After dropping to $60,328 on Sunday, Bitcoin has recovered massively, crossing $63,500 as of this writing. The latest price action suggests aggressive purchasing of the dip at lower levels. Despite the bulls protecting major support levels in the past few weeks, some analysts are still not convinced that Bitcoin will continue trading at higher levels in the near term.
While speaking at the Permissionless Summit on Friday, crypto guru Cole Garner claimed that the declining liquidity in the Bitcoin market could cause the asset to plunge to $50,000 in the coming weeks.
But not everyone is bearish. 10T Holdings boss Dan Tapiero is optimistic that Bitcoin will end the year trading above $100,000. He argues that the growing institutional interest in BTC will fuel the rally.
Meanwhile, as short-term investors worry about Bitcoin’s next move, the whales (BTC holders with at least 1000 coins) continue to buy the dip. According to CryptoQuant’s latest report, the whales have purchased over 120,000 since the start of October. Notably, they have bought 1.5 million Bitcoin since April.
If the bulls keep BTC above $63,000, top altcoins will likely start to rally. As such, which resistance levels must we monitor? Let’s study the price charts to find out.
Bitcoin Price Analysis
As stated, BTC found support near $60,000 on October 13th. The long-wicked candle formed that day signaled aggressive dip buying from the bulls.
Bitcoin’s current value ($63,897) exceeds the 20-day Exponential Moving Average of $61,953. That means the bulls now have an edge, which they can capitalize on to push the coin to the $65,063 resistance, thus trapping the bears.
However, the bears could nullify this positive view if they pull Bitcoin below $60,000. As such, the digital asset might plunge to the $58,863 support or to $54,384 if the bulls fail to exert pressure at $55,789.
Ethereum Price Analysis
After a few days of trading below the 20-day Exponential Moving Average of $2,456.87, Ethereum has climbed above the 50-day Simple Moving Average of $2,483.22 to trade at $2,528.44 as of this writing. This price action signals the beginning of the journey to $2,879, where we anticipate sellers’ presence. However, if that barrier is breached, ETH could surge to $3,387.
On the other hand, the bears will likely drag Ethereum to the $2,304.02 support if they tug and keep the asset below $2,456.87.
BNB Price Analysis
Although the bears pulled BNB below the 20-day Exponential Moving Average of $568.06 on October 10th, the bulls managed to defend $552.91, the 50-day Simple Moving Average, pushing the token to $579 at press time.
If the bullish momentum is sustained, BNB could rally above the $586.37 resistance and head to $633.79.
Conversely, if $552.91 is infringed, the Binance Coin could hit the $528.04 support. Furthermore, if this level doesn’t hold, the bears would be delighted to drag the token to $500.02.
Solana Price Analysis
The bears failed to pull Solana to the $133.16 support despite maintaining the asset below the 50-day Simple Moving Average of $142.07 since last Wednesday, suggesting aggressive dip buying activity at lower prices.
SOL has now crossed the 20-day Exponential Moving Average of $144.26, rallying to $152.93. The $155.60 resistance is a key barrier that the bulls need to break to increase the chances of a move to $163.87.
On the contrary, if Solana breaks below $142.07 and the buyers show no interest, a bearish move to $133.16 and then to $127.83 is likely.
Avalanche Price Analysis
AVAX received a boost on October 11th after the Avalanche Foundation announced that it would repurchase nearly 2 million tokens it sold to collapsed company Terraform labs two years ago. The news has put to rest fears that AVAX’s value would’ve declined if Terraform Labs dumped its Avalanche holdings to repay creditors.
The token is now expected to rally to $31 after crossing the 50-day Simple Moving Average of $26.03. However, if it reverses and plummets below the $25 support, a dip to $21.94 seems likely.
