Bitcoin’s (BTC) rally stalled near $36,000, but the bulls have not hurried to book profits. According to Glassnode analysis, the Long-Term Holder metr
Bitcoin’s (BTC) rally stalled near $36,000, but the bulls have not hurried to book profits. According to Glassnode analysis, the Long-Term Holder metric, which are addresses holding Bitcoin for at least 155 days, supply is near an all-time high, while the Short-Term Holder, addresses holding coins for less than 155 days, supply is near an all-time low, indicating tightening Bitcoin supply.
Although the long-term looks positive, there could be fireworks in the short term. Bitcoin derivatives markets have seen a huge build-up of open interest, rising above $16 billion at the time of writing, per CoinGlass data. J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant, highlighted on X (previously Twitter) that increases in open interest above $12.2 billion have previously resulted in a minimum dip of 20%.
While Bitcoin risks a decline in the near term, traders have started accumulating select altcoins. That has resulted in solid rallies in several altcoins, which have broken out of long basing patterns and are showing signs of starting a new uptrend. Altcoins may witness bouts of profit-booking but are likely to remain in focus as long as Bitcoin does not crumble below $30,000.
What are the critical support levels in Bitcoin that need to hold for the uptrend to continue? Will the altcoin rally sustIain, or is it time to book profits?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin continues to trade inside a narrow ascending channel pattern, indicating that buyers are cautious at the current levels.
The upsloping 20-day exponential moving average ($33,612) and the relative strength index (RSI) in the overbought zone indicate that the path of least resistance is to the upside. If buyers propel the price above the channel, it will suggest that the bulls are back in the driver’s seat. That could clear the path for a potential rally to $40,000. This level is likely to attract strong selling by the bears.
On the contrary, if the price turns down and plunges below the 20-day EMA, it will suggest that the bulls are booking profits. The BTC/USDT pair could then drop to $32,400 and eventually to $31,000.
Ether price analysis
Ether (ETH) has been slowly moving higher toward the significant resistance at $2,000. This is an important level to watch out for as the bears stalled the up-move at $2,000 on two previous occasions in May and July.
If the ETH/USDT pair does not give up much ground from $2,000, it will suggest that the bulls are holding on to their positions as they anticipate another leg higher. There is a minor resistance at $2,200, but if this level is scaled, the up-move may pick up momentum and skyrocket toward $3,500.
Instead, if the price turns down from the current level and breaks below the 20-day EMA ($1,800), the next stop is likely to be $1,746.
BNB price analysis
BNB (BNB) has been in a recovery phase for several days. The price reached $256 on Nov. 6, where the bears stepped in to stall the up-move.
Sellers will try to pull the price down to the 20-day EMA ($232), which is a necessary level to keep an eye on.
If the price rebounds off this level with strength, it will suggest that the sentiment remains positive and traders are viewing the dips as a buying opportunity. The BNB/USDT pair could then travel to $265, where the bears may again pose a substantial challenge.
Contrarily, if the price turns down and breaks below the 20-day EMA, it will indicate that the bears are back in the game.
XRP price analysis
XRP (XRP) climbed above the $0.67 resistance on Nov. 6, but the bulls could not surmount the next barrier at $0.74.
That may have tempted short-term bulls to book profits, which pulled the price below $0.67 on Nov. 7. The long tail on the day’s candlestick shows that lower levels continue to attract buyers. If the price remains above $0.63, it will improve the prospects of a retest of $0.74. Above this level, the XRP/USDT pair may rise to $0.85 and then to $1.
Contrary to this assumption, if the price breaks below $0.63, it will signal that the bullish momentum has weakened. The pair could then slip to the 20-day EMA ($0.60).
Solana price analysis
Solana (SOL) has been consolidating in an uptrend. The price is stuck between the overhead resistance at $48 and the support at $38.
Both moving averages are sloping up, and the RSI is in the overbought zone, indicating that the bulls have the upper hand. The price could climb to $48, which may witness a tough battle between the bulls and the bears. If bulls overcome this obstacle, the SOL/USDT pair could jump to $60.
If bears want to make a comeback, they will have to sink and sustain the price below the 20-day EMA ($36.30). That could…
cointelegraph.com
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