Selling Bitcoin threatens a new Altcoin era
Key Points:-
Bitcoin has dropped below $77,000, indicating that the bears are ready to take control. Altcoins are a mixed bag, with some trying to push above the resistance while others struggle to hold the support.
Bitcoin (BTC) dropped below $77,000, indicating that the bears are trying to take control. There is Glassnode Real market means $78,300. It has historically served as a dividing line between bear and bull market regimes. If the price breaks significantly below the level, the recent rally suggests that it may be “a high in an ongoing bear market.”
Institutional investors seem to be selling, as evidenced by the sharp decline in Coinbase's premium over the past few days. LVRG Research Director Nick Ruck told Cointelegraph that in 2016, Coinbase premium token sale reduction from large holders, which “may weigh on recent price advances in major crypto assets.
Daily View of Crypto Market Data. Source: Trading view
What is the critical level that indicates that the bulls have returned to order? The previous two bear markets have ended after “a +20% weekly candle and a weekly super trend break,” according to independent analyst Philbphilb in a post on X. If the current bear trend is to fail, BTC should do it It broke above the super trend level at $88,000.
Can BTC and select major altcoins hold their strong support levels? Let's examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC has declined at the 20-day exponential moving average ($78,280), which bears are trying to take charge.
BTC/USDT Daily Chart. Source: Cointelegraph/Trading view
The $76,000 level is an important support to watch on the downside, because a close below it shows that the bears will benefit. That increases the risk of a drop to the support line, which could attract buyers.
Time is running out for the Bulls. They need to push and hold the BTC price above the 20-day EMA to dominate. If they do that, the BTC/USDT pair could begin its journey towards $82,000 and eventually reach the crucial $84,000 level.
Ether price prediction
Sellers are trying to keep Ether (ETH) below the support line, but the bulls continued the pressure.
ETH/USDT Daily Chart. Source: Cointelegraph/TradingView
The bulls need to drive the price of ETH above the moving averages to signal a comeback. If they do, a break below the support line suggests a possible bear trap. The ETH/USDT pair may rise to $2,465 and then to the ascending channel pattern resistance line.
Contrary to this assumption, if the price declines from the current level or the 20-day EMA and breaks below $2,077, it would suggest that the bears are in control. That could sink the pair to the $1,916 support.
BNB price prediction
BNBBNB) rose above the 20-day EMA ($650) on Wednesday, and the bulls are trying to increase the price to $687.
BNB/USDT Daily Chart. Source: Cointelegraph/TradingView
Sellers will try to protect the resistance of $687, but if the bulls lose, the BNB/USDT pair may go to $730 and then to $790. Such a move suggests that the pair may be lower at $570.
The bears may have other plans. They will try to defend against the resistance above and pull the price of BNB below the 50-day simple moving average ($631). If they succeed, it will extend the pair's stay in the $570 to $687 range for some time.
XRP price prediction
XRP (XRP) remains below the moving averages, which shows that the bears are in no mood to give up their advantage.
XRP/USDT Daily Chart. Source: Cointelegraph/TradingView
Sellers will try to strengthen their position by pressing the price of XRP below the $1.27 support level. If they can do that, the XRP/USDT pair could drop to $1.11, with buyers expected to move in.
The first signal of strength will be close above the bottom line. The pair could rise to $1.61, a critical level to watch. If buyers overcome the barrier, the pair could rise to $2.40.
Solana price forecast
SolanaSOL) support rally reached the 20-day EMA ($87.83), bears are expected to pose a strong challenge.
SOL/USDT Daily Chart. Source: Cointelegraph/TradingView
If buyers move the price of SOL above the 20-day EMA, it will indicate demand at lower levels. The SOL/USDT pair could climb to the $98 potential resistance. A close above $98 indicates the start of a new upward move towards $117.
Conversely, if the price falls significantly below the 20-day EMA and breaks below $82.65, it suggests that the bears will remain in control. The pair could fall to the $76 support.
Dogecoin price prediction
Dogecoin (Doug) bounced off the 50-day SMA ($0.10) on Wednesday, but the rally is facing resistance at the 20-day EMA ($0.11).
DOGE/USDT Daily Chart. Source: Cointelegraph/TradingView
If buyers breach the 20-day EMA, the DOGE/USDT pair may rise to the $0.12 overhead resistance. Sellers are expected to defend the $0.12 level, as a close above it would indicate a short-term trend reversal. DOGE price may rise to $0.14 and later to $0.16.
The downside of the 50-day SMA is critical support to watch, as a break below it could sink the pair to the $0.09 level.
High Liquidity Price Prediction
high fluid (Hype) continued to rise, rising to a new all-time high of $62.65 on Thursday.
HYPE/USDT Daily Chart. Source: Cointelegraph/TradingView
Sellers are strongly defending the $59.41 level as the bulls have not allowed it to close above it. The first support on the downside is the 38.2% Fibonacci retracement level at $53.29. If the price of HYPE rebounds strongly from the $53.29 level, the bulls will try to continue the rally. A close above $62.65 opens the door to a rally to $77.
Alternatively, a recent break below the $53.29 level suggests that short-term traders are taking profits. The HYPE/USDT pair may drop to the 50% retracement level to $50.41 and then the 20-day EMA ($46.97). The deeper the fall, the longer the time required to start the climb again.
Related: XRP adds 4,300 new wallets in 24 hours, but why is the price stuck?
Cardano price prediction
Cardano (ADA) has been trading below its moving average, suggesting that the bulls have not given up.
ADA/USDT Daily Chart. Source: Cointelegraph/TradingView
A break and close above the 20-day EMA ($0.25) opens the door to a recovery to $0.29 and, thereafter, to $0.31. Buyers need to clear the $0.31 barrier to signal the start of a new up move.
Instead, if the price of ADA falls below the moving averages, it suggests that the bears will remain in control. There is support at $0.24, but if the level breaks, the ADA/USDT pair could drop below $0.22 to $0.31.
Zcash price prediction
Zcash (ZEC) pole extended above $643 resistance on Wednesday, but the bulls are struggling to maintain higher levels.
ZEC/USDT Daily Chart. Source: Cointelegraph/TradingView
The relative strength index is creating a negative difference, which indicates that the momentum of the energy is weakening. If ZEC price closes below $643, it suggests a deeper correction towards the 20-day EMA ($547).
A reversal of the ZEC/USDT pair from current levels or the 20-day EMA indicates that there is a bullish trend ahead. The bulls will make one more attempt to clear the $690 level, clearing the way for the $750 resistance.
Bitcoin Cash price prediction
Bitcoin Cash (B.C.H) rose above the $375 breakout level, but the rebound is not strong.
BCH/USDT Daily Chart. Source: Cointelegraph/TradingView
The rally is expected to be sold at the 38.2% Fibonacci retracement level at $393 and then at the 20-day EMA ($414). If the price of BCH falls below $393, the risk of a break below $348 will increase. The BCH/USDT pair has stopped its downtrend and may go down to $300.
This negative outlook is worthless in the near-term if buyers drive in and hold prices above the 20-day EMA.
