Bitcoin Reclaims $80K Zone as Altcoins Hint at Potential Season Ahead
Bitcoin is struggling to break through the $84,000 resistance but shows signs of resilience if it closes above $81,000. Altcoins like BNB, Toncoin, Gate Token, and Cosmos are also in volatile positions, facing critical support and resistance levels that could dictate future price movements.
Bitcoin (BTC) is currently facing resistance as it attempts to break above the 200-day simple moving average, located at $84,000. According to Ryan Lee, chief analyst at Bitget Research, a weekly close above $81,000 would indicate resilience in the market. Conversely, a decline below $76,000 could accelerate selling activity.
Markus Thielen, head crypto researcher at 10x Research, expressed skepticism regarding Bitcoin’s potential for recovery, suggesting that its chart structure reflects market indecision rather than a clear bullish trend. On the other hand, Timothy Peterson, a Bitcoin network economist, noted that historically, April and October have been strong months for Bitcoin, implying the possibility of reaching new all-time highs before June.
In terms of price movements, the downsloping 20-day exponential moving average indicates that bearish trends are prevailing in the short term, but a positive divergence on the relative strength index (RSI) suggests decreasing selling pressure. If Bitcoin’s price declines from its current level, it could drop to $80,000 or even $76,606. However, a breakout above the 20-day EMA could lead the price toward $100,000, although this level poses significant psychological resistance.
For BNB, the cryptocurrency initiated a recovery after hitting a low of $507, but it is currently facing selling pressure near the 50-day SMA at $621. The 20-day EMA serves as an essential near-term support; a rebound here would suggest bullish sentiment. However, if the price falls below this support, a decline to $550 is likely, indicating a bearish trend.
Toncoin (TON) has risen significantly from $2.35, reaching the 50-day SMA of $3.64. The support at the 20-day EMA ($3.15) will be crucial for determining whether the market sentiment shifts towards buying or continues to favor selling. If the price pulls back to the 20-day EMA and rebounds, it could potentially rally above the 50-day SMA.
Gate Token (GT) is showing signs of indecision as it forms a symmetrical triangle pattern, with the 20-day EMA at $21.06 indicating a potential shift in market dynamics. If the price breaks above this triangle, it could lead to a rally, but failure to break could result in the bears gaining control, especially if prices drop below the 20-day EMA.
Lastly, Cosmos (ATOM) recently broke above the 20-day EMA, suggesting a reduction in selling pressure. While it faces potential resistance at the 50-day SMA of $4.73, a close above $5.15 could trigger further bullish momentum, pushing the price towards $6.50. However, if it falls below the 20-day EMA, the bears may regain control, with support potentially dropping to $3.50.
In summary, Bitcoin is at a critical juncture, contending with significant resistance while showing signs of potential upward movement given favorable conditions. Altcoins such as BNB, Toncoin, Gate Token, and Cosmos are also experiencing similar market dynamics, with critical support and resistance levels influencing their respective market trajectories. Investors are advised to conduct careful analyses before making trading decisions, as market conditions remain fluid and speculative in nature.
Original Source: cointelegraph.com
Post Comment