Bitcoin bears mounted resistance near $65,000 on Sunday, suggesting that they aim to keep the coin’s price within the lower half of the $55k -$73k trading range. However, according to 10x Research analysts, the advantage could shift to the bulls’ side in the coming days as BTC prepares to enter the historically bullish season (October – March).
Furthermore, CoinShares says the Federal Reserve’s new dovish monetary policies could make the crypto market attractive again, thus encouraging investors to pour more capital. The asset manager’s latest weekly report shows that the 50-basis point rate cut announced last week has led to over $300 million worth of inflows into various crypto products in the past seven days.
Meanwhile, analysts at K33 Research have claimed that the current bull cycle has entered its final 365 days, where cryptocurrencies tend to rally significantly. So, will these bullish factors trigger a move above $65,000 soon? Let’s study the charts to get answers.
Bitcoin Price Analysis
As mentioned, the bulls’ attempts to push BTC above $65,000 have yet to bear fruits as the bears continue to hold their ground. However, if they protect vital support levels from collapsing, Bitcoin could cross $65,000 to retest the $70,048 resistance. A break above this point would boost the chances of a move to $73,769.
This positive view will be invalid if BTC’s price plunges below the 20-day Exponential Moving Average of $60,589. As such, the digital asset may drop to the 50-day Simple Moving Average of $59,267 and then head toward $55,586.
Ethereum Price Analysis
The buyers have sustained Ethereum above the 50-day Simple Moving Average of $2,518.46 since September 20th, signaling that selling pressure is drying at higher prices. ETH bulls now aim to fuel a move to the $2,852.19 breakdown level. If the coin hits this price and the bears fail to start a downtrend, we anticipate a surge to $3,398.90.
On the other hand, if the bears pull Ethereum below $2,518.46, it’ll indicate they have regained control. This may cause the second-largest token by market cap to plummet to the $2,114.23 support.
BNB Price Analysis
The Binance Coin has gradually risen toward the $634.62 major resistance since the start of the month, indicating that the bulls are looking to strengthen their position. If this crucial level is hit and no selling activity happens, BNB could begin the second leg of its uptrend, potentially rising to $700.83.
On the downside, BNB is at risk of plummeting to the $494.73 support level or even $460.33 if the bulls fail to apply pressure at the 50-day Simple Moving Average of $554.18 in case the bears start a reversal now.
Solana Price Analysis
SOL has reversed toward the 50-day Simple Moving Average of $143.82, indicating reduced buying pressure at higher levels. That said, the 20-day Exponential Moving Average of $139.32 is a vital level to keep an eye on. The buyers’ failure to begin a recovery rally there would enhance the possibility of a massive downtrend toward $116.23 or $100.77.
On the positive side, pushing Solana above $153.04 will allow the bulls to drive the token to $164.23 and later to $180.72.
XRP Price Analysis
While the bulls have kept XRP above the 20-day Exponential Moving Average of $0.57398 since Saturday, they haven’t managed to clear the barrier at $0.60073. However, the Relative Strength Index (58.34) suggests they may have a breakthrough soon. If they push XRP above $0.60073, a rally to $0.64295 and then to $0.73620 looks likely.
On the bearish side, a sustained fall below $0.57398 could sink the crypto asset to $0.51002 or $0.46206.
Dogecoin Price Analysis
DOGE has stayed above the downtrend line since September 21st, suggesting that buyers are looking to stage a comeback. If the token crosses $0.12573 in the coming days, it’ll indicate the beginning of the second leg of the current uptrend. As such, Dogecoin could move to $0.14329 and then to $0.18662. On the other hand, if the bears pull and keep the token below $0.10791, a downturn to $0.09112 may occur.
