Key points:
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Bitcoin price pushed above $95,000, increasing the chance of a rally to $100,000.
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Institutional investor demand is back, suggesting that the bearish trend could be over.
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Select altcoins could break above their respective overhead resistance levels if Bitcoin remains strong
Bitcoin (BTC) bulls are trying to sustain the price above $95,000, but they are likely to face significant resistance from the bears. Will buyers succeed in pushing the price toward the psychologically important level of $100,000, or is a pullback around the corner? That is the big question on the traders’ minds.
A positive sign is that inflows for US spot Bitcoin exchange-traded funds have increased since April 21, per Farside Investors data. Coinbase Institutional head of strategy John D’Agostino said in a recent interview with CNBC that several institutions purchased Bitcoin in April to hedge against currency inflation and macro uncertainty as Bitcoin mirrors “the characteristics of gold.
However, some analysts doubt the sustainability of the current Bitcoin rally. One of the red flags is that the sentiment, as measured by the Crypto Fear & Greed Index, slipped from a score of 72 out of 100 on April 23 to 60 on April 25, though Bitcoin is trading close to $95,000. Select analysts expect Bitcoin to pullback toward $87,000.
Could Bitcoin sustain above $95,000, triggering buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin has been trading near the $95,000 level, suggesting that the bulls are holding on to their positions as they anticipate a move higher.
The 20-day exponential moving average ($87,437) is sloping up, and the relative strength index (RSI) is near the overbought zone, signaling that the bulls are in command. A close above $95,000 could drive the BTC/USDT pair to $100,000.
Sellers will try to halt the up move at $100,000, but if the bulls do not allow the price to dip below $95,000, the prospects of a break above the overhead resistance increase. The pair may then climb to $107,000. The bears will have to yank the price below the moving averages to regain control.
Ether price prediction
Ether’s (ETH) relief rally is facing resistance at the 50-day SMA ($1,812), but a positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($1,696).
The 20-day EMA is flattish, but the RSI has jumped into the positive zone, signaling a slight advantage to the bulls. If the 50-day SMA is scaled, the ETH/USDT pair could reach the breakdown level of $2,111. The bears may pose a strong challenge at $2,111, but if the bulls overcome it, the pair could skyrocket to $2,550.
Sellers are likely to have other plans. They will try to pull the price below the 20-day EMA. If they can pull it off, the pair could tumble toward $1,537.
XRP price prediction
XRP (XRP) has been trading near the 50-day SMA ($2.18) for the past two days, indicating that the bears are fiercely defending the level.
A minor positive for the bulls is that they have not allowed the price to skid below the 20-day EMA ($2.13). The bulls will again try to propel the XRP/USDT pair to the resistance line, which is a critical level to watch out for. The pair could rally to $3 if buyers pierce the resistance line.
On the downside, a break and close below the 20-day EMA suggests that the bears remain in charge. The downside momentum could pick up on a break below $2. The pair may then plummet to $1.60.
BNB price prediction
BNB (BNB) turned down from $620 but is taking support at the moving averages. This suggests a change in sentiment from selling on rallies to buying on dips.
Buyers will try to push the price above $620. If they manage to do that, the BNB/USDT pair may rally to $644. Sellers will try to stall the up move at the $644 level, but if the bulls prevail, the pair could soar to $680.
This bullish view will be invalidated in the near term if the price turns down and breaks below the moving averages. That could sink the pair to $566, indicating that the markets have rejected the breakout above the downtrend line.
Solana price prediction
Solana (SOL) is struggling to stay above the $153 level, indicating that the bears are active at higher levels.
The upsloping 20-day EMA ($136) and the RSI in the positive zone indicate that the bulls are in control. If buyers push and maintain the price above $153, the SOL/USDT pair could jump to $180.
The moving averages are the crucial support on the downside. A break and close below the 50-day SMA ($129) suggests that the pair could consolidate between $153 and $110 for a few days.
Dogecoin price prediction
Dogecoin (DOGE) bounced off the 20-day EMA ($0.16) on April 24, indicating that the bulls are buying on dips.
The DOGE/USDT pair could reach $0.21, which is a crucial resistance to watch out for. If buyers pierce the $0.21 level, the pair will complete a double-bottom pattern. This bullish setup has a target objective of $0.28.
Contrarily, if the price turns down and breaks below the moving averages, the pair may remain range-bound between $0.21 and $0.14 for a while. The advantage will tilt in favor of the bears on a break below the $0.14 support.
Cardano price prediction
Cardano (ADA) closed above the 50-day SMA ($0.68) on April 23, signaling that the bears are losing their grip.
The 20-day EMA ($0.65) has started to turn up, and the RSI is in the positive zone, suggesting that the path of least resistance is to the upside. The ADA/USDT pair could rally to $0.83, where the bears may step in.
Any pullback is expected to find support at the 20-day EMA. If the price rebounds off the 20-day EMA, it signals a bullish sentiment. Sellers will have to drag the price below the 20-day EMA to sink the pair to $0.58.
Related: SUI’s 73% weekly price gains top crypto market — New price record in reach?
Sui price prediction
Sui (SUI) picked up momentum after buyers pushed the price above the moving averages on April 22.
The rally of the past few days has pushed the RSI into the overbought territory, suggesting a minor consolidation or correction in the next few days. Any pullback is expected to find support in the zone between the 38.2% Fibonacci retracement level of $3.14 and the 50% retracement of $2.94.
A shallow pullback increases the possibility of a rally to $4.25 and then to $5. Sellers will be back in the driver’s seat if they pull the SUI/USDT pair below $2.86.
Chainlink price prediction
Chainlink (LINK) has started a recovery, which is expected to face strong selling at the overhead resistance of $16.
If the price turns down from $16, it is expected to find support at the 20-day EMA ($13.53). A solid bounce off the 20-day EMA increases the likelihood of a break above $16. The LINK/USDT pair may then climb to the resistance line of the descending channel pattern. A break above the channel signals a potential trend change.
Sellers will have to tug the price below the moving averages to regain control. The pair may then drop to $11.89 and eventually to the support line.
Avalanche price prediction
Avalanche (AVAX) is facing resistance at the overhead resistance of $23.50, but a positive sign is that the bulls have not ceded much ground to the bears.
The 20-day EMA ($20.22) has started to turn up, and the RSI is in the positive territory, indicating that buyers have the edge. If the price breaks and closes above $23.50, the AVAX/USDT pair will complete a double-bottom pattern. That could open the doors for a rally to the pattern target of $31.73.
Alternatively, if the price turns down and breaks below the moving averages, the pair could remain stuck inside the $23.50 to $15.27 range for a few days.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
