Bitcoin Price Analysis
Bitcoin (BTC) is facing rejection near $65,000, which remains a crucial overhead resistance to surpass. A positive indicator for the bulls is Bitcoin’s classic Puell Multiple metric, which has entered the “green” zone for the first time since late 2022.
CryptoQuant contributor Darkfost stated, “Historically, when the green zone was reached, it was followed by an upward price movement.”
Analyst Rekt Capital also pointed out a historical pattern that favors the bulls. He noted that Bitcoin tends to break out from its reaccumulation range between 154 and 161 days after a halving. With the most recent halving on April 20, 157 days ago, Bitcoin is nearing a potential breakout.
Additionally, Bitcoin exchange-traded fund (ETF) buyers are returning, with four consecutive days of inflows, according to Farside Investors. Bitfinex analysts reported on Sept. 23 that Bitcoin could rally further if traditional finance markets like the S&P 500 remain bullish, along with sustained Bitcoin ETF inflows.
Could Bitcoin Surpass the $65,000 Resistance?
Bitcoin has been encountering resistance at $65,000 for the past two days. However, the bulls have not ceded much ground to the bears, which is a positive sign.
- The 20-day exponential moving average (EMA) is rising at $61,202.
- The relative strength index (RSI) is in positive territory, indicating the path of least resistance is upward.
If buyers push the price above $65,000, the BTC/USDT pair may accelerate toward $70,000. Bears are expected to defend the $70,000 to $73,777 zone vigorously. If bears want to halt the uptrend, they must pull the price below the moving averages, which could lead to a slide toward the support line.
Ether (ETH) Price Analysis
Ether (ETH) turned down from $2,702 on Sept. 23, signaling that bears are selling near the overhead resistance of $2,850. The ETH/USDT pair could drop to the moving averages, an important level to monitor. A strong rebound from the moving averages increases the chances of a breakout above $2,850. If this happens, the pair could climb to $3,400.
If the price turns down and breaks below the moving averages, the pair may form a symmetrical triangle pattern, signaling indecision between bulls and bears.
BNB Price Analysis
BNB (BNB) is facing selling pressure near the overhead resistance of $635, indicating that bears are defending this level.
- The first support lies at the 20-day EMA ($563).
- If the price rebounds off this level, it suggests buyers are stepping in at lower levels.
If bulls break through $635, the BNB/USDT pair could soar to $722. Conversely, a break below the moving averages could keep the pair range-bound between $460 and $635 for a few more days.
Solana Price Analysis
Solana (SOL) bounced off the moving averages on Sept. 23, showing that bulls are buying on dips. The critical level to watch is $164, as bears may defend this level aggressively.
- If the price dips from $164, the SOL/USDT pair could move back to the moving averages.
- If bulls pierce through $164, the pair could rally to $190.
XRP Price Analysis
XRP (XRP) has not been able to maintain a position above the $0.60 resistance, signaling selling pressure on rallies. Bears will attempt to push the price below the moving averages, targeting the uptrend line as critical support.
However, if bulls manage to clear the $0.60 hurdle, the XRP/USDT pair may climb to the next resistance at $0.64.
Dogecoin Price Analysis
Dogecoin (DOGE) bulls managed to hold their ground as bears tried to push the price back into the falling wedge pattern on Sept. 22.
- The 20-day EMA ($0.10) is rising, and the RSI is in positive territory, giving bulls an advantage.
- If the price crosses $0.12, the next target may be $0.14.
A break below the moving averages could push the DOGE/USDT pair down to $0.09 or even $0.08.
Toncoin Price Analysis
Toncoin (TON) remains stuck between the moving averages, suggesting an imminent breakout. If the price rises above the 50-day SMA ($5.76), it could spark an uptrend toward the overhead resistance at $7.
- If the bears manage to pull the price below the 20-day EMA ($5.56), the TON/USDT pair may slide to the $4.72 to $4.44 support zone.
Cardano Price Analysis
Cardano (ADA) broke above the downtrend line of the descending triangle pattern on Sept. 24, typically a bullish sign.
- A rise to $0.40 and then $0.45 could be likely.
- If the price falls below the moving averages, it may negate the breakout and increase the risk of a breakdown below $0.31.
Avalanche Price Analysis
Buyers are struggling to push Avalanche (AVAX) above the $29 resistance level, but they haven’t conceded ground to bears, indicating the potential for a breakout.
- A rally to $33 could occur if the price breaks $29.
- Alternatively, a break below the 20-day EMA ($25.66) could keep the AVAX/USDT pair range-bound between $19.50 and $29.
Shiba Inu Price Analysis
Shiba Inu (SHIB) bounced off the moving averages on Sept. 24, indicating a shift from selling on rallies to buying on dips.
- If the price surpasses $0.000016, SHIB could rally to the breakdown level of $0.000020.
- A break below $0.000013 may signal the resumption of the downtrend.
This article does not provide investment advice. Every trading decision involves risk, and readers should conduct their own research.
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