Key points:
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Bitcoin is attempting a recovery from $80,600, which several analysts believe to be a bottom.
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Several altcoins are struggling to start a rebound, indicating a lack of demand from buyers.
Bitcoin (BTC) dropped roughly 8% last week, but lower levels attracted buyers. The bulls are striving to push the price above $88,000 at the start of the new week. Inflows of $238.4 million into spot BTC exchange-traded funds on Friday, according to Farside Investors’ data, indicate that the bulls are again becoming active.
Analysts at wealth manager Swissblock said in a post on X that the sharply declining risk-off signal indicates a reduction in selling pressure, suggesting that the “worst of the capitulation” may be over for now. They added that fading selling pressure and a weaker second selling wave will confirm a more reliable bottom.
BitMEX co-founder Arthur Hayes said in a post on X that BTC may chop below $90,000 and possibly fall into the low $80,000 levels. The ex-BitMEX chief executive expects the $80,000 level to hold.
Could BTC and the major altcoins start a sustained recovery, or will higher levels attract sellers? 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 up from the 6,550 support on Friday, and the bulls are attempting to extend the recovery on Monday.
The relief rally is expected to face selling in the zone between the moving averages and the resistance line. If the price turns down from the overhead zone, the bears will again try to pull the index below 6,550. If they can pull it off, the index could plummet to the 6,350 level.
On the other hand, a break and close above the resistance line indicates that the corrective phase may be over. The index could then retest the all-time high at 6,920.
US Dollar Index price prediction
The US Dollar Index (DXY) has been facing resistance near the 100.50 level, but a positive sign is that the bulls have not ceded much ground to the bears.
The gradually upsloping moving averages and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside. If the price breaks above the 100.50 level, the index could surge to the 102 level. A close above the 102 resistance will complete a rounding bottom pattern, signaling a potential trend change.
Sellers will have to pull the price below the 20-day exponential moving average (99.62) to weaken the bullish momentum. The index could then drop to the 50-day simple moving average (98.81).
Bitcoin price prediction
BTC is attempting a recovery after having plunged to $80,600 on Friday, but higher levels are likely to attract sellers.
The 20-day EMA ($94,620) is likely to act as a major hurdle on the upside. If the Bitcoin price turns down sharply from the 20-day EMA, it suggests that the sentiment remains negative and the bears are selling on rallies. That heightens the risk of a drop to the $73,777 level, where the bulls are expected to step in.
Buyers will have to push and maintain the price above the 20-day EMA to gain strength. The BTC/USDT pair may then climb to the psychological level of $100,000.
Ether price prediction
Ether (ETH) is attempting to start a recovery, which may encounter significant resistance in the zone between the 20-day EMA ($3,148) and $3,350.
If the price turns down from the overhead zone, the bears will attempt to resume the downtrend. A break and close below $2,623 signals the start of the next leg of the downmove to $2,400 and then to the $2,111 level.
Instead, if buyers thrust the Ether price above $3,350, the ETH/USDT pair could reach the 50-day SMA ($3,659). A close above the 50-day SMA suggests the bulls are back in the game.
XRP price prediction
XRP (XRP) rebounded off the support line on Saturday, indicating that the bulls are trying to keep the price inside the descending channel pattern.
The bears are unlikely to give up easily and will try to halt the relief rally at the moving averages. If the price turns down sharply from the moving averages, the sellers will again attempt to pull the XRP/USDT pair to $1.61.
On the contrary, a break above the moving averages could push the price to the downtrend line. Buyers will have to pierce and sustain the XRP price above the downtrend line to suggest a potential trend change.
BNB price prediction
BNB (BNB) is attempting a recovery after hitting $790 on Friday, but the sellers are expected to enter at higher levels.
If the price turns down sharply from the $860, it suggests that the bears have flipped the level into resistance….
cointelegraph.com