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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
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Bitcoin breaks through $100,000, alts rise, long positions strive to consolidate advantages.
Bitcoin breaks through $100,000, market bullish sentiment rises
Last week, Bitcoin prices rose by more than 6%, indicating strong buying interest near the $100,000 mark. Bulls are working to keep prices above $108,000 to solidify their advantage. However, it is worth noting that weekend liquidity is typically lower, so caution should be exercised regarding breakout trends. Sellers are expected to return to the market on Monday, trying to keep prices within the range of $100,000 to $111,980.
The strong performance of Bitcoin has also driven the rise of some altcoins, which have rebounded from their respective support levels. If Bitcoin sets a new high, some altcoins may attempt to break through the upper resistance levels and continue the rebound momentum.
Bitcoin Technical Analysis
Bitcoin is currently oscillating between the moving average line and the downtrend line. Buyers are trying to push the price above the downtrend line but are facing strong resistance from bears.
The moving average is on an upward trend, and the Relative Strength Index ( RSI ) is in the positive territory, indicating a slight bullish advantage. If the bulls successfully break through the downward trend line, BTC/USDT may rise to $110,530, and then further climb to $111,980.
The seller is expected to build a strong defense between the downward trend line and the head and shoulders neckline. However, if the buyer successfully breaks through, the Bitcoin price is expected to soar to $150,492.
On the contrary, if the price falls back from the downward trend line and breaks below the moving average, the short-term bullish expectations will be shattered. In this case, the price may retreat to $102,500, or even $100,000.
The 4-hour chart shows that Bitcoin has rebounded from the 20-day exponential moving average, but the bulls have failed to break above the downward trend line resistance. If the price continues to fall and breaks below the 20-day moving average, it indicates that the bulls are losing control. It may subsequently drop to the 50-day simple moving average, which is a key support level. If it breaks below the 50-day moving average, it could trigger accelerated selling, pushing Bitcoin down towards $100,000.
In an optimistic scenario, bulls need to push the price above and maintain it above the downward trend line to release a strong signal.
Other Cryptocurrency Analysis
HYPE
Hyperliquid (HYPE) once fell below the 20-day moving average (37.14 USD), but the bears failed to hold the lower levels, indicating that each slight decline has buying support. The bulls have pushed the price back above the 20-day moving average. 39.12 USD constitutes current resistance, and if this level is broken, HYPE/USDT may rise to 42.50 USD. It is expected that the 42.50-45.80 USD range will face significant resistance.
On the contrary, if the price falls below the 20-day moving average, it indicates that bears are active at high levels. It may then drop to the 50-day moving average (34.42 USD ). If it falls below and closes under the 50-day moving average, it may further test 30.69 USD.
The 4-hour chart shows that HYPE is receiving support at the 50-day simple moving average, with bulls trying to push the price towards the resistance level of $39.12. A successful breakout could lead to a rise to $41, followed by a challenge at $42.50.
On the downside, the first support level is the 20-day moving average, followed by the 50-day moving average. Breaking below the moving averages indicates a weakening bullish momentum, which may pull back to strong support levels of $33.25 or even $30.69.
BCH
Bitcoin Cash encountered resistance around $500, but the bulls did not show a significant pullback, which is a positive sign. The rising moving averages and the RSI indicator in the positive zone indicate bullish dominance.
If it breaks through $500, BCH/USDT may rise to $550. Bears may set up defenses around $550, but if bulls gain the upper hand, further attacks towards $625 are expected.
The first support level is the 20-day moving average at (464 USD ), and the second is the 50-day moving average at (430 USD ). Falling below the 50-day moving average will mean that the bears regain control.
The 4-hour chart shows that bulls are trying to keep the price above the 20-day moving average. If successful, BCH may once again challenge the resistance level at $500. A breakout above $511 may further increase upward momentum.
On the contrary, if the price falls below and stays below the 20-day moving average, it indicates that the bulls are taking profits. This could lead to a pullback to the 50-day moving average, where the bulls may re-enter.
Chainlink
Chainlink has recently maintained the 20-day moving average at (13.27 USD ), indicating that bulls are keeping pressure. If it breaks through and holds above the 20-day moving average, LINK/USDT may rise to the 50-day moving average at (14.43 USD ). Bears are expected to defend vigorously near the 50-day moving average, as a breakthrough of that moving average may signal a trend reversal. Subsequently, the upward target points to 18 USD.
On the contrary, if there is a significant retracement from the current position or the 50-day moving average, it indicates that bears are selling at high levels. A drop below $12.73 may result in LINK consolidating within a downward channel for some time.
The 4-hour chart shows that bulls are trying to push the price to the resistance line, but they are facing bearish resistance around $13.50. If it falls below the 20-day moving average, it indicates insufficient high-level demand and may pull back to the 50-day moving average.
On the contrary, if there is a strong rebound from the 20-day moving average, it indicates optimistic market sentiment. At this point, it may aim towards the resistance line, which is a key position. After breaking through the resistance line, the upward target points to $15.50.
Sei
Sei strengthened after breaking through the 50-day moving average at 0.21 USD on ( earlier this week, subsequently breaking through the 0.29 USD resistance level. Although there was a pullback on Wednesday, the bulls pushed the price back above 0.29 USD. The 20-day moving average at 0.23 USD on ) has begun to rise, and the RSI is in positive territory, indicating low upward resistance.
SEI/USDT may rise to $0.35 and then challenge $0.43. If it falls below the 20-day moving average, the short-term bullish expectation will be broken, and it may retreat to $0.19 or even $0.15.
The 4-hour chart shows that both moving averages are trending upwards, with the RSI in the positive territory, indicating buyer dominance. If the price stabilizes above $0.30, it is expected to rise to $0.33.
Bears may attempt to pull the price below the 20-day moving average. If successful, SEI could drop to $0.27, subsequently testing the support at the 50-day moving average. Buyers are expected to actively defend near the 50-day moving average, as further pullbacks could delay the recovery of the bullish trend.