Bitcoin (BTC) has successfully surpassed the $70,000 mark, indicating that the bulls are still in control. However, some analysts believe that a breakout is unlikely in the near future. According to analyst Rekt Capital, the post-halving reaccumulation phase typically lasts for 160 days, suggesting that Bitcoin may remain sideways for a few more weeks.
While Bitcoin’s performance has been relatively muted, the approval of spot Ether (ETH) exchange-traded funds (ETFs) has shifted attention to Ether. Many analysts are optimistic about Ether’s future and expect it to rally. DeFiance Capital founder Arthur Cheong predicts that Ether could rally to $4,500 before the launch of spot ETFs.
Analysts are also bullish on altcoins, believing that after the rally in Bitcoin and Ether, it is now time for altcoins to catch up.
The S&P 500 Index has been holding above the breakout level of 5,265, indicating that the bulls are trying to turn the level into support. The index could potentially start its journey to 5,500 if buyers overcome the barrier at 5,350. However, a break below the 50-day simple moving average could lead to a decline to the 5,000 to 4,950 support zone, suggesting a rejection of the breakout.
The U.S. Dollar Index attempted a recovery but stalled at the moving averages, indicating that the bears remain sellers on rallies. A break below the support line of the ascending channel could start a new downtrend for the index, while a break above the moving averages could keep it inside the channel for some time.
Bitcoin has bounced off the 20-day exponential moving average and risen above $70,000, indicating that the bulls are strengthening their hold. The BTC/USDT pair could rally to the overhead resistance at $73,777, and if that is cleared, it may surge to $80,000 and $84,000. However, a sharp downturn from the overhead resistance could keep the pair range-bound between $59,600 and $73,777.
Ether has turned up from $3,730, suggesting that the bulls have flipped the level into support. If the bulls manage to maintain the price above $3,950, the ETH/USDT pair could rally to the stiff overhead resistance at $4,100 and potentially towards $4,868. On the other hand, a decline below $3,730 could lead to a drop to the 20-day EMA, acting as strong support, before another attempt to reach $4,100.
BNB has remained above the moving averages but has failed to challenge the $635 resistance. The gradually rising 20-day EMA and the RSI above 58 give a slight edge to the bulls. Breaking above $635 could start the next leg of the uptrend towards $692, while a downturn from the resistance could keep the pair inside the range, potentially dropping to $536 and $495.
Solana has dropped to the breakout level of $162, suggesting a lack of demand at higher levels. The flattening out of the 20-day EMA and the RSI just above the midpoint give a minor advantage to the bulls. If the bounce sustains, the SOL/USDT pair could rally to $189 and $205. However, a break below $162 could start a downward move to $140 and $126, with strong support expected at the latter level.
XRP started a bounce off the 20-day EMA but failed to build upon this strength, indicating that recovery attempts are being sold into. A break below the moving averages could lead to a slide to the support line, which is likely to be bought by the bulls. On the other hand, a break above $0.57 could complete an ascending triangle pattern and push the pair towards the pattern target of $0.68.
Toncoin has been trading near the 20-day EMA, indicating a balance between supply and demand. Breaking above $6.75 could favor the bulls, with a rally attempt towards $7.67. On the downside, a break below $6 would suggest that the bears have the upper hand, potentially leading to a decline to $5.50 and $4.72.
Dogecoin has been oscillating near the $0.17 level, with the path of least resistance appearing to be to the upside. Sustaining the price above $0.17 could increase the likelihood of a break above $0.18, leading to a surge towards $0.21. However, a downturn below the moving averages would indicate continued selling by the bears, potentially sliding to $0.14.
Cardano has formed a symmetrical triangle pattern, signaling a balance between supply and demand. A break below the support line could start the next leg of the downtrend, potentially dropping towards the next support at $0.35. On the other hand, a turn up from the support line could keep the pair inside the triangle, with a break above the resistance line tilting the advantage in favor of the bulls and potentially targeting $0.62.
Please note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.