Key points:Bitcoin’s 7-day volatility is the lowest in 563 days, signaling an impending range expansion.Bitcoin’s breakout above $95,000 could swiftly
Key points:
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Bitcoin’s 7-day volatility is the lowest in 563 days, signaling an impending range expansion.
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Bitcoin’s breakout above $95,000 could swiftly take it to $100,000 and above.
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Although the probability is low, traders should remain cautious about a pullback in the near term.
Bitcoin (BTC) has been trading in a tight consolidation near the $95,000 level for several days. K33 Research head of research Vetle Lunde said in a post on X that Bitcoin’s 7-day volatility has hit a 563-day low.
A range expansion usually follows a low-volatility period. Although it is difficult to predict the direction of the breakout, a tight consolidation just below a crucial resistance increases the likelihood of an upside rally. Several analysts are also optimistic that Bitcoin’s break will occur to the upside.
Although signs point to a possible breakout to the upside, traders should remain cautious. Sometimes, short-term buyers book profits when the price fails to break out to the upside. That leads to a short-term pullback.
Could Bitcoin break above $95,000, or is a correction around the corner? How are the altcoins placed? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin bulls are struggling to push the price above the $95,000 barrier, but a minor positive is that the buyers have not ceded ground to the bears. That suggests the bulls have kept up the pressure.
The upsloping 20-day exponential moving average ($90,102) and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside. A break and close above $95,000 could swiftly propel the BTC/USDT pair to the psychological resistance at $100,000. Sellers are expected to vigorously defend the $100,000 obstacle, but if the bulls prevail, the pair could soar toward $107,000.
Sellers are likely to have other plans. They will try to yank the price to the 20-day EMA, which is a strong near-term support to keep an eye on. A bounce off the 20-day EMA will keep the bullish momentum intact, but a break below it could sink the pair to the 50-day simple moving average ($85,645).
Ether price prediction
Ether (ETH) is finding support at the moving averages, but the bulls have failed to resume the relief rally.
A break and close above $1,858 signals strength to the buyers. The ETH/USDT pair could then rally to the breakdown level of $2,111. Sellers are expected to aggressively defend the $2,111 level as a break above it suggests that the downtrend has ended. The pair could then skyrocket to $2,550.
On the contrary, if the price turns down and breaks below the moving averages, it signals a range formation. The pair could swing between $2,111 and $1,368 for a while.
XRP price prediction
XRP (XRP) turned down from the resistance line on April 28 and slipped below the moving averages on April 30.
If the price continues lower and closes below the moving averages, it suggests that the bears have seized control. The pair could then retest the critical support at $2. If this level also cracks, the XRP/USDT pair may plunge to $1.61.
The resistance line remains the key level to watch out for on the upside. If buyers pierce the resistance line, it suggests that the downtrend could be over. The pair may then ascend to $3.
BNB price prediction
BNB (BNB) slipped below the moving averages on April 30, indicating that the bulls are losing their grip.
Buyers will have to quickly push the price back above the moving averages to stay in the game. A break and close above $620 indicates an advantage to the bulls and opens the doors for a rally to $644. Sellers may pose a substantial challenge at $644, but if the buyers prevail, the BNB/USDT pair could soar to $680.
Contrarily, a close below the moving averages suggests that the bears are trying to form a lower high. The pair could drop to $576 and then to $566, where the bulls are expected to step in.
Solana price prediction
Solana (SOL) pulled back from the $153 resistance, but the bulls are trying to sustain the price above the 20-day EMA ($140).
Suppose the price rebounds off the 20-day EMA with strength; the likelihood of a break above the $153 resistance increases. If that happens, the SOL/USDT pair could pick up momentum and surge to $180.
Alternatively, a break and close below the 20-day EMA suggests that the short-term bulls are closing their positions. The pair may then slip to the 50-day SMA ($131), signaling a consolidation between $110 and $153.
Dogecoin price prediction
Dogecoin (DOGE) has been range-bound between $0.21 and $0.14 for several days, indicating buying near the support and selling close to the overhead resistance.
cointelegraph.com