Key points:
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Bitcoin has held above $104,000, but sustained selling could sink the price to $100,000.
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Most major altcoins remain range-bound, but a few are threatening to break below the support levels.
Bitcoin (BTC) is witnessing a tough battle between the bulls and the bears near the 50-day simple moving average ($104,269). The bulls are trying to form a higher low while the bears are attempting to sink the price to the psychological support at $100,000.
Bitfinex analysts said in a market report on Tuesday that Bitcoin needs to stay above the $102,000 to $103,000 zone to start a recovery, provided geopolitical risks don’t intensify further. The analysts believe the current environment offers a “high-risk, high-reward opportunity for upside continuation if buyer confidence returns.”
Another bullish voice was that of CryptoQuant contributor Gaah, who said in a “Quicktake” blog post on Tuesday that the Index Bitcoin Cycle Indicators (IBCI) has stabilized near the 50% range, signaling a “neutral point in the market cycle.” Gaah added that Bitcoin was in a transitional phase and not in an exhaustion phase, leaving the door open for further upside.
Could buyers push Bitcoin toward $110,000, or will bears sink the price to $100,000? How are the altcoins set up? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin rose above the 20-day exponential moving average ($105,851) on Monday, but the bulls could not sustain the higher levels. The price turned down and fell to the 50-day SMA on Tuesday.
The 20-day EMA has flattened out, and the relative strength index (RSI) is near the midpoint, signaling a possible range-bound action in the near term. If the price skids below the 50-day SMA, the BTC/USDT pair could plunge to $100,000. Buyers are expected to defend the $100,000 level with all their might because a break below it may sink the pair to $93,000.
On the upside, a break above the 20-day EMA could push the pair to the downtrend line. If this level is cleared, the pair could rise to the neckline of the inverted head-and-shoulders pattern near $112,800.
Ether price prediction
Buyers pushed Ether (ETH) above the 20-day EMA ($2,560) on Monday and Tuesday, but the long wick on the candlesticks shows selling near $2,738.
The flattish 20-day EMA and the RSI…
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