Bitcoin (BTC) has faced another rejection near $65,000, making it the necessary overhead resistance to overcome. In a positive sign for bulls, Bitcoin’s classic Puell Multiple has entered the “green” zone for the first time since late 2022.
“Historically, when this indicator hits the green zone, the price will increase afterward,” Darkfost, a CryptoQuant contributor, said in a blog post.
Analyst Rekt Capital highlighted another historical pattern that favors bulls. He said Bitcoin typically breaks out of its consolidation range between 154 and 161 days after a halving. The analyst added that the most recent Bitcoin halving took place on April 20, 157 days ago, which puts Bitcoin close to a breakout level.
According to data from Farside Investors, spot Bitcoin ETF buyers are returning, as seen in four consecutive days of inflows. Bitfinex analysts said in a September 23 report that Bitcoin could rally if traditional financial markets like the S&P 500 rally and Bitcoin ETF inflows remain positive.
Can Bitcoin break above the $65,000 resistance level, attracting buying into select altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC Technical Analysis
Bitcoin has been facing resistance at $65,000 for the past two days, but a positive sign is that the bulls are not giving up 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 zone suggest that the path of least resistance is to the upside. If buyers push the price above $65,000, the BTC/USDT pair is likely to accelerate to $70,000. The bears are expected to defend the $70,000 to $73,777 zone aggressively.
If the bears want to stop the rally, they will have to quickly pull the price below the moving average. If they do so, the pair could slide to the support line.
ETH Technical Analysis
Ether (ETH) turned down from $2,702 on September 23, which shows that the bears are selling near the overhead resistance at $2,850.
ETH/USDT Daily Chart | Source: TradingView
The ETH/USDT pair could drop to the moving average, an important level to watch. If the price bounces off the moving average with strength, it will increase the possibility of a breakout above $2,850. If that happens, it will indicate that the downtrend may be over. The pair could rise to $3,400.
Instead, let's say the price drops and breaks below the moving average. In that case, this would suggest that the pair may be forming a symmetrical triangle pattern, indicating indecision between the bulls and bears.
BNB Technical Analysis
BNB (BNB) is facing selling near the overhead resistance at $635, signaling that bears are aggressively defending this level.
BNB/USDT Daily Chart | Source: TradingView
The first support on the downside is the 20-day EMA ($563). If the price rebounds from this level, it will suggest that lower levels are attracting buyers. The bulls will then make another attempt to break above the $635 hurdle. If they succeed, the BNB/USDT pair could surge to $722.
On the other hand, if the price continues to decline and breaks below the moving averages, this will signal that the pair could remain range-bound between $460 and $635 for a few more days.
SOL Technical Analysis
Solana (SOL) rebounded from the moving averages on September 23, suggesting that the bulls are buying on dips.
SOL/USDT Daily Chart | Source: TradingView
The key level to watch on the upside is $164, as bears are expected to defend this level aggressively. If the price declines from $164, the SOL/USDT pair could drop to the moving averages. The pair could then spend some time moving between $116 and $164.
This bearish view will be invalidated in the near term if the price rises and clears the $164 resistance. The pair could then rise to $190 where the bears are expected to pose a significant challenge.
XRP Technical Analysis
The bears have not allowed XRP (XRP) to sustain above the $0.60 resistance, which shows selling on rallies.
XRP/USDT daily chart | Source: TradingView
The bears will again try to push the price below the moving average. If they succeed, the XRP/USDT pair could drop to the ascending trend line. This is an important support level to watch in the short term because if the price closes below this level, the pair could fall to $0.50.
Conversely, if the price rises from the current levels or the moving averages, the bulls will again attempt to overcome the hurdle at $0.60. If successful, the pair could rise to the overhead resistance at $0.64.
DOGE Technical Analysis
The bears attempted to pull Dogecoin (DOGE) back into a falling wedge pattern on September 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 zone, suggesting that the bulls have the upper hand. There is a minor resistance at $0.12, but if it is crossed, the next stop could be $0.14.
Contrary to this assumption, if the price declines and breaks below the moving average, it will suggest that bears are still active at higher levels. The DOGE/USDT pair could then drop to $0.09 and lower to $0.08.
TON Technical Analysis
Toncoin (TON) remains stuck between the moving averages, but trading within a tight range suggests that a breakout could be imminent.
TON/USDT Daily Chart | Source: TradingView
If the price rises and sustains above the 50-day SMA ($5.76), this will signal the start of an upward move towards the overhead resistance at $7. Buyers may have a hard time breaking above this level.
If the bears want to gain control, they will have to pull and sustain the price below the 20-day EMA ($5.56). If they do so, the TON/USDT pair could drop to the $4.72-$4.44 support zone. A break below the support zone could start a free fall.
ADA Technical Analysis
Cardano (ADA) broke out and closed above the downtrend line of the descending triangle pattern on September 24.
ADA/USDT Daily Chart | Source: TradingView
The failure of a bearish pattern is usually a bullish sign, as aggressive bears holding short positions will close them and buyers who have been waiting on the sidelines will enter the market. That could push the ADA/USDT pair down to $0.40 and then $0.45.
This bullish view would be invalidated in the near term if the price turns bearish and breaks below the moving averages. Such a move would indicate that the market has rejected the breakout. That could increase the risk of a breakdown below $0.31.
AVAX Technical Analysis
Buyers are having a hard time pushing Avalanche (AVAX) above the breakout level of $29, but a positive sign is that they are not giving ground to the bears. This improves the prospects of a breakout above $29.
AVAX/USDT Daily Chart | Source: TradingView
If that happens, the AVAX/USDT pair could rise to $33, where bears may attempt to stall the rally. However, if bulls break out, the rally could extend to $37 and then $42.
Alternatively, if the price turns down sharply from the current levels and breaks below the 20-day EMA ($25.66), it will signal that the pair could range between $19.50 and $29 for some more time.
SHIB Technical Analysis
Shiba Inu (SHIB) bounced off the moving average on September 24, indicating a change in sentiment from sell on the rise to buy on the fall.
SHIB/USDT Daily Chart | Source: TradingView
There is minor resistance at $0.000016, but if this level is cleared, the SHIB/USDT pair could regain momentum and rise towards the breakout level of $0.000020. The bears are expected to mount a strong defense at $0.000020.
On the way down, the $0.000013 level is an important support level to watch. If the price reverses and breaks below $0.000013, it will signal a continuation of the downtrend. The pair could drop to $0.000010.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
