Key points:
-
Bitcoin has remained above $104,000, but persistent selling pressure could drop the price to $100,000.
-
While most major altcoins are trading within a range, a few are on the verge of breaking below critical support levels.
Bitcoin (BTC) is currently caught in a struggle between the bulls and bears near the 50-day simple moving average ($104,269). Bulls are attempting to establish a higher low, while bears are working to push the price down to the psychological support level of $100,000.
According to Bitfinex analysts in a market report released on Tuesday, Bitcoin must remain above the $102,000 to $103,000 range to initiate a recovery, assuming geopolitical risks don’t escalate. They view the current market as a “high-risk, high-reward opportunity for potential upside if buyer confidence returns.”
Another optimistic perspective came from CryptoQuant contributor Gaah, who noted in a “Quicktake” blog post on Tuesday that the Index Bitcoin Cycle Indicators (IBCI) has stabilized around the 50% mark, indicating a “neutral point in the market cycle.” Gaah asserted that Bitcoin is in a transition phase rather than an exhaustion phase, suggesting further upside potential.
Will buyers drive Bitcoin towards $110,000, or can bears push it down to $100,000? How are the altcoins positioned? Let’s analyze the charts of the top 10 cryptocurrencies to understand the outlook.
Bitcoin price prediction
On Monday, Bitcoin managed to rise above the 20-day exponential moving average ($105,851), but bulls could not maintain the higher prices. The price declined, reaching the 50-day SMA on Tuesday.
The 20-day EMA has flattened, and the relative strength index (RSI) is hovering near the midline, indicating potential range-bound movement in the near term. If the price dips below the 50-day SMA, the BTC/USDT pair could fall to $100,000. Buyers are expected to defend the $100,000 level vigorously, as a break below it may lead to a drop to $93,000.
On the upside, if the pair breaks above the 20-day EMA, it could test the downtrend line. A successful breach of this level might elevate the pair to the neckline of the inverted head-and-shoulders pattern at approximately $112,800.
Ether price prediction
Buyers drove Ether (ETH) above the 20-day EMA ($2,560) on Monday and Tuesday; however, the long wick on the candlesticks indicates selling pressure near $2,738.
The flat 20-day EMA and RSI near the midpoint suggest the potential for price consolidation in the near term, with the ETH/USDT pair possibly ranging between $2,738 and $2,323.
If buyers break through the $2,738 resistance, the chances of a rally toward $2,879 increase, potentially reaching $3,153. However, this positive outlook would be negated by a break below $2,323, which could see the pair slump to $2,111.
XRP price prediction
XRP (XRP) saw buyers push it above the 50-day SMA ($2.27) on Monday, but bears halted the rally at $2.34.
Both moving averages are flat, and the RSI is slightly below the midpoint, indicating the possibility of range-bound action. The XRP/USDT pair could linger between $2 and $2.34 for a while.
If the price continues to decline and breaks below $2, it would signal the onset of a new downtrend towards $1.61.
Buyers may gain momentum with a close above $2.34, potentially driving the pair to the resistance level at $2.65.
BNB price prediction
Bears prevented bulls from surpassing the 20-day EMA ($653) on both Monday and Tuesday.
The bears will attempt to consolidate their position by dropping the price below the $634 support. If successful, the BNB/USDT pair could fall to $580.
However, if the price rebounds off $634, it would indicate strong buying interest at lower levels. Bulls need to push the price above $660 to open the way for a rise to the resistance at $693. Sellers are expected to defend the $693 level vigorously, as a break above may propel the pair to $732.
Solana price prediction
Buyers managed to push Solana (SOL) above the 20-day EMA ($154) on Monday but failed to overcome the 50-day SMA ($160).
Bears are attempting to pull the price down toward the crucial support at $140. Should this support fail, the SOL/USDT pair might complete a bearish head-and-shoulders pattern, possibly falling to $123 and then $110.
Conversely, if the price turns up and clears the 50-day SMA, it would indicate healthy buying near $140, potentially keeping the pair between $140 and $185 for a while. A close above $185 would restore control to buyers.
Dogecoin price prediction
Dogecoin (DOGE) faces intense competition between buyers and sellers around the $0.16 support.
The declining 20-day EMA ($0.18) and RSI in negative territory suggest a downward trend. If the $0.16 support fails, the DOGE/USDT pair could drop to $0.14.
Buyers will aim to vigorously defend the $0.14 support; however, any relief rally is likely to face selling at the 20-day EMA. A sharp downturn from this level could place the $0.14 support at risk. If that happens, the pair may plummet to $0.10. Buyers can regain momentum with a breakout above $0.26.
Cardano price prediction
Cardano (ADA) declined from the 20-day EMA ($0.66) on Monday, reflecting bearish sentiment as sellers take advantage of relief rallies.
Bulls are attempting to defend the $0.60 level, but if bears succeed, the ADA/USDT pair could drop to solid support at $0.50. Buyers will work to halt the decline at $0.50, as falling below may lead to a plunge to $0.40.
For buyers to avert further declines, they need to push the price above the 50-day SMA ($0.71) promptly. A breakthrough could lead to a rise towards the downtrend line, where selling pressure may increase significantly.
Related: XRP price consolidates for 200 days: Analysts predict where it’s going next
Hyperliquid price prediction
Buyers have made multiple attempts to push Hyperliquid (HYPE) above the $42.25 resistance in recent days, but they have been unable to maintain higher levels.
Bears attempted to strengthen their position by lowering the price below the 20-day EMA ($37.93) on Tuesday, but bulls managed to hold on. Buyers will aim to close above $42.50; doing so could propel the HYPE/USDT pair to $45.80 and potentially $50.
This optimistic outlook may be negated if the price moves down and breaches the 20-day EMA, leading to a deeper correction towards the 50-day SMA ($31.17).
Sui price prediction
Sui (SUI) fell from the 20-day EMA ($3.17) on Monday and dropped below the vital support at $2.86.
Should the price stay below $2.86, selling could intensify, with the SUI/USDT pair potentially plummeting to $2.42. Bulls will seek to initiate a relief rally from $2.42 but might face considerable resistance at the 20-day EMA. If the price turns down from this level, the pair risks falling to $2.
The first sign of strength would occur with a break and close above the 20-day EMA, allowing the pair to potentially rise to the 50-day SMA ($3.49).
Bitcoin Cash price prediction
Bitcoin Cash (BCH) closed above the $462 resistance on Monday, but bulls are struggling to maintain those levels.
Sellers are working to pull the price back below $462. If successful, the BCH/USDT pair could retreat towards the moving averages, where buyers will attempt to stop the decline. If the price rebounds strongly from the moving averages, bulls may once again target a move towards $500.
Conversely, a close below the 50-day SMA would tip the odds in favor of the bears, potentially driving the pair down to $375.
This article does not constitute investment advice or recommendations. All investments and trading movements involve risk, and readers should perform their own research before making decisions.
