Bitcoin price strength extends to AVAX, SUI, TAO and AAVE – are altcoins back?

Bitcoin (BTC) dropped below $63,000 on September 22, indicating that short-term traders could book profits. Some analysts believe that Bitcoin may enter a small consolidation before attacking the critical overhead resistance at $65,000.

While short-term doubts remain, analysts are bullish on the long-term. Geoff Kendrick, head of global digital assets research at Standard Chartered, expects Bitcoin to reach $200,000 by the end of 2025. A regulation that prevents banks from holding digital assets for their customers – the main trigger for Bitcoin's rally.

Bitcoin's recovery boosted buying in selected altcoins, which broke their respective overhead resistance levels. If Bitcoin consolidates at current levels, traders may shift their focus to altcoins.

Will Bitcoin Bulls Prevent a Break Below $61,200 Support? Will altcoins start rallying in the next few days? Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Bitcoin's recovery is facing profit-booking around $64,000, indicating that the bulls are concerned about continuing their massive buying above $65,000.

The BTC/USDT pair's 20-day exponential moving average ($60,232) could correct an important level to watch out for. If the price recovers from the 20-day EMA, it will improve the prospect of the rally above $65,000. The pair could then rise to a strong overhead resistance of $70,000.

Conversely, if the price continues lower and breaks below the moving average, it indicates that the markets have rejected higher levels. The pair may sink to the support line.

The pair has returned to the 20-EMA on the 4-hour chart. If this support is broken, the pair can go down to the 50-SMA. Buyers are expected to shell out around $61,200 in power. If the price recovers from this level, it will indicate that the bulls have turned the $61,200 level into support. The couple will try to hit the $65,000 barrier again.

Bears need to pull and hold the price below the 50-SMA if they want to prevent the upside. If they do, the pair could drop to $59,000 and then $57,500.

Price analysis

Avalanche (AVAX) broke and closed above the descending channel pattern on September 19, indicating a potential trend reversal.

Bears are trying to stop the recovery at the $29 breakout level. If the price declines from the current level but finds support at the 20-day EMA ($24.81), it suggests that the bulls are trying to take control. The AVAX/USDT pair could pick up momentum above $29 and jump to $33.

Conversely, if the price declines and breaks below the moving average, it suggests that the pair may remain in the $19.50 to $29 range for some time.

The pair rejected the upper resistance at $29 and reached the 20-EMA. This is an important level to defend if the bulls want to maintain the positive momentum. A strong breakout from the 20-EMA could result in a retest of the overhead resistance.

Alternatively, if the price is below the 20-EMA, it indicates that the bulls are losing their grip. The pair may decline to the 50-SMA. Buyers should vigorously defend against moving averages.

Sui price analysis

The bulls pushed Sui (SUI) above resistance at $1.44 on September 20, but higher levels are attracting selling.

The SUI/USDT pair is seeing a fierce battle around the $1.44 level. If the price breaks out of the current level and rises above $1.58, it will indicate that the bulls have turned the $1.44 level into support. That improves the rally to $1.72.

Conversely, if the price slips and falls below $1.44, the correction could reach the 50% Fibonacci retracement level to $1.29. Below this level, the pair may drop to the 20-day EMA ($1.15).

The 4-hour chart shows that the bulls are trying to push the price above the $1.58 resistance. If they succeed, it would signal a resumption of growth towards the next target of $1.72.

Contrary to this assumption, if the bears put the price below the 20-EMA, it indicates the beginning of a deep correction to $1.30. This is a critical support to watch out for as a break below could go down to $1.18.

Related: Is Bitcoin Set For 400% Gains Over Gold? A veteran analyst weighs in.

Bittensor value analysis

Bittensor (TAO) closed above the overhead resistance above $361 on September 19, completing a triple bottom pattern. This setup has a target of $517.

The rally may face a sell-off towards $490 and again at $530, but if the bulls don't give up too much space, the TAO/USDT pair may continue to move higher. If the $530 level is weighed, the pair may rise to $640.

The first support on the downside is the 38.2% Fibonacci retracement level at $401, and below that, the 50% retracement level at $378. A break below $378 could retest the $361 breakout level, with the bulls and bears expected to battle for dominance.

The pair is looking to sell for around $480. The bears will try to push the price down to the 20-EMA. If the price breaks above the 20-EMA, the bulls will again try to drive the pair to $490 and then to $530.

Conversely, if the price declines and breaks below the 20-EMA, it suggests that the bulls will take profits. That could open the door to a fall to the $361 break-even level that the bulls are expected to enter.

Aave price analysis

Aave (AAVE) closed above $154 overhead resistance on September 21, but the bulls are struggling to maintain higher levels.

The bears will try to push the price below $154. If they do that, the AAVE/USDT pair could slide towards the 20-day EMA ($142). A strong breakout above the 20-day EMA suggests that sentiment remains positive. The bulls will make another attempt to clear the barrier above and push the pair towards $180 and then $200.

If the price breaks down and continues below the 20-day EMA, this optimism will be rejected in the near term. That could sink the pair to the 50-day SMA ($125).

The move to the upside is facing selling near $160 on the 4-hour chart, but the rebound is expected to find support at the 20-EMA. If the price recovers strongly from the 20-EMA, the possibility of a continuation of the uptrend increases. The pair can then travel to $180.

Instead, if the price declines and breaks below the 20-EMA, it suggests the initiation of a deeper correction towards the 50-SMA. This is an important level for bulls to defend as a break below it could sink the pair to $134.

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.