Bitcoin (BTC) fell below $63,000 on September 22, indicating profit-taking by short-term traders. Some analysts believe that Bitcoin may enter a minor correction before attacking the key resistance level at $65,000.
Despite the short-term uncertainties, analysts remain optimistic about the long-term outlook. Geoff Kendrick, global head of digital asset research at Standard Chartered, predicts that Bitcoin could hit $200,000 by the end of 2025.
Kendrick expects positive inflows from Bitcoin exchange-traded funds (ETFs), a slight increase in inflation, and the potential removal of Employee Accounting Rule 121 â a rule that prevents banks from holding digital assets for clients â to be key factors in triggering Bitcoinâs rally.
Bitcoin's recovery has spurred buying interest in several altcoins, pushing them above the resistance levels above. If Bitcoin remains stable around current levels, traders may turn their attention to altcoins.
Can Bitcoin bulls stop the decline below the $61,200 support level? Will altcoins start a rally in the coming days? Letâs analyze the top 5 cryptocurrencies that are showing strong signals on the charts.
Bitcoin Price Analysis
Bitcoinâs recovery is facing profit-taking near $64,000, suggesting that bulls are showing concern about continuing to buy near the strong resistance at $65,000.
The BTC/USDT pair could correct to the 20-day exponential moving average ($60,232), a key level to watch. A bounce from the 20-day EMA would improve the prospects of a rally above $65,000. The pair could then rally strongly towards the stiff resistance at $70,000.
Conversely, if the price continues to fall and breaks below the moving averages, it will signal that the market has rejected the higher levels. The pair could then plunge towards the support line.
The pair has corrected to the 20-EMA on the 4-hour chart. If this support level is broken, the pair could drop to the 50-SMA. Buyers are expected to buy aggressively on dips to $61,200. If the price bounces from this level, it will signal that the bulls have turned $61,200 into support. The pair will then attempt to break the $65,000 resistance level.
If the bears want to stall the rally, they will have to pull and sustain the price below the 50-SMA. If successful, the pair could drop to $59,000 and then $57,500.
Avalanche Price Analysis
Avalanche (AVAX) broke and closed above a descending channel pattern on September 19, indicating a potential trend change.
The bears are attempting to stall the recovery at the breakdown level of $29. If the price turns down from the current levels but finds support at the 20-day EMA ($24.81), it will suggest that the bulls are attempting to take control. The AVAX/USDT pair is likely to accelerate above $29 and jump to $33.
Conversely, if the price declines and breaks below the moving average, this suggests that the pair could remain range-bound between $19.50 and $29 for some time.
The pair has declined from the overhead resistance at $29 and reached the 20 EMA. This is a crucial level for the bulls to defend if they want to maintain the positive momentum. A strong bounce from the 20 EMA could lead to a retest of the overhead resistance.
On the other hand, if the price remains below the 20 EMA, it will indicate that the buyers are losing strength. The pair could then drop to the 50 SMA. Buyers are expected to defend the moving averages strongly.
Sui Price Analysis
Bulls pushed Sui (SUI) above the overhead resistance at $1.44 on September 20, but higher levels are attracting selling.
The SUI/USDT pair is witnessing an intense battle around the $1.44 level. If the price bounces from the current level and breaks above $1.58, it will indicate that the bulls have turned $1.44 into support. The prospects for a rally to $1.72 will improve.
Conversely, if the price slides and sustains below $1.44, the correction could drag towards the 50% Fibonacci retracement level at $1.29. Below this level, the pair could plunge to the 20-day EMA ($1.15).
The 4-hour chart shows that the bulls are trying to push the price above the $1.58 resistance. If successful, this will signal the continuation of the uptrend with the next target at $1.72.
Conversely, if the bears pull the price below the 20-EMA, it will signal the start of a deeper correction towards $1.30. This is an important support level to watch, as a break of this level could see the price drop to $1.18.
Bittensor Price Analysis
Bittensor (TAO) broke and closed above the $361 resistance on September 19, completing a triple bottom pattern. This setup has a target at $517.
Bittensorâs rally could face selling pressure around $490 and again at $530, but if the bulls do not give up too much ground, the TAO/USDT pair could continue its rally. If $530 is breached, the pair could surge to $640.
The first support on the downside is the 38.2% Fibonacci retracement level at $401, and below that is the 50% retracement level at $378. If the price breaks below $378, a retest of the breakout level at $361 could be on the cards, where bulls and bears will battle for supremacy.
The TAO/USDT pair is facing selling pressure near $480. The bears will try to pull the price down to the 20-EMA. If the price bounces off the 20-EMA, the bulls will make another attempt to push the pair to $490 and then to $530.
Conversely, if the price turns down and breaks below the 20-EMA, it would indicate profit booking by the bulls. This scenario could pave the way for a drop to the $361 breakdown level, where the bulls are expected to step in.
Aave Price Analysis
Aave (AAVE) closed above the $154 resistance on September 21, but the bulls are struggling to sustain higher levels.
The bears will attempt to pull the price below the breakout level of $154. If successful, the AAVE/USDT pair could slide to the 20-day EMA ($142). A strong bounce from the 20-day EMA would indicate that the market sentiment remains positive. The bulls will then attempt to overcome the overhead barrier and push the pair to $180, followed by $200.
This bullish view will be invalidated in the short term if the price breaks and sustains below the 20-day EMA. This scenario could send the pair down to the 50-day SMA ($125).
The upside momentum is facing selling pressure around $160 on the 4-hour chart, but the correction is expected to find support at the 20-EMA. If the price bounces strongly from the 20-EMA, the possibility of a continuation of the uptrend will increase. The pair could then move towards $180.
Conversely, if the price turns down and breaks below the 20-EMA, it will indicate the start of a deeper correction towards the 50-SMA. This is an important level that the bulls need to defend, as a break could see the pair slide to $134.
This article does not contain investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decision.
