Bitcoin (BTC) rejection near the $65,000 resistance level shows that bears want to keep the price in the lower half of the range between $54,000 and $73,777, but bulls are not giving up easily. The latest report from 10X Research indicates that Bitcoin is poised for a rally, considering that it is entering a historically strong bull season from October to March.
Another bullish development for the crypto market could be the Federal Reserve’s aggressive 50 basis point interest rate cut on September 18. CoinShares’ latest weekly digital asset fund flow report said the rate cut may have triggered $321 million in inflows into digital asset investment products last week.
Bitcoin is approaching another important phase in its history, according to K33 Research. In the previous two bull market cycles, the trough to peak lasted more than 1,050 days, with the most significant gains recorded in the final 365 days. The current trough to peak has completed 672 days, putting the cycle in a zone where it could begin a strong rally.
Can Bitcoin break through the $65,000 resistance and head towards $70,000? Will that trigger altcoin buying? Let's analyze the chart to find out.
SPX Technical Analysis
The S&P 500 index surged to a new record high on September 19, showing that bulls remain firmly in control.
SPX Daily Chart | Source: TradingView
The bears will try to pull the price below the breakout level of 5,670, while the bulls will try to flip this level into support. If the bulls win by pushing the price above 5,734, the index could rise to 6,000.
On the other hand, if the price drops below 5,670, the short-term bulls could close their positions, dragging the index down to the moving average. A break and close below the uptrend line would tilt the advantage in favor of the bears.
DXY Technical Analysis
The US Dollar Index (DXY) once again turned down from the 20-day exponential moving average (101.25) on September 23, suggesting that bears continue to sell on rallies.
DXY Daily Chart | Source: TradingView
Bears may find it difficult to push the price below the 101 to 99.57 support zone as bulls are expected to defend this zone aggressively. However, if bears prevail, the index could start the next leg of the downtrend.
The first sign of strength would be a breakout and close above the 20-day EMA. If that happens, it would suggest that bears are losing control. The upside momentum could pick up after the bulls push the price above the 50-day simple moving average (102.38).
Bitcoin Technical Analysis
Bulls are attempting to push Bitcoin above the $65,000 overhead resistance, but bears remain firm.
BTC/USDT Daily Chart | Source: TradingView
If the bulls do not give up much ground to the bears, the possibility of the price breaking above $65,000 increases. The BTC/USDT pair could surge to $70,000, where the bears are expected to mount a strong defense.
This bullish view will be negated in the near term if the price declines and breaks below the 20-day EMA ($60,621). The pair could slide to the 50-day SMA ($59,382) and then $57,500.
ETH Technical Analysis
Ether (ETH) broke above the 50-day SMA ($2,512) on September 20, suggesting that bears are losing control.
ETH/USDT Daily Chart | Source: TradingView
The bulls will attempt to push the price towards the breakout level of $2,850. This is a crucial level for the bears to defend as a breakout and close above this level will suggest a possible trend change. The ETH/USDT pair may attempt to rally towards $3,400.
If the bears want to retain control, they will have to quickly pull the price below the moving average. The next downtrend could start if the bears pull and sustain the price below $2,111.
BNB Technical Analysis
BNB (BNB) has been gradually rising towards $635, the resistance level of the large range it has been stuck in for the past few months.
BNB/USDT Daily Chart | Source: TradingView
Typically, traders sell near resistance and buy at support. If the price drops sharply from the $600 resistance zone to $635, this would signal that the BNB/USDT pair could extend its stay in the range for a while longer.
Conversely, if the bulls push the price above $635, it will signal the start of a new uptrend. The pair could regain momentum and rise to $722, which is likely to act as a formidable barrier again.
SOL Technical Analysis
Solana (SOL) has returned to the moving average, which is an important support level to watch in the coming period.
SOL/USDT Daily Chart | Source: TradingView
If the price rebounds from the moving averages and breaks above $152, the SOL/USDT pair could rise to $164. This level could be a major challenge, but if the bulls manage to overcome this barrier, the pair could rise to $180 and then $210.
Contrary to this assumption, if the price declines sharply and breaks below the 20-day EMA ($139), it will suggest that bears continue to sell on rallies. The pair could range between $164 and $116 for some time.
XRP Technical Analysis
XRP (XRP) has been holding above the moving averages for the past few days, but the bulls have failed to clear the hurdle at $0.60.
XRP/USDT daily chart | Source: TradingView
However, the rising 20-day EMA ($0.57) and the RSI in the positive zone suggest that the path of least resistance is to the upside. If the buyers push the price above $0.60, the XRP/USDT pair could reach $0.64. The bears will defend this level aggressively, but if the buyers prevail, the rally could extend to $0.74.
This bullish view will be invalidated in the near term if the price breaks down sharply and slides below the rising trend line. That could send the pair to $0.50 and then $0.46.
DOGE Technical Analysis
Dogecoin (DOGE) broke out and closed above the downtrend line of the falling wedge pattern on September 21, suggesting that the bulls are attempting a comeback.
DOGE/USDT Daily Chart | Source: TradingView
The bears are attempting to pull the price back inside the wedge, trapping the aggressive bulls. If they succeed, selling could intensify and the DOGE/USDT pair could drop to $0.09 and then $0.08.
On the other hand, if the price rises from the current level and rises above $0.12, this will indicate the start of a new bullish trend. The pair could rise to $0.14 and then $0.18.
TON Technical Analysis
Toncoin (TON) is stuck between the moving averages, suggesting a possible range expansion in the coming period.
TON/USDT Daily Chart | Source: TradingView
If the price breaks and closes above the 50-day SMA ($5.76), this would signal the start of a rally towards $7. Buyers may face strong resistance at $7, but if they break out, the rally could reach $8.29.
If the uncertainty turns bearish by breaking below the 20-day EMA ($5.54), it will suggest that bears are still selling on minor rallies. The TON/USDT pair could drop to the $4.72 to $4.44 support zone.
ADA Technical Analysis
Cardano (ADA) is struggling to break above the downtrend line of the descending triangle pattern, but a small positive is that the bulls are not allowing the price to drop below the moving average.
ADA/USDT Daily Chart | Source: TradingView
Buyers will make one more attempt to push the price above the downtrend line. If they can do so, this will invalidate the bearish setup, which is a bullish sign. The ADA/USDT pair could rise to $0.40 and then $0.46.
Conversely, if the price breaks below the moving average, this will indicate that the pair may continue to trade inside the triangle for a few more days. The trend will turn negative when the price breaks and closes below the triangle.
