Key Points:
Bitcoin's rebound is expected to encounter selling pressure around $69,000, but if the bulls take charge, it may push towards $74,508.
Most major altcoins remain below resistance levels, indicating that bears are still exerting pressure.
Can buyers break through the resistance levels of BTC and major altcoins? Let’s analyze the charts of the top ten cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) pulled back from the 20-day exponential moving average (6,620) on Wednesday, indicating that bears still hold the upper hand.
Sellers will attempt to push the price down to the 6,147 level, which may attract strong buying from bulls. If the price rebounds near 6,147, it could face selling pressure at the 20-day EMA. If the price sharply declines from the 20-day EMA, bears will again try to push the index below 6,147. If successful, the next target could be 5,943.
On the other hand, if the price breaks above and closes above the 20-day EMA, it would indicate a weakening of bear control. At that point, the index could rise to the 50-day simple moving average (6,803).
US Dollar Index Price Prediction
The US Dollar Index (DXY) rebounded from the 20-day EMA (99.40) on Wednesday, showing positive market sentiment.
Buyers will strive to consolidate their position and maintain the price above the resistance level of 100.54. If successful, the index could initiate a new upward trend, targeting 102, followed by 103.54.
Bears have little time left; they must defend the 100.54 level and quickly push the price below the 20-day EMA to weaken bullish momentum. Otherwise, the price may decline to the 50-day SMA (98.25).
Bitcoin Price Prediction
Bitcoin (BTC) closed below the support line of an ascending triangle pattern on Sunday, but bears failed to maintain lower levels.
Bulls have pushed the BTC price back above the support line and are attempting to break through the moving averages. If they succeed, it would indicate that the breakdown below the support line may have been a bear trap. The BTC/USDT trading pair could rise to the resistance zone of $74,508 to $76,000.
To maintain their advantage, sellers must successfully defend the moving averages and quickly push the price below $65,000. This would pave the way for a price drop to the support zone of $62,500 to $60,000.
Ethereum Price Prediction
Bulls are working hard to push the ETH price above the moving averages, attempting to re-enter the market. If successful, it could increase the likelihood of a rise to $2,400. Sellers will try to halt the rise at $2,400, but if buyers can break through strongly, the next target could be $2,600.
This positive outlook will be negated if the price falls below a key support level.