Bitcoin Trend Reversal Possible If $74K Holds, Will Altcoins Follow?

Key points:

• Sellers will attempt to halt the recovery at $74,508, but if buyers bulldoze their way through, the rally may reach $84,000. 

• Select major altcoins have risen above their overhead resistance levels, signaling solid demand at lower levels.

Bitcoin (BTC) rallied to $74,508 on Monday, a level that is a key near-term resistance. Crypto sentiment platform Santiment said in a recent report that wallets holding between 10 and 10,000 BTC have started accumulating, which in the past was a bullish sign.

US spot BTC exchange-traded funds (ETFs) have also attracted investors, recording five straight days of inflows last week. Bernstein said in a Monday research note shared with Cointelegraph that sustained inflows into BTC ETFs and steady corporate buying by companies such as Strategy have strengthened BTC’s long-term holder base, contributing to a more stable market structure during periods of stress.

BTC is showing signs of a trend reversal, but the bears are unlikely to give up easily. Higher levels are likely to attract sellers who will attempt to trap the aggressive bulls. Material Indicators cofounder Keith Alan said in a video analysis that BTC is still in a bear market, and the price may retest the support near $60,000. 

Could buyers sustain BTC and major altcoins above their resistance levels? 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) turned down from the 20-day exponential moving average (6,799) on Tuesday, indicating a negative sentiment.

The index may reach the 6,550 level, which is a crucial level to watch out for. If the price rebounds off the 6,550 level with force, the index may reach the 20-day EMA, where the bears are expected to step in. If the price turns down sharply from the 20-day EMA, the likelihood of a break below the 6,550 level increases. The correction may then deepen to the 6,350 level.

On the contrary, a close above the moving averages suggests that the index may remain inside the 6,550 to 7,002 range for a while longer.

US Dollar Index price prediction

The US Dollar Index (DXY) reached the 100.54 resistance on Friday, which is a critical level to watch out for.

The upsloping 20-day EMA (98.76) and the RSI near the overbought zone suggest that the path of least resistance is to the upside. If buyers thrust the price above the 100.54 level, the index might start a new uptrend to the 102 level and later to the 103.54 level.

Contrary to this assumption, if the price turns down sharply from the current level and breaks below the moving averages, it suggests that the index may remain inside the 95.50 to 100.54 range for some more time.

Bitcoin price prediction

BTC continued its upward march and reached the $74,508 resistance, where the bears are expected to mount a strong defense.

The 20-day EMA ($70,028) has started to turn up, and the RSI is in the positive territory, indicating that the buyers are attempting to take charge. A close above the $74,508 level will complete a bullish ascending triangle pattern, opening the gates for a rally to $84,000. Such a move suggests that the downtrend may be over.

Sellers will have to pull the BTC price below the moving averages to weaken the bulls. The BTC/USDT pair may then slump to the support line. A close below the support line tilts the advantage back in favor of the bears.

Ether price prediction

Ether’s (ETH) consolidation between $1,750 and $2,111 resolved to the upside with a breakout on Sunday.

The moving averages are on the verge of a bullish crossover, and the RSI is in the positive zone, indicating that buyers are back in the game. The ETH price may rally to $2,600 and then to $3,450. Such a move suggests that the ETH/USDT pair may have bottomed out at $1,747.

The 20-day EMA ($2,072) is the vital support to watch out for on the downside. A close below the 20-day EMA signals that the bears are active at higher levels. The pair may then tumble to $1,916.

BNB price prediction

BNB (BNB) closed above the $670 resistance on Sunday, but the bulls are struggling to sustain the higher levels.

The 20-day EMA ($646) is the critical support to watch out for on the downside. If the price bounces off the 20-day EMA with strength, the BNB/USDT pair may rally to $730 and subsequently to $790.

This positive view will be invalidated in the near term if the BNB price continues lower and breaks below the 20-day EMA. That may keep the pair range-bound between $570 and $670 for a while longer.

XRP price prediction

XRP (XRP) has risen above the 50-day simple moving average ($1.46), indicating sustained buying by the bulls.

If the XRP price closes above the 50-day SMA, the next stop is likely to be the breakdown level of $1.61. If the price turns down from $1.61 but finds support at the 20-day EMA ($1.41), it suggests a bullish sentiment. The XRP/USDT pair may then climb to the downtrend line.

On the contrary, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it signals that the bears are selling on minor rallies. That may retain the price inside the descending channel pattern.

Solana price prediction

Solana (SOL) has reached the breakdown level of $95, which is a critical overhead resistance to keep an eye on.

If buyers overcome the barrier, the SOL/USDT pair may surge to $117. Sellers are expected to pose a substantial challenge at $117, but on the way down, if the bulls maintain the SOL price above $95, it suggests a positive sentiment. That increases the possibility of a rally to $147.

Instead, if the price turns down sharply from the current level and breaks below the 20-day EMA ($87), it suggests that the pair may extend its stay inside the $76 to $95 range for some more time.

Related: Bitcoin hits $74.4K six-week high as analysts see ‘more upside’ for BTC

Dogecoin price prediction

Dogecoin (DOGE) has risen above the 50-day SMA ($0.10), indicating that the bears are losing their grip.

The DOGE/USDT pair may rally to the breakdown level of $0.12, where the bears are expected to sell aggressively. If the DOGE price turns down sharply from $0.12, it points to a possible range formation. The pair may swing between $0.09 and $0.12 for a few days.

On the other hand, a break and close above the $0.12 resistance signals that the bulls are back in the driver’s seat. That clears the path for a rally to the $0.16 level, which is expected to behave as a stiff resistance.

Cardano price prediction

Cardano (ADA) has surged above the 50-day SMA ($0.28), indicating that the bulls are attempting a comeback.

The bears are expected to vigorously defend the downtrend line, but if the bulls prevail, the ADA/USDT pair may signal a short-term trend change. The ADA price may rally to $0.37 and then to $0.44.

Contrarily, if the price turns down sharply from the downtrend line and breaks below the moving averages, it suggests that the pair may continue to oscillate inside the channel for a few more days.

Hyperliquid price prediction

Sellers attempted to pull Hyperliquid (HYPE) back below the breakout level of $36.77 on Sunday, but the bulls held their ground.

That suggests the bulls are striving to flip the $36.77 level into support. If they manage to do that, the HYPE/USDT pair may ascend to $43 and then to $50. 

The first support on the downside is at $36.77 and then at the 20-day EMA ($33.95). Sellers will have to tug the HYPE price below the 50-day SMA ($31.56) to suggest that the market has rejected the breakout above $36.77. The pair may then plummet to $29.