Buyers are finding it difficult to maintain Bitcoin (BTC) price above $27,000. The selling increased after the September producer price index rose 0.5
Buyers are finding it difficult to maintain Bitcoin (BTC) price above $27,000. The selling increased after the September producer price index rose 0.5% for the month versus expectations for a 0.3% increase. This shows that the inflation pressures are unlikely to ease in a hurry for the United States economy.
The uncertain near-term environment has shifted analysts’ focus to November and the upcoming halving event expected in April 2024. Crypto analyst Miles Deutscher cited a chart from CryptoCon and said that if history repeats itself, then Bitcoin may turn up by November 21 and start its journey higher to the next halving.
Going further ahead to 2026, BitMEX founder Arthur Hayes is even more bullish. While speaking as a guest on Impact Theory with Tom Bilyeu, Hayes said that Bitcoin’s price could reach $750,000 to $1 million by 2026. Hayes argues that incessant money printing by the U.S. government to avoid a financial crisis will trigger a massive bull market in several asset classes.
Several analysts are bullish about the long-term but the near-term remains uncertain due to various headwinds. Could Bitcoin and altcoins stage a recovery or will they continue moving lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
After finding support at the 20-day exponential moving average ($27,227) for the past two days, Bitcoin broke below the level on Oct. 11. This shows that the bears are trying to seize control.
The next support to watch on the downside is the 50-day simple moving average ($26,615). If this level cracks, it will suggest that the traders are rushing to exit. The BTC/USDT pair could then slump to $26,000 and eventually retest the support at $24,800.
If the price rebounds off the 50-day SMA, the bulls will attempt to propel the price above the 20-day EMA. That could open the doors for a potential rally to $28,143.
The flattish 20-day EMA and the relative strength index (RSI) just below the midpoint suggest a possible range-bound action in the near term.
Ether price analysis
Ether (ETH) has been finding buyers near the $1,531 support for the past two days, which is a positive sign. This suggests that the price will continue to swing between $1,531 and $1,746 for some more time.
The positive divergence on the ETH/USDT pair suggests that the selling pressure may be reducing near $1,531. This may start a relief rally, which could reach the 20-day EMA ($1,619). If the price turns down from this level, the bears will make another attempt to yank the pair below $1,531 and start a downward move to $1,368.
Contrarily, a rise above the moving averages will suggest strong accumulation at lower levels. The pair may then attempt a rally to $1,746. The bulls may find it difficult to break above this level but if they do that, the pair could climb to $1,961.
BNB price analysis
BNB (BNB) fell below the uptrend line on Oct. 9 but bounced off the strong support at $203. This indicates that the price is range-bound between $203 and $220.
The long wick on the Oct. 10 candlestick indicates that the bears are selling the rallies to the moving averages. The bears again redoubled their efforts to strengthen their position by dragging the price below $203.
The next trending move is likely to begin on a break below $203 or on a rally above $220. If the $203 support gives way, the BNB/USDT pair may crash to $183. On the contrary, a rise above $220 could open the doors for a potential rally to $235 and thereafter to $250.
XRP price analysis
Buyers could not build upon the breakout above the symmetrical triangle and overcome the barrier at $0.56. This shows that XRP’s (XRP) demand dries up at higher levels.
The price turned down and broke below the moving averages on Oct. 9. This was the first indication that the bulls have given up. The selling picked up further on Oct. 11 and the bears pulled the XRP/USDT pair below the uptrend line. This suggests that the pair may extend its stay between $0.41 and $0.56 for some more time.
On the downside, the first support is at $0.46 and after that at $0.41. Contrarily, attempts to start a recovery are likely to face selling at the moving averages and then at $0.56.
Solana price analysis
Solana (SOL) is one of the stronger major cryptocurrencies as it is trading above the immediate support at the 20-day EMA ($21.79).
If the price turns up from the current level, the SOL/USDT pair will attempt to form a bullish inverted head and shoulders pattern. This reversal setup will complete on a break and close above the neckline. The target objective of this setup is $32.81 but its efficacy reduces slightly as it has formed inside a consolidation.
If bulls fail to start a strong rebound off the 20-day EMA…
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