Bitcoin’s Rally to $72K Highlights Improving Market Structure

Key Points:-

Bitcoin is showing signs of going down, but some analysts believe that a final break below $60,000 is still possible in the next few months.

Several major altcoins are showing buy signals, but the bulls have a long way to go before a trend reversal is signaled.

Bitcoin (BTC) rose above $72,000 on Tuesday following a ceasefire agreement between the US and Iran. Although the bulls could not get closer than $72,000, a positive sign is that the buyers did not give the bears much ground. That suggests the bulls are holding their ground as they expect the recovery to continue.

Many analysts believe that BTC is showing signs of a downward trend. Crypto trader Quantum Ascend said in a post on X that the BTC Stochastic Relative Strength Index (RSI) indicator is “at the same point every day as it was in 2022” before the price started to show higher.

Taking a slightly different view, Alfractal founder and CEO Joao Wedson said in a post on X that the bear trend may be over, but that BTC could witness “a sharp move like the -$15K move” in the next six months.

Could BTC and major altcoins extend their rally? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC cleared the moving averages and $72,000 resistance on Tuesday, indicating strong buying by bulls.

Sellers are expected to defend the $72,000 to $76,000 zone with all their might, as a close above it will complete an upward triangle pattern. If that happens, the BTC/USDT pair could rise to $84,000.

The first sign of weakness will be a close below the moving averages, which suggests that bears will continue to sell in rallies. A close below the support line will negate the positive formation, increasing the risk of a fall to the critical $62,500 to $60,000 support zone.

Ether price prediction

Ether (ETH) broke above the 50-day simple moving average ($2,059) on Tuesday and surged above the $2,200 resistance.

The 20-day exponential moving average ($2,110) has started to turn around, and the RSI is in positive territory, indicating a path to the upside with minimal resistance. There is resistance at the $2,400 level, but if the bulls win, the upward move could extend to $2,800.

Time is running out for the bears. ETH price should drop below the moving averages quickly to signal their return. The ETH/USDT pair is likely to support around $1,918 and $1,750.

XRP price prediction

XRP's (XRP) has reached the moving averages by lifting the $1.27 level, which is an important resistance to watch.

If buyers push the XRP/USDT pair above the moving average, it will clear the rally to the $1.61 breakout level and then the descending channel pattern. Sellers try to stop the upward movement at the lower line, as a close above it indicates a possible trend reversal.

On the downside, a close below the $1.27 level indicates that the bears are in control. That adds to the risk of a move down to the $1.11 level and eventually to the support line of the descending channel pattern near $1.

BNB price prediction

BNB (BNB) has shown buying and selling near the support for several days, consolidating between $570 and $687.

Flat moving averages and the RSI near the midpoint suggest that range-bound action may continue for a few more days. If the bulls break the moving averages, the BNB/USDT pair may reach the $687 level, where the bears are expected to enter.

The next trending move is expected to start soon below the $687 resistance or $570 support. If the $687 level is breached, the pair may rise to $730 and later to $790. On the other hand, a close below $570 could sink the pair to $500.

Solana price forecast

Solana (SOL) is trying to get above the moving averages, but the bears hold their ground.

Flat moving averages and an RSI below the midpoint do not give a clear advantage to either the bulls or the bears. If the price of SOL rises above the moving averages, the next stop could be the $98 level. Buyers should wait for a close above the $98 resistance to dominate.

A break and close below the $76 support would tilt the advantage in favor of the bears. This increases the downside risk to $67 and then to $50.

Dogecoin price prediction

Dogecoin (DOGE) rose above the moving averages on Tuesday, but the recovery is facing resistance at the lower line.

Sellers will try to consolidate their position by pulling the price of DOGE below $0.09. If you manage to do that, the DOGE/USDT pair will complete a descending triangle pattern. The target for this bearish setup pattern is $0.06.

Conversely, a close above the lower line will invalidate the negative setup. That indicates that the bears have given up, opening the doors to the rally to $0.11 and then to the $0.12 level.

High Liquidity Price Prediction

Hyperliquid (HYPE) closed above the 20-day EMA ($37.28) on Tuesday, indicating that the correction may be over.

The bulls will try to push the HYPE price to the $41.59 to $43.76 zone, the sellers are expected to have a strong defense. If buyers clear the above barrier, the HYPE/USDT pair could reach $50.

If the price declines and breaks below the 50-day SMA ($34.80), this positive outlook will be rejected in the near term. Such action indicates that higher levels will continue to attract sellers. The pair may fall to the $29.42 level.

Related: Oil Falls, Bitcoin Jumps to $72K, But Is This BTC Price Decline Real?

Cardano price prediction

Buyers pushed Cardano (ADA) to the 50-day SMA ($0.26) on Tuesday, indicating that the bulls are trying to make a comeback.

Buyers can access the 50-day SMA from the bottom of the bearish, descending channel pattern of the ADA/USDT pair. Sellers are expected to defend the lower line closely because a close above it indicates a possible trend reversal.

Sellers may have other plans. They aggressively defend the downtrend line and try to pull the ADA price below the moving averages. If they do, the couple can extend their stay in the channel for a few more days.

Bitcoin Cash price prediction

Buyers are trying to keep Bitcoin Cash (BCH) above the $443 breakout level but are expected to face strong resistance from the bears.

If the price of BCH breaks below the moving averages and breaks below the $420 level, it will signal the resumption of the downtrend. That could sink the BCH/USDT pair to the $375 level.

The first signal of strength will be a close above the moving averages. This indicates that the market has rejected a break below $443. The pair may rejoin the $520 to $540 zone.

Chainlink price prediction

Chainlink (LINK) closed above its moving averages on Tuesday, opening the doors for a rally to challenge the $8 to $10 range.

Sellers are expected to defend the $10 level, which will keep the LINK price in the range for some time.

Buyers need to move and maintain the price above the $10 resistance to gain dominance. That could push the LINK/USDT pair to $10.94 and then to $11.61. On the upside, a break and close below the $8 level would signal a bearish advantage. The pair risks falling to $7.15 and then to the $6 pattern target.