Bitcoin’s recent rejection near the $65,000 resistance level indicates that the bears are trying to keep the price within the lower range of $54,000 to $73,777. However, the bulls are putting up a fight and are not ready to give in easily. A recent report from 10x Research suggests that Bitcoin is poised for a rally as it enters the historically strong season from October to March.
Another bullish factor for the cryptocurrency market is the Federal Reserve’s aggressive 50 basis point rate cut on September 18. According to CoinShares’ weekly digital asset fund flows report, this rate cut could have resulted in inflows of $321 million into digital asset investment products last week.
Bitcoin is approaching another crucial period, according to K33 Research. In the previous two bull market cycles, the time from trough to peak lasted more than 1,050 days, with the most significant gains occurring in the final 365 days. The current peak-to-trough period has completed 672 days, suggesting that the cycle may be ready to start surging.
The question now is whether Bitcoin can break through the $65,000 resistance and move towards $70,000. If it does, it could trigger buying in altcoins. Let’s analyze the charts to see what they indicate.
The S&P 500 Index has reached a new all-time high, indicating that the bulls are firmly in control. If buyers continue 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 tilt the advantage in favor of the bears.
The US Dollar Index has 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 would indicate a sign of strength and could lead to a bullish momentum.
Bitcoin’s price is currently struggling to break above the $65,000 resistance level. If the bulls manage to hold their ground, the chances of a rally above $65,000 increase. However, a turn down and a break below the 20-day EMA could lead to a slide to the 50-day SMA and later to $57,500.
Ether has broken above the 50-day SMA, indicating that the bears are losing their grip. The bulls will try to push the price to the breakdown level of $2,850, and a break and close above that level could suggest a potential trend change.
BNB has been gradually moving higher towards the $635 resistance level. If the price turns down sharply from this level, it could signal that the pair may stay inside the range for some more time. On the other hand, a thrust above $635 could indicate the start of a new uptrend.
Solana has pulled back to the moving averages, which is an important support level. A rebound from this level and a break above $152 could lead to a rally towards $164 and later to $180 and $210.
XRP has been maintaining above the moving averages, but the bulls have failed to clear the hurdle at $0.60. A break above this level could lead to a rally towards $0.64 and $0.74.
Dogecoin has broken above the downtrend line of the falling wedge pattern, suggesting a potential comeback for the bulls. However, a sharp turn down and a break back into the wedge could lead to a drop to $0.09 and $0.08.
Toncoin is getting squeezed between the moving averages, indicating the possibility of a range expansion. A break above the 50-day SMA could signal an up move towards $7 and $8.29. On the other hand, a break below the 20-day EMA could lead to a drop to the support zone of $4.72 to $4.44.
Cardano is struggling to climb above the downtrend line of the descending triangle pattern. A break above this line could invalidate the bearish setup and lead to a rise towards $0.40 and $0.46.
Please note that this article does not provide investment advice or recommendations. All investment and trading decisions should be made based on individual research and risk tolerance.