Bitcoin Trend Reversal If It Holds $74K, Will Altcoins Follow?

Key Points:-

Sellers will try to stop the recovery at $74,508, but if buyers make their way, the rally could reach $84,000.

Select major altcoins have risen above resistance levels, indicating strong demand on the downside.

Bitcoin (BTC) rose to $74,508 on Monday, a level that is an important resistance level in the near term. Crypto sentiment platform Santiment said in a recent report that wallets holding between 10 and 10,000 BTC have started to accumulate, which was previously a sign of brutality.

US spot BTC exchange-traded funds (ETFs) attracted investors, recording five consecutive days of inflows last week. In a research note with Cointelegraph on Monday, Bernstein noted that continued flows into BTC ETFs and continued corporate buyouts by companies such as Strategy have strengthened BTC's long-term holding base and contributed to a stable market structure during times of stress.

BTC is showing signs of a trend reversal, but the bears cannot be easily discouraged. High levels can attract sellers trying to catch aggressive bulls. Keith Allan, founder of Material Indicators, said in a video analysis that BTC is still in a bear market and the price may retest the support around $60,000.

Will buyers be able to hold BTC and major altcoins above their resistance levels? Let's examine the charts of the top 10 cryptocurrencies to find out.

S&P 500 index price forecast

The S&P 500 Index ( SPX ) on Tuesday rejected its 20-day moving average (6,799), indicating negative sentiment.

The index may reach the level of 6,550, which is an important level that deserves attention. If the price recovers from the 6,550 level with strength, the index may reach the 20-day EMA, where the bears are expected to enter. If the price falls significantly below the 20-day EMA, the probability of a break below the 6,550 level increases. Then the correction may extend to the 6,350 level.

Conversely, a close above the moving averages suggests that the index may remain in the range of 6,550 to 7,002 for some time.

US dollar index price forecast

The US Dollar Index (DXY) reached resistance at 100.54 on Friday, which is an important level to watch.

The uptrending 20-day EMA (98.76) and RSI near the overbought zone suggest that the path of lower resistance is to the upside. If buyers push the price above the 100.54 level, the index may start a fresh rally towards the 102 level and later towards the 103.54 level.

Contrary to this assumption, if the price declines significantly from the current level and breaks below the moving average, it suggests that the index may remain in the range of 95.50 to 100.54 for some time.

Bitcoin price prediction

BTC continued its upward journey and reached the resistance of $ 74 508, the bears are expected to mount a strong resistance.

The 20-day EMA ($70,028) has started to turn, and the RSI is in positive territory, indicating that buyers are trying to take charge. A close above the $74,508 level completes an ascending triangle pattern, opening the doors to the rally up to $84,000. Such a move suggests that the downward trend may pass.

Sellers should pull BTC price below the moving average to weaken the bulls. The BTC/USDT pair may descend towards the support line. A close below the support line tilts the advantage in favor of the bears.

Ether price prediction

Ether (ETH) consolidation between $1,750 and $2,111 ended higher on Sunday's gap.

The moving averages are at the bullish intersection, and the RSI is in the positive zone, which indicates that buyers are back in the game. ETH price may increase to $2,600 and then to $3,450. Such a move suggests that the ETH/USDT pair may be headed lower towards $1,747.

The 20-day EMA ($2,072) is critical support to watch out for on the downside. A close below the 20-day EMA indicates that the bears are moving higher. The pair could drop to $1,916.

BNB price prediction

BNB (BNB) closed above the $670 resistance on Sunday, but bulls are struggling to maintain higher levels.

The 20-day EMA ($646) is an important support to watch on the downside. If the price strongly lifts the 20-day EMA, the BNB/USDT pair may rally towards $730 and then towards $790.

If the BNB price continues and breaks below the 20-day EMA, this positive outlook will be invalid in the near term. That will keep the pair in the range between $570 and $670 for some time.

XRP price prediction

XRP (XRP) rose above the 50-day simple moving average ($1.46), indicating bulls continued buying.

If the XRP price closes above the 50-day SMA, the next stop could be the $1.61 breakout level. If the price breaks below $1.61 but finds support at the 20-day EMA ($1.41), it would indicate bearish sentiment. The XRP/USDT pair may break into a downtrend line.

Conversely, if the price breaks above the overhead resistance and breaks below the 20-day EMA, it indicates that the bears are selling in minor rallies. That price may remain in a descending channel pattern.

Solana price forecast

Solana (SOL) has reached the $95 breakout level, which is an important overhead resistance to keep an eye on.

If buyers overcome the barrier, the SOL/USDT pair could rise to $117. Sellers are expected to make a big challenge at $117, but on the downside, if the bulls maintain the SOL price above $95, it will indicate a positive sentiment. This raises the possibility of a rally to $147.

Instead, if the price declines significantly from current levels and breaks below the 20-day EMA ($87), it suggests that the pair could extend its stay in the $76 to $95 range for some time.

Related: Bitcoin Hits Six-Week High of 74.4K as Analysts Look ‘More Bullish' for BTC

Dogecoin price prediction

Dogecoin (DOGE) has risen above the 50-day SMA ($0.10), indicating that the bears are losing their grip.

The DOGE/USDT pair may rally towards the $0.12 breakout level, where the bears are expected to sell aggressively. If the price of DOGE declines significantly from $0.12, it points to a potential range formation. The pair may fluctuate between $0.09 and $0.12 for a few days.

On the other hand, a break and close above the $0.12 resistance indicates that the bulls are back in the driver's seat. That rally clears the way to the $0.16 level, which is expected to show as strong resistance.

Cardano price prediction

Cardano ( ADA ) has risen above the 50-day SMA ($0.28), indicating that the bulls are trying to make a comeback.

The bears are expected to strongly defend the lower line, but if the bulls lose, the ADA/USDT pair may indicate a short-term trend change. ADA price may increase to $0.37 and $0.44.

On the contrary, if the price drops significantly from the cold line and breaks below the moving average, it suggests that the pair may continue to fluctuate in the channel for a few more days.

High Liquidity Price Prediction

Sellers tried to drag Hyperliquid (HYPE) below Sunday's $36.77 breakout level, but the bulls held their ground.

That suggests the bulls are trying to turn the $36.77 level into support. If they manage to do that, the HYPE/USDT pair could rise to $43 and then to $50.

The first support is at $36.77 and then at the 20-day EMA ($33.95). Sellers should push the HYPE price below the 50-day SMA ($31.56) to signal that the market has rejected a break above $36.77. The pair can drop to $29.