Bitcoin (BTC) is leading the recovery in the crypto sector and today the cryptocurrency briefly rallied to $48,429 before pulling back to test the
Bitcoin (BTC) is leading the recovery in the crypto sector and today the cryptocurrency briefly rallied to $48,429 before pulling back to test the underlying support levels.
While speaking during a live stream at the SALT conference, Ark Invest CEO Cathie Wood, said that Bitcoin is the default currency of the crypto space and could rise tenfold in the next five years.
Her projection is based on the presumption that Bitcoin will find a place in the balance sheets of many companies and institutional investors will increase their allocation to Bitcoin and other cryptocurrencies to about 5%.
Several legacy finance companies have realized the growing demand for digital assets and are increasing their crypto offerings to fulfill it. Morgan Stanley recently set up a new crypto-focused research division “in recognition of the growing significance of cryptocurrencies and other digital assets in global markets”.
![](https://s3.cointelegraph.com/uploads/2021-09/f400c83c-53f9-4604-a4c1-7191c5a77cf4.png)
Additional positive news came from Fidelity Investments executives who apparently met several United States Securities and Exchange Commission officials and stressed the importance of why a Bitcoin exchange-traded fund should be approved. The executives pointed to the increasing rate of Bitcoin adoption, approvals of similar funds in other countries and growing demand for digital assets.
Can Bitcoin and altcoins sustain the current rebound? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
The long tail on the Sept. 13 candlestick shows that bulls were aggressively buying on dips close to the critical support at $42,451.67. Sustained buying by the bulls and possibly short-covering by short-term bears has propelled Bitcoin above the 20-day exponential moving average ($47,195) today.
![](https://s3.cointelegraph.com/uploads/2021-09/e1bef2e1-d5dc-43c4-9c53-2641a35d4f74.png)
If bulls sustain the price above the 20-day EMA, the BTC/USDT pair could rise to the overhead resistance zone of $50,500 to $52,920.
The relative strength index (RSI) has jumped back into the positive territory and the 20-day EMA has flattened out, signaling a minor advantage to buyers. A breakout and close above the overhead zone will signal the resumption of the uptrend.
However, bears are unlikely to throw the towel easily. They will attempt to stall the up-move at the overhead zone. If the price turns down from the resistance, the pair could consolidate in a large range for a few more days.
The bears will have to sink and sustain the price below $42,451.67 to gain the upper hand.
ETH/USDT
The long tail on the Sept. 13 candlestick shows that bulls are aggressively defending the 50-day simple moving average ($3,189). The buyers have pushed Ether (ETH) above the 20-day EMA ($3,430) today but may face stiff resistance at $3,567.06.
![](https://s3.cointelegraph.com/uploads/2021-09/b0beae7b-ef10-49b3-a119-aa2ebf8571a5.png)
If bulls overcome the overhead hurdle, the ETH/USDT pair could again attempt to rise to $4,000. Alternatively, if the price turns down from $3,567.06, the pair may drop to the 50-day SMA.
Such a move will suggest that the pair could remain range-bound for a few days. The flat 20-day EMA and the RSI just above the midpoint indicate a slight advantage to buyers.
The bears will have to sink and sustain the price below the critical support at $3,000 to signal the start of a possible down move.
ADA/USDT
Cardano (ADA) plunged below the breakout level at $2.47 on Sept. 13 but the bears could not pull the price down to the 50-day SMA ($2.21). This suggests that selling dries up at lower levels.
![](https://s3.cointelegraph.com/uploads/2021-09/726fb200-8f75-4d8e-a9a6-9134b7f8c042.png)
The ADA/USDT pair formed a Doji candlestick pattern on Sept. 14, indicating indecision among the bulls and the bears. This uncertainty has resolved to the upside today and buyers are attempting to clear the hurdle at the 20-day EMA ($2.55).
If the price breaks and closes above the 20-day EMA, the pair could rise to the overhead resistance zone at $2.97 to $3.10.
On the contrary, if the price turns down from the 20-day EMA, the bears will again try to sink the pair to the 50-day SMA. A break and close below this support will suggest a possible trend change.
BNB/USDT
The bears could not capitalize on the break and close below the 50-day SMA ($414) on Sept. 13, which suggests buying at lower levels. The bulls are currently attempting to push Binance Coin (BNB) above the 20-day EMA ($436).
![](https://s3.cointelegraph.com/uploads/2021-09/a9c143d8-9085-4f52-9441-2846da8bdd3e.png)
If bulls succeed in sustaining the price above the 20-day EMA, it will suggest that the correction might be over. The BNB/USDT pair could then move up to the overhead resistance at $518.90. A break and close above this level will signal the resumption of the uptrend.
On the contrary, if the price turns down from the 20-day EMA, it will indicate that bears are selling on relief rallies. The bears will then make one more attempt to sink the pair to the next support at $340.
XRP/USDT
XRP bounced off the 50-day SMA ($1.05) on Sept. 13 suggesting that bulls are defending this level. The altcoin could now rise to…
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