breaks below the 20-day EMA ($5.54), it would suggest that the bears remain sellers on minor rallies, potentially leading to a decline to the $4.72 to $4.44 support zone.
Cardano is struggling to break above the downtrend line of the descending triangle pattern, but the bulls have managed to keep the price above the moving averages. Buyers will make another attempt to push the price above the downtrend line. If they succeed, it would invalidate the bearish setup and indicate a bullish sign. The ADA/USDT pair could rise to $0.40 and then to $0.46. However, if the price breaks below the moving averages, the pair may continue to trade within the triangle for a few more days. A break and close below the triangle would turn the trend negative.
This article serves as information and does not provide investment advice or recommendations. It is important for readers to conduct their own research and make informed decisions when it comes to investments and trading, as they involve risk.