Bitcoin price push at $68k adds strength to SOL, DOGE, RUNE and BGB

This week, Bitcoin (BTC) fell by more than 2%, but a positive sign buyers did not allow the price to stay below $65,000. That recovery has begun, with Bitcoin pushing above $67,500 on October 27. Kraken analysts believe Bitcoin's “trend should remain constructive” as long as it remains above $66,500.

However, not everyone is bullish on Bitcoin's future prospects in the near term. Crypto analyst Luca said in a post that Bitcoin could witness “another flow to 60K”, before the local bottom is confirmed.

After the dominance of Bitcoin reached 60%, many analysts were waiting for the season of altcoins. In a post on X, Anonymous crypto trader Willie Woo said that the altcoin season is coming, but that its strength “will weaken every cycle from the great alt bubble of 2017.”

Could Bitcoin's break above $70,000 lead to a short-term buying opportunity in altcoins? Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Sellers tried to pull Bitcoin below the 20-day moving average ($66,201) on October 25, but the bulls held their ground. This shows that the sentiment remains positive and traders are buying the dips.

Buyers need to push the price above $69,550 to signal the start of an upward move at $73,777. There is resistance at $70,000, but this can be overcome. The BTC/USD pair may reach $72,000, the bulls are expected to face strong resistance from the bears.

On the downside, the bears will gain the upper hand at the break and close below $65,000. If that happens, the pair could slide towards the 50-day simple moving average ($63,259) and later towards critical support at $60,000.

The moving averages are laid out on the 4-hour chart, and the Relative Strength Index (RSI) is above the midpoint, indicating a balance between supply and demand.

To indicate strength, buyers should push the price above the low line. The couple could then raise about $70,000. Conversely, a break and close below $66,500 would tilt the advantage to the bears. The pair may drop to $65,000, which is an important level to watch out for. If this support is broken, the pair could drop to $62,000.

Solana price analysis

Solana (SOL) broke out of the ascending triangle pattern on October 20, and the bulls successfully captured the bearish phase on October 25.

The upward moving averages and RSI above 65 show that the bulls are in command. There is a small resistance at $179, but if this level is crossed, the SOL/USD pair can rally to $189. Sellers are expected to strongly defend the $189 level because if it breaks, the next stop could be $210.

If the bears want to prevent the move to the upside, they need to quickly pull the price below the 20-day EMA ($161). If they do, the pair could drop to the 50-day SMA ($148).

The bulls have pushed the price above the 20-EMA, but the negative divergence on the RSI indicates bearish momentum. The bears will try to stop the recovery at $179. If the price breaks above the overhead resistance and breaks below the 20-EMA, it indicates that bears are highly active. The pair may retest the $164 support.

Instead, if the bulls breach the $179 resistance, it will signal a resumption of the upside. The pair can add up to $189.

Dogecoin Token price analysis

Dogecoin (DOGE) broke out of a similar triangle pattern on October 18, and the bulls successfully maintained a return to the breakout level on October 25.

The 20-day EMA ($0.13) is trending upward, and the RSI is in the positive zone, indicating that the bulls are in control. Buyers will get more strength if they push the price above the $0.15 resistance. If they do that, the DOGE/USDT pair may rise to $0.17 and later to $0.19.

Conversely, if the price breaks below the current level or above resistance and re-enters the triangle, it suggests that the markets have rejected the breakout. The pair may descend towards the 50-day SMA ($0.11).

Buyers have pushed the price above the resistance line of the descending channel pattern, indicating that a trend reversal is likely in the near term. The pair will then attempt a rally above resistance above $0.15.

20-EMA is a critical support to watch on the downside. If the price declines and breaks below the 20-EMA, it suggests that an exit from the channel may be a bull trap. The couple can jump into the channel's support line.

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THORChain price analysis

THORChain (RUNE) has formed an equilateral triangle, which is usually seen as a continuation pattern. The trend that was in effect before the formation of the pattern generally continues after its termination.

An upside 20-day EMA ($5.04) and an RSI above the midpoint is a slight advantage for the bulls. A break and close above the triangle indicates the start of the next leg of the uptrend. The RUNE/USDT pair may rise to $5.71 and then to the $6.76 pattern target.

If the price declines and falls below the triangle, this positive view is worthless in the near term. The pair could drop to $4.42 and then to $3.80.

The bulls have pushed the price above the moving averages, and the RSI has risen to the positive territory, indicating that the bulls are dominant. The price can reach the defensive line, the bears are expected to pose a strong challenge. However, if the bulls win, the pair may start a new upward movement.

On the other hand, if the price drops significantly from the resistance line, it indicates that the pair may remain in the triangle for some time. If the pair breaks below the support line, the bears will take control.

Bitget Token price analysis

Bitget Token (BGB) has been slowly climbing over the past few days, indicating that the bulls are in charge.

The price broke below the profit resistance of $1.22 on October 24, but the bulls did not allow the price to fall below the 20-day EMA ($1.12). Buyers will again try to push the price above resistance. If they can pull through, the BGB/USDT pair may rally to $1.34 and later to $1.43.

If the price declines and breaks below the 20-day EMA, this bullish outlook will be nullified. If this happens, it indicates that the bulls will take profits. The pair may descend towards the 50-day SMA ($1.03).

The 20-EMA is flat, and the RSI is below the midpoint on the 4-hour chart, indicating range-bound action in the near term. If the price slips below the 50-SMA, the pair may drop to $1.14. A break above the $1.14 level indicates buying at lower levels. The pair may fluctuate between $1.14 and $1.21 for some time.

Contrary to this assumption, a break below $1.14 would indicate that the bears are back in the game. The pair may drop to $1.12 and later to $1.09.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.