Key points:
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Bitcoin made a decisive break above $106,000, setting the stage for a possible retest of the all-time high at $111,980.
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Most major altcoins remain in a range, but HYPE has resumed its uptrend.
Bitcoin (BTC) started the week on a bullish note, rising above $107,500. Although the price is trading just below the all-time high, whales and retail investors are holding on to their positions. CryptoQuant contributor Darkfost wrote in a QuickTake blog post that Binance Bitcoin inflows from both groups have slipped to their lowest levels since the beginning of the cycle. That suggests investors are either “waiting for clearer macroeconomic signals or simply maintaining high conviction in Bitcoin’s long-term trend.”
IG Markets analyst Tony Sycamore told Cointelegraph that Bitcoin could retest the all-time high near $112,000 and then rise to the $116,000 to $120,000 region as long as it holds above the $95,000 support.
Not only Bitcoin, but even Ether (ETH) is attracting buyers. Ethereum wallets holding between 1,000 and 10,000 ETH witnessed an accumulation of over 818,410 ETH (~$2.5 billion) on Sunday, boosting their holdings to 16 million ETH from 11.9 million ETH almost a year ago.
Could Bitcoin rally to a new all-time high above $111,980? Will altcoins participate in the up move? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) turned down from 6,059 on Wednesday, indicating that the bears are fiercely defending the 6,000 to 6,147 zone.
The index has bounced off the 20-day exponential moving average (5,938), indicating that the sentiment remains positive and every dip is being viewed as a buying opportunity. Buyers will try to push the price to 6,147.
A deeper pullback could begin on a break and close below the 20-day EMA. The short-term traders may be tempted to book profits, pulling the price down to 5,767 and then to the 50-day simple moving average (5,680).
US Dollar Index price prediction
The US Dollar Index (DXY) is witnessing a tough battle between the bulls and the bears near the 97.92 level.
The bears pulled the price below the 97.92 support on Thursday, but the bulls reclaimed the level on Friday. However, the buyers are struggling to sustain the price above 97.92, suggesting that the bears are selling on every minor rally….
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