On September 20, Bitcoin (BTC) climbed to the $64,000 mark, yet the bullish momentum could not be sustained. This indicates that sellers, or bears, are still active, continuing to offload their holdings whenever prices near resistance levels.
CryptoQuant analyst Avocado_onchain pointed out that the realized price for short-term holders (STH)—defined as investors who have held their coins for less than 155 days—stands close to $62,000. This level serves as a crucial support point during upward trends; if buyers can defend this threshold during pullbacks, Bitcoin may have the potential to rise further.
Crypto market data daily view. Source: Coin360
Another encouraging sign for buyers comes from institutional investors, who have reportedly reduced their short positions in Bitcoin, as noted by CryptoQuant founder Ki Young Ju. Additionally, data from Farside Investors reveals that spot Bitcoin exchange-traded funds (ETFs) witnessed inflows totaling $158 million on September 19.
The question now is whether Bitcoin can extend its upward trajectory by breaking through the $65,000 barrier and whether altcoins will gain traction. Let’s delve into the charts of the top 10 cryptocurrencies to explore this further.
### Bitcoin Price Analysis
On September 18, Bitcoin broke out of a symmetrical triangle pattern, signaling a victory for the bulls over the bears.
BTC/USDT daily chart. Source: TradingView
The 20-day exponential moving average (EMA) is currently positioned at $59,629 and is trending upwards, while the relative strength index (RSI) resides in positive territory, suggesting that bullish momentum prevails. Although there is significant resistance at $65,000, if the bulls manage to push through, the BTC/USDT pair could surge towards $70,000. The 20-day EMA will serve as a key support level to monitor; a drop below it would indicate a loss of momentum for the bulls.
### Ether Price Analysis
Ether (ETH) has shown resilience, failing to dip below the uptrend line, suggesting that selling pressure is easing at lower levels.
ETH/USDT daily chart. Source: TradingView
On September 19, the bulls successfully drove the price above the 20-day EMA ($2,424), followed by a break above the 50-day simple moving average (SMA) ($2,527) on September 20. This opens the path for a potential rally toward the breakdown level of $2,850, where bear resistance is anticipated. Should buyers push the price above $2,850, it would indicate market rejection of lower levels, possibly propelling the pair to $3,400. Conversely, a downturn that breaches the 20-day EMA would signal ongoing bearish control, potentially dragging the price down to the uptrend line.
### BNB Price Analysis
BNB (BNB) rebounded off the moving averages on September 17, signaling positive sentiment as traders buy on dips.
BNB/USDT daily chart. Source: TradingView
The BNB/USDT pair appears poised to challenge the overhead resistance zone between $600 and $635. Bears are expected to defend this range vigorously, but if bulls prevail, a new upward move towards $722 could commence. If, however, the price retreats from this resistance zone and falls below the 20-day EMA ($542), it would suggest that bearish forces are still active, prolonging the pair’s range-bound behavior.
### Solana Price Analysis
Solana (SOL) surged past the 50-day SMA ($141) on September 19, reaffirming the validity of the $116 to $210 trading range.
SOL/USDT daily chart. Source: TradingView
The SOL/USDT pair could rise to $164, where bears will likely attempt to halt the upward momentum. Should the price decline from $164 and break below the moving averages, it would indicate a potential return to the lower half of the range. On the other hand, if buyers manage to push above $164, it would signal readiness for a rally towards $190 and possibly $210, with bears expected to defend the latter zone fiercely.
### XRP Price Analysis
XRP (XRP) has been fluctuating within a narrow band between $0.56 and $0.60, reflecting a fierce struggle between bulls and bears.
XRP/USDT daily chart. Source: TradingView
The ascending 20-day EMA ($0.57) and the RSI remaining in positive territory suggest that bulls currently hold the advantage. A successful breach of the $0.60 resistance could see the XRP/USDT pair rally towards $0.64. This optimistic outlook would be invalidated if the price declines and breaks below the moving averages, potentially dragging it down to the uptrend line, which is expected to attract buyers.
### Dogecoin Price Analysis
Dogecoin (DOGE) bulls are making efforts to push the price above the downtrend line of a falling wedge pattern.
DOGE/USDT daily chart. Source: TradingView
A successful breakout would indicate a potential end to the downtrend. Bears will likely try to thwart the rise at $0.12, but overcoming this level could lead to a rally towards $0.14. Conversely, a sharp decline from current levels that breaks below the moving average would suggest persistent bearish sentiment, potentially leading to a retest of the $0.09 support.
### Toncoin Price Analysis
Toncoin (TON) rebounded from the 20-day EMA ($5.50) on September 17, yet bulls are struggling to surpass the 50-day SMA ($5.78).
TON/USDT daily chart. Source: TradingView
This tight trading range is unlikely to persist indefinitely. If the price bounces off the 20-day EMA, bulls will attempt to push the TON/USDT pair above the 50-day SMA. Success here could lead to a climb towards $7, signaling continued range-bound activity between $4.72 and $8.29. Bears will need to act quickly to pull the price below the 20-day EMA to prevent this upward movement, potentially opening the way for a drop towards the $4.72 to $4.44 support zone.
### Cardano Price Analysis
Cardano (ADA) has approached the downtrend line of a descending triangle pattern, which serves as a critical level for bears to defend.
ADA/USDT daily chart. Source: TradingView
If buyers can drive and maintain the price above the triangle, it would negate the bearish setup, a failure of which typically signals positive momentum. The ADA/USDT pair could then rally to $0.40 and potentially up to $0.45. Conversely, if the price declines from the downtrend line and breaches the moving averages, it would suggest that the pair may stay within the triangle for a few more days.
### Avalanche Price Analysis
Avalanche (AVAX) broke above the resistance line of a descending channel pattern on September 19, indicating a possible trend reversal.
AVAX/USDT daily chart. Source: TradingView
The long wick observed on the September 20 candle indicates selling pressure near $29. If bulls can maintain their ground, the chances for a breakout above $29 increase. The AVAX/USDT pair could then rise to $33, where bears are expected to mount strong resistance. Conversely, a sharp decline that breaches the moving averages would signal ongoing selling pressure, keeping the pair trapped within a range between $19.50 and $29 for an extended period.
### Shiba Inu Price Analysis
Shiba Inu (SHIB) rebounded from the $0.000013 support level on September 18 and rose above the moving averages on September 19.
SHIB/USDT daily chart. Source: TradingView
This suggests that bulls are attempting to regain control. The SHIB/USDT pair is likely to test the $0.000016 level, where bears are expected to mount significant resistance. A sharp reversal from this level could lead to a few days of sideways trading. Immediate support lies at the moving averages, followed by $0.000013. Sellers would need to drive the price below $0.000013 to signal a resumption of the downward trend.
This article does not constitute investment advice or recommendations. All investments and trading activities involve risk, and readers should conduct their own research before making decisions.