Buyers were not discouraged by the rise in oil prices, pushing Bitcoin close to $69,500 and large-cap altcoins near their upper resistance levels.
Key points:
The rise in oil prices has not affected the sentiment of the cryptocurrency market, as buyers are trying to push Bitcoin above $69,000
Buyers are trying to push several important altcoins above their upper resistance levels, indicating demand at lower levels.
A strong rally in oil prices did not deter cryptocurrency buyers who pushed Bitcoin (BTC) above $69,000 on Monday. Although Bitcoin spot exchange-traded funds (ETFs) experienced outflows on Thursday and Friday, the week saw net inflows of $568.45 million, according to SoSoValue data. This was the second consecutive week of net inflows, the first in five months.
While some analysts believe BTC may have bottomed out, on-chain analyst Willy Woo stated in a post on X that BTC was solidly in the midst of a bear market from a long-term liquidity perspective and was forming a trap for bulls.
Typically, when negative news fails to sink the price to a new low in a downtrend, it suggests that selling may be exhausting. This does not guarantee a strong rally in the short term, as markets tend to consolidate in a range for a while before starting the next upward leg.
Could buyers push BTC and major altcoins above their resistance levels? Let's analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) closed below the level of 6,775 on Friday, indicating that bears are trying to take control.
The moving averages have completed a bearish crossover, and the relative strength index (RSI) has fallen into negative territory, indicating that the path of least resistance is downward. The next crucial support to watch on the downside is $6,550. If this level breaks, the correction could deepen to $6,147.
Buyers will need to push the price above the moving averages to signal strength. This improves the outlook for a rally up to the level of $7,290.
Bitcoin Price Prediction
BTC fell below the 20-day EMA ($68,553) on Friday, but bears could not sink the price below the support line. This suggests demand at lower levels.
If the price stays above the 20-day EMA, the likelihood of a breakout above the resistance of $74,508 increases. Such a move suggests that the BTC/USDT pair may have bottomed out in the short term. The price of Bitcoin could then rise to $84,000, where bears are expected to mount strong defense.
This positive outlook will be invalidated in the short term if the price pulls back and breaks below the support line. The pair could then fall to the critical support of $60,000.
Ether Price Prediction
Ether (ETH) broke below the 20-day EMA ($2,018) on Friday, but bears could not drag the price down to the level of $1,750.
This suggests that selling pressure is exhausting at lower levels. Bulls are trying to push the price back above the 20-day EMA. If they succeed, the ETH/USDT pair could rise to the 50-day SMA ($2,249). Sellers will attempt to halt the relief rally at the 50-day SMA, but if the bulls prevail, the pair could jump to $2,600.
Contrary to this assumption, if the price of Ether pulls back from the level of $2,111 and breaks below $1,916, this indicates that the pair could remain within the range for a while.
BNB Price Prediction
BNB
BNB554.16 €
fell below the 20-day EMA ($633) on Friday, but bears could not drag the price down to the level of $570.
This attracted buyers, who are trying to push the price back above the 20-day EMA. If they succeed, the BNB/USDT pair could retest the upper resistance at $670. Sellers are expected to fiercely defend the level of $670, as a close above this opens the door to a rally towards $730 and then to $790.
In contrast, if the price of BNB declines from the current level or the resistance of $670, it suggests that the sideways action could continue for a few more days. Sellers will need to drag the pair below the level of $570 to initiate the next phase of the downtrend towards $500.