Traders are hoping that the $60K Bitcoin price will increase momentum in ETH, SUI, TAO and NOT

Bitcoin (BTC) has rebounded sharply from intra-week lows below $50,000, indicating aggressive buying at lower levels. Although this is a bullish sign, veteran trader Peter Brandt believes the sell-off isn't done yet. Brandt said on XPost that there is a 50% chance that Bitcoin will fall below $40,000.

However, Bitcoin's bull-bear market cycle indicator, which turned negative, has turned bullish again. According to CryptoQuant founder and CEO Ki Yang Joo in a post on X, many of the cyclical indicators for Bitcoin onchain have now turned into a bull market.

Bitcoin's recovery has attracted buying in select altcoins that are turning around and trying to start a new movement. If Bitcoin holds above $60,000, the altcoin rally is expected to gain momentum.

What are the levels of profit protection in Bitcoin that must be crossed in order to increase the speed of cryptocurrency acquisition? Let's take a look at the top 5 cryptocurrencies that could drive the markets higher once the rally begins.

Bitcoin price analysis

Bitcoin rallied on August 8th and reached the moving averages, indicating that the bulls were buying aggressively at the lows.

The bears are trying to stop the recovery in the moving averages, but a positive sign in favor of the bulls is that they are not giving much ground to the sellers. This improves the break even over moving averages. If this happens, the BTC/USDT pair may rise to $70,000. The bears are expected to mount a strong resistance in the $70,000 to $73,777 zone.

On the contrary, if the price declines from the current level and breaks below $59,500, it indicates that the bears are trying to come back again. The pair could slide towards the strong $55,724 support.

The moving averages have completed a bullish cross on the 4-hour chart, and the RSI is above the midpoint, indicating that the bulls have a slight edge. Buyers need to drive the price above $62,745 to find strength. The pair can cost around $66,850 and later around $70,000.

Bears need to pull the price below the moving averages if they want to prevent an upward move. The pair could fall to a strong support of $55,724, which buyers could enter.

Ether price analysis

Ether (ETH) is trying to recover to the $2,850 breakout level, which will see a fierce battle between the bulls and bears.

If the price breaks above $2,724, the ETH/USDT pair may reach the downside 20-day EMA ($2,864). This is an important level to watch out for because a sharp drop from the 20-day EMA suggests that the sentiment is negative. The bears will then try to push the price below $2,552.

Contrary to this assumption, if the price rises above the 20-day EMA, it would indicate that the bulls are back in the game. The pair may rise towards the 50-day SMA ($3,162) and then towards $3,400.

The moving averages on the 4-hour chart are close to completing a bullish cross, and the RSI is in the positive zone, indicating that the trend has turned positive. There is some resistance at $2,724, but if crossed, the pair could reach a strong overhead resistance at $2,850.

If the price declines and breaks below $2,550, this bullish outlook is worthless in the near term. That could sink the pair to $2,300, where the bulls will try to contain the decline.

Sui price analysis

Sui (SUI) has risen above its moving averages and the low line on August 8, indicating a possible trend reversal in the near term.

The moving averages are completing a bullish crossover, and the RSI is in positive territory, indicating that the bulls are in control. If buyers hold the price above the lower line, the SUI/USDT pair may rise to $1.17 and then to $1.44.

Moving averages are an important support to watch on the downside. A break and close below the moving averages suggests that bears may continue to sell in rallies. The pair could drop to $0.60.

The 4-hour chart shows that the bears are trying to stop the rally at the $0.95 resistance. 20-EMA is an important support to watch on the downside. If the price bounces back from this level, it will indicate that the bulls remain in command. That adds up to more than a $0.95 break-even opportunity. The pair could rise to $1.15.

Conversely, if the price breaks below the 20-EMA, it indicates that traders are taking profits. The bears will then attempt to take the price below $0.80 and gain dominance.

RELATED: Bitcoin Metric Called ‘Local Bottom' As Traders Look Below $60K BTC Price

Bittensor value analysis

The bulls pushed Bittensor (TAO) above the moving averages on August 8, indicating that selling pressure may be weakening.

A positive sign for the bulls is that the price is not allowing a retracement below the moving average. This shows that the bulls are trying to turn the moving averages into support. A break above $320 could open the door to a rally towards $367. This level is more likely to attract repeat sellers.

If the price falls and continues below the moving average, this optimism will be rejected in the near term. The TAO/USDT pair may drop to $243 and then to $200.

The 4-hour chart shows that the bulls are trying to keep the price above the 20-EMA. If they succeed, the sentiment will turn positive and traders will buy on the pull to the 20-EMA. There is a small obstacle at $320, but if the bulls win. A pair can go up to $367.

If the bears want to prevent the move to the upside, they need to lower the price below the 20-EMA. The pair may go down to the 50-SMA and then to $243. A break below this level tilts the advantage in favor of the bears.

Notcoin price analysis

The bears tried to pull and sustain Notcoin (NOT) below the $0.009 support on August 5, but the bulls held their ground.

The NOT/USDT pair reached the 20-day EMA ($0.012) on August 6, but the bulls are finding it difficult to overcome the barrier. However, the price is stuck to the 20-day EMA, which raises the possibility of a reversal.

If buyers push the price above the moving averages, it indicates that the bears are losing their grip. The pair could then reach $0.018.

On the other hand, if the price declines from the current level and breaks below $0.009, it indicates the beginning of a move down to $0.005.

Both moving averages are extended, and the RSI is below the midpoint, indicating slight upside for the sellers. The bears will try to pull the price to $0.010, which can act as a support.

If you push the price above $0.013 and hold, the advantage is tilted to the bulls. This signals the start of a new upward move towards $0.15. Conversely, a break below $0.010 suggests bears are in control.

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.