Bitcoin (BTC) faces rejection near $65,000 again, making it an essential overhead resistance to cross. A positive sign for the bulls is that Bitcoin’s classic Puell Multiple metric has hit the “green” zone for the first time since the end of 2022.
“Historically, when the green zone was reached, it was followed by an upward price movement,” said CryptoQuant contributor Darkfost in a blog post.
Analyst Rekt Capital highlighted another historical pattern favoring the bulls. He said that Bitcoin breaks out from its reaccumulation range between 154 and 161 days after halving. The analyst added that the most recent Bitcoin halving occurred on April 20, 157 days ago, which puts it within striking distance of a breakout.
Crypto market data daily view. Source: Coin360
Bitcoin exchange-traded fund buyers are returning, as seen from the four days of consecutive inflows, according to Farside Investors data. Bitfinex analysts said in a Sept. 23 report that Bitcoin could rally if traditional finance markets like the S&P 500 are bullish and Bitcoin ETF inflows remain positive.
Could Bitcoin surpass the $65,000 resistance, attracting buying in select altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has been facing resistance at $65,000 for the past two days, but a positive sign is that the bulls have not ceded much ground to the bears.
BTC/USDT daily chart. Source: TradingView
The rising 20-day exponential moving average ($61,202) and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. If buyers propel the price above $65,000, the BTC/USDT pair is likely to accelerate to $70,000. The bears are expected to fiercely protect the $70,000 to $73,777 zone.
If bears want to prevent the up move, they will have to swiftly yank the price back below the moving averages. If they do that, the pair could slide to the support line.
Ether price analysis
Ether (ETH) turned down from $2,702 on Sept. 23, indicating that the bears are selling near the overhead resistance of $2,850.
ETH/USDT daily chart. Source: TradingView
The ETH/USDT pair could drop to the moving averages, an important level to watch out for. If the price rebounds off the moving averages with strength, it will increase the possibility of a breakout above $2,850. If that happens, it will suggest that the downtrend may be over. The pair could climb to $3,400.
Instead, suppose the price turns down and breaks below the moving averages. In that case, it will suggest that the pair could be forming a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
BNB price analysis
BNB (BNB) is facing selling near the overhead resistance of $635, signaling that the bears are fiercely defending the level.
BNB/USDT daily chart. Source: TradingView
The first support on the downside is the 20-day EMA ($563). If the price rebounds off this level, it will suggest that lower levels are attracting buyers. The bulls will then make another attempt to overcome the barrier at $635. If they can pull it off, the BNB/USDT pair could soar to $722.
On the other hand, if the price continues lower and breaks below the moving averages, it will signal that the pair may remain range-bound between $460 and $635 for a few more days.
Solana price analysis
Solana (SOL) bounced off the moving averages on Sept. 23, indicating that the bulls are buying the dips.
SOL/USDT daily chart. Source: TradingView
The critical level to watch out for on the upside is $164, as the bears are expected to defend it aggressively. If the price turns down from $164, the SOL/USDT pair may dip to the moving averages. The pair could then spend some time between $116 and $164.
This negative view will be invalidated in the near term if the price turns up and pierces the $164 resistance. The pair could then rally to $190, where the bears are expected to pose a substantial challenge.
XRP price analysis
The bears have not allowed XRP (XRP) to maintain above the $0.60 resistance, indicating selling on rallies.
XRP/USDT daily chart. Source: TradingView
The bears will again try to sink the price below the moving averages. If they manage to do that, the XRP/USDT pair could descend to the uptrend line. This is a critical short-term support to watch out for because a close below it may drag the pair to $0.50.
On the contrary, if the price turns up from the current level or the moving averages, the bulls will again attempt to clear the hurdle at $0.60. If they succeed, the pair may climb to the overhead resistance at $0.64.
Dogecoin price analysis
The bears tried to pull Dogecoin (DOGE) back into the falling wedge pattern on Sept. 22, but the bulls held their ground.
DOGE/USDT daily chart. Source: TradingView
The 20-day EMA ($0.10) has started to turn up and the RSI is in the positive territory, indicating that the bulls have an edge. There is minor resistance at $0.12, but if it is crossed, the next stop may be $0.14.
Contrary to this assumption, if the price turns down and breaks below the moving averages, it will suggest that bears remain active at higher levels. The DOGE/USDT pair could then decline to $0.09 and later to $0.08.
Toncoin price analysis
Toncoin (TON) remains stuck between the moving averages, but the tight range trading suggests that a breakout could happen soon.
TON/USDT daily chart. Source: TradingView
If the price rises and maintains above the 50-day SMA ($5.76), it will signal the start of an up move toward the overhead resistance of $7. Buyers may find it difficult to pierce the $7 level with ease.
If bears want to gain control, they will have to yank and sustain the price below the 20-day EMA ($5.56). If they do that, the TON/USDT pair could plunge to the $4.72 to $4.44 support zone. A break below the support zone could start a free fall.
Cardano price analysis
Cardano (ADA) broke and closed above the downtrend line of the descending triangle pattern on Sept. 24.
ADA/USDT daily chart. Source: TradingView
The failure of a bearish pattern is usually a bullish sign, as aggressive bears who take up short positions close them, and buyers who had been waiting on the sidelines enter the markets. That could drive the ADA/USDT pair to $0.40 and then to $0.45.
This positive view will be invalidated in the near term if the price turns down and breaks below the moving averages. Such a move will indicate that the markets have rejected the breakout. That could increase the risk of a breakdown below $0.31.
Avalanche price analysis
Buyers are finding it difficult to push Avalanche (AVAX) above the breakdown level of $29, but a positive sign is that they have not ceded ground to the bears. This improves the prospects of a break above $29.
AVAX/USDT daily chart. Source: TradingView
If that happens, the AVAX/USDT pair could rally to $33, where the bears may try to stall the up move. However, if the buyers bulldoze their way through, the rally could extend to $37 and subsequently to $42.
Alternatively, if the price turns down sharply from the current level and breaks below the 20-day EMA ($25.66), it will signal that the pair may oscillate between $19.50 and $29 for some time.
Shiba Inu price analysis
Shiba Inu (SHIB) bounced off the moving averages on Sept. 24, indicating a change in sentiment from selling on rallies to buying on dips.
SHIB/USDT daily chart. Source: TradingView
There is minor resistance at $0.000016, but if this level is scaled, the SHIB/USDT pair could pick up momentum and rally to the breakdown level of $0.000020. The bears are expected to mount a strong defense at $0.000020.
n the way down, the $0.000013 level is the crucial support to watch out for. If the price turns down and breaks below $0.000013, it will signal the resumption of the downtrend. The pair may plunge to $0.000010.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
