Bitcoin Trades Near $80K As Altcoins Attempt To Break Range

Key points:

• Bitcoin’s rise above the $78,333 resistance opens the door for a rally to $84,000.

• Several major altcoins are attempting to rise above their resistance levels, signaling aggressive buying at lower levels.

Bitcoin (BTC) rallied above $79,000, indicating that the bulls are back in the game. Crypto market intelligence platform Decode said in a post on X that BTC was ready for a short squeeze, waiting for the bulls to light a fuse in a loaded cannon.

Select analysts expect the current relief rally to pick up strength. CryptoQuant analyst CW8900 said in a post on X that BTC’s adjusted Net Unrealized Profit/Loss (NUPL), the difference between total profits and losses currently held by investors, has turned positive. That suggests BTC’s downtrend has ended and the “real rally of this cycle has begun.”

The sharp recovery off the $60,000 level has pushed the Bitcoin Bull Score Index (BSI) into neutral territory for the first time since the bear market began. However, there was a word of caution from CryptoQuant contributor Julio Moreno, who said in a post on X that the BSI had entered neutral territory for a week during March 2022 but had resumed its decline later.

Could BTC and select major altcoins extend their recovery? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC turned up from the 20-day exponential moving average ($73,758) on Monday and rose above the $78,333 level on Wednesday, indicating an advantage to the bulls. 

If the BTC price remains above the $78,333 level, the likelihood of a rally to $84,000 increases. Such a move suggests that the BTC/USDT pair may have bottomed out at $60,000.

The 20-day EMA is the critical level to watch out for on the downside. Sellers will have to pull the price below the 20-day EMA to invalidate the bullish setup. The pair may then collapse to the 50-day simple moving average ($70,934).

Ether price prediction

Ether (ETH) rebounded off the 20-day EMA ($2,273) on Monday, indicating a change in sentiment from selling on rallies to buying on dips.

The upsloping moving averages and the RSI in the positive zone signal that the path of least resistance is to the upside. If buyers clear the $2,465 hurdle, the ETH/USDT pair may surge toward the resistance level and then toward $2,800.

The first sign of weakness will be a break and close below the 20-day EMA. That signals the bulls are booking profits. The ETH price may then slump to the 50-day SMA ($2,157) and later to the support line.

XRP price prediction

XRP (XRP) turned up from the moving averages on Monday, indicating that the bulls are viewing the dips as a buying opportunity.

Buyers will attempt to push the XRP price to the downtrend line of the descending channel pattern, where the bears are expected to sell aggressively. If the price turns sharply down from the downtrend line, it suggests that the XRP/USDT pair may spend more time inside the channel.

Buyers will get back into the driver’s seat if they propel and sustain the price above the downtrend line. The pair may then climb to the $2 level, signaling a short-term trend change.

BNB price prediction

BNB (BNB) turned up from the 20-day EMA ($623) on Monday and rose above the $649 resistance on Wednesday. 

If buyers sustain the price above $649, the BNB/USDT pair may surge toward $687. Sellers are expected to mount a strong defense at $687, but if the bulls pierce the resistance, the recovery may extend to $790.

On the other hand, if the BNB price turns sharply lower from the overhead resistance and breaks below the moving averages, it suggests the pair may remain within the $687 to $570 range for a while longer.

Solana price prediction

Solana (SOL) continues to trade near the moving averages, indicating a balance between supply and demand.

If the price rises above $91, the SOL/USDT pair may climb to the overhead resistance at $98. Sellers are expected to fiercely defend the $98 level, but if the bulls prevail, the uptrend may reach $117.

Alternatively, if the SOL price turns down from the overhead resistance and breaks below the moving averages, it suggests that the range-bound action may extend for a few more days.

Dogecoin price prediction

Dogecoin (DOGE) turned up from the moving averages on Monday, indicating that the bulls are attempting a comeback.

The DOGE price may rise to the psychological level of $0.10, where the bears are expected to step in. However, if buyers do not give up much ground to the bears, the prospects of a rally to the $0.12 overhead resistance increase.

Time is running out for the bears. They will have to swiftly pull…