Bitcoin price cools going into Fed rate hike week, HYPE, AAVE, RNDR, FET still look bullish

Key points:

• Bitcoin’s positive sentiment should remain intact if BTC price stays above the 20-day EMA near $92,000.

• Several altcoins show bullish chart patterns in the 4-hour and 1-day timeframes.

Bitcoin (BTC) has given back some of the gains over the weekend, and the price has pulled back to the breakout level of $95,000. Buyers will have to successfully hold the $95,000 level to keep the bullish momentum intact.

Bitcoin network economist Timothy Peterson said in a post on X that Bitcoin could surge to a new all-time high and reach a target of $135,000 in the next 100 days if certain conditions are met. Peterson believes a drop in the CBOE Volatility Index below 18 could trigger a “risk-on environment” favoring Bitcoin. The other crucial points needed for the Bitcoin rally are a fall in interest rates and a solid performance in the above-average performing months of June and July. 

The cryptocurrency markets may remain volatile in the near term as traders await the Federal Reserve’s upcoming interest rate decision next week. Although the CME Group’s FedWatch Tool projects a low probability of a rate cut on May 7, markets may make a decisive move after the event.

Could Bitcoin hold the retest of the $95,000 level? If it does, let’s study the charts of the cryptocurrencies that may move higher in the near term.

Bitcoin price prediction

Bitcoin broke above the $95,000 resistance on May 1, but the bulls failed to sustain the momentum. The price turned down from $97,895 on May 2 and has reached the breakout level of $95,000. 

The upsloping 20-day exponential moving average ($92,106) and the relative strength index (RSI) in the positive territory indicate that buyers have the edge. If the price rebounds off the zone between $95,000 and the 20-day EMA, the bulls will make one more attempt to push the BTC/USDT pair to $100,000. 

Contrarily, a break and close below the 20-day EMA suggests that the rally above $95,000 may have been a bull trap. That heightens the risk of a drop to the 50-day simple moving average ($86,682).

The moving averages have flattened out, and the RSI has dropped near the midpoint on the 4-hour chart, suggesting a weakening momentum. If the price drops below $95,000, the pair could descend to $92,800 and then to $91,660. A break below $91,660 clears the path for a fall to $86,000.

Buyers will have to drive and sustain the price above $97,895 to regain control. The pair could climb to $100,000 and later to $107,000.

Hyperliquid price prediction

Hyperliquid (HYPE) is facing resistance at $21.50, but a positive sign is that the bulls have not ceded much ground to the bears.

The upsloping 20-day EMA ($18.48) and the RSI near the overbought zone suggest the path of least resistance is to the upside. A close above $21.50 could start the next leg of the up move to $25 and then to $27.50.

The first sign of weakness will be a break and close below the 20-day EMA, suggesting profit booking by the short-term bulls. The HYPE/USDT pair could then fall to $17.35, which is likely to act as solid support.

The bears are defending the $21.50 level, but the bulls have not allowed the price to slip below the 20-EMA on the 4-hour chart. A solid bounce off the 20-EMA could challenge the overhead hurdle. If the $21.50 level is scaled, the pair could soar toward $25.

Instead, if the price breaks the 20-EMA, select short-term buyers may be tempted to book profits. That could sink the pair to the 50-SMA, which is a critical support to keep an eye on. If the level cracks, the pair may descend to $17.35.

AAVE price prediction

Aave (AAVE) turned up from the moving averages on April 30, indicating that the sentiment has turned positive and traders are buying on dips.

The bulls will try to push the price to the $196 level, where the bears are expected to sell aggressively. If the price turns down from $196 but finds support at the 20-day EMA, the likelihood of a break above the overhead resistance increases. The AAVE/USDT pair could then travel to $220 and later to $240.

If bears want to prevent the upside, they will have to swiftly pull the price below the moving averages. If they can pull it off, the pair may collapse to $130.

The pair is facing selling near $180, but a positive sign is that the bulls have maintained the price above the moving averages. If the price turns up from the moving averages and breaks above $180, the pair could accelerate toward $196. There is minor resistance at $190, but it is likely to be crossed. 

Contrary to this assumption, if the price turns down and breaks below the 50-SMA, it suggests that the bulls are booking…