Bitcoin’s recent rejection near the $65,000 resistance suggests that the bears are aiming to keep the price within the lower half of the $54,000 to $73,777 range. However, the bulls are not giving up easily. A new report from 10x Research indicates that Bitcoin is poised for a rally as it enters the historically strong season from October to March. Additionally, the Federal Reserve’s aggressive 50 basis point rate cut on Sept. 18 could have triggered significant inflows of $321 million into digital asset investment products last week, according to CoinShares’ latest report on digital asset fund flows.
Bitcoin is approaching a historically crucial period, according to K33 Research. In the previous two bull market cycles, the trough-to-peak period lasted over 1,050 days, with the most significant gains occurring in the final 365 days. The current cycle has completed 672 days, suggesting that a surge could be imminent.
The question now is whether Bitcoin can break through the $65,000 resistance and reach $70,000. If it does, it could trigger buying in altcoins. Let’s analyze the charts to get a better understanding.
The S&P 500 Index recently reached a new all-time high, indicating that the bulls are in control. If buyers manage to push the price above the breakout level of 5,670, the index could rally to 6,000. On the other hand, a dip below 5,670 could lead to a short-term bearish scenario.
The US Dollar Index (DXY) has once again turned down from the 20-day exponential moving average, suggesting that the bears are still selling on rallies. A break and close above the 20-day EMA could indicate a weakening bearish grip, with potential bullish momentum building up if the price surpasses the 50-day simple moving average.
Bitcoin is currently facing resistance near $65,000, but if the bulls can hold their ground, the chances of a rally above $65,000 will increase. The next level to watch would be $70,000, where strong resistance is expected. However, a failure to maintain ground against the bears could lead to a downward movement towards the 20-day EMA, followed by the 50-day SMA and $57,500.
Ether broke above the 50-day SMA, signaling a weakening bearish sentiment. The bulls will attempt to push the price to the breakdown level of $2,850, and a break and close above it could indicate a potential trend change, with a possible rally to $3,400. On the other hand, a swift pullback below the moving averages could lead to a continuation of the downtrend.
BNB has been gradually moving higher towards the resistance level of $635, which has held the price within a range for several months. A sharp downturn from this resistance zone could indicate a prolonged stay within the range, while a breakthrough could suggest the start of a new upward movement, potentially rallying to $722.
Solana has pulled back to the moving averages, which serve as important support levels. A rebound and break above $152 could lead to a rally towards $164, $180, and later $210. However, a sharp downturn and a break below the 20-day EMA could indicate continued selling pressure on relief rallies, with the price swinging between $164 and $116.
XRP has been maintaining above the moving averages, but has struggled to clear the hurdle at $0.60. The rising 20-day EMA and positive RSI suggest that the path of least resistance is to the upside. A break above $0.60 could lead to a reach of $0.64 and potentially $0.74. However, a sharp downturn and a break below the uptrend line could sink the price to $0.50 and later $0.46.
Dogecoin broke and closed above the downtrend line of the falling wedge pattern, indicating a potential comeback by the bulls. A sharp downturn back into the wedge could lead to increased selling pressure and a drop to $0.09 and $0.08. Conversely, a rise above $0.12 could mark the start of a new upward movement, potentially reaching $0.14 and later $0.18.
Toncoin is currently squeezed between the moving averages, suggesting the possibility of a range expansion soon. A break and close above the 50-day SMA could signal an upward movement towards $7 and potentially $8.29. On the other hand, a break below the 20-day EMA could indicate continued selling pressure, with the price falling to the $4.72 to $4.44 support zone.
Cardano is struggling to break above the downtrend line of the descending triangle pattern. However, the bulls have managed to keep the price above the moving averages. A successful break above the downtrend line could invalidate the bearish setup and lead to a rise to $0.40 and later $0.46. Conversely, a break below the moving averages could indicate continued trading inside the triangle, with a negative trend confirmed by a break and close below the triangle.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.