Key points:
Bitcoin’s rebound is encountering selling pressure at elevated levels, suggesting bears are still in control.
Multiple altcoins have declined from their resistance levels, indicating selling during rallies.
Bitcoin’s (BTC) rebound is experiencing selling pressure during rallies, but a positive note is that bulls are attempting to establish a higher low around $109,500. Lower price levels are drawing buyers, evidenced by the net inflows into US spot BTC and Ether exchange-traded funds (ETFs) on Tuesday, following net outflows on Monday. As per SoSoValue data, BTC ETFs noted $102.58 million in inflows while ETH ETFs recorded $236.22 million in net inflows.
Despite recent volatility, analysts foresee BTC performing well in October. Economist Timothy Peterson indicated on X that historically, a significant portion of BTC’s October gains materializes in the latter half of the month.
In addition to seasonal trends, another encouraging factor for bulls is the potential end of quantitative tightening as hinted by US Federal Reserve Chair Jerome Powell. BitMEX co-founder Arthur Hayes mentioned on X that with quantitative tightening concluding, it is now time to buy aggressively.
A word of caution from veteran trader Peter Brandt noted that BTC might experience a substantial shakeout before reaching a new all-time high.
What are the key support and resistance levels to monitor in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies for insights.
Bitcoin price prediction
BTC declined from the 20-day exponential moving average ($115,945) on Tuesday, indicating a negative sentiment where rallies are being sold off.
The bears will attempt to consolidate their control by pushing the price down to the $107,000 support level. Buyers are anticipated to defend the $107,000 level vigorously as a drop below could lead to a double-top pattern forming. The BTC/USDT pair might decline to $100,000 and potentially reach the pattern target of $89,526.
This pessimistic outlook will become invalid if Bitcoin rises above the moving averages in the near term, suggesting that the pair may consolidate within the $107,000 to $126,199 range for a while longer.
Ether price prediction
Ether’s (ETH) recovery is facing considerable resistance at the 20-day EMA ($4,227), illustrating that bears dominate.
Sellers are attempting to lower the Ether price to the support line. If the price bounces off the support line and exceeds the 20-day EMA, it indicates that the ETH/USDT pair may continue to dwell within the descending channel for some additional time.
On the upside, a break and close above the resistance line signals that the corrective phase might be ending. The pair could revisit the all-time high at $4,957 and initiate the next phase of the uptrend to $5,665.
BNB price prediction
BNB’s (BNB) inability to maintain levels above $1,350 on Monday likely triggered profit-taking from short-term traders, retracting the price down to the 20-day EMA ($1,155) on Tuesday.
The bulls are attempting to hold the 20-day EMA, but a bearish divergence in the relative strength index (RSI) indicates weakening bullish momentum. A break and close below the 20-day EMA would indicate the initiation of a deeper correction toward the 50-day simple moving average ($1,008).
XRP price prediction
XRP’s (XRP) recovery faded near the $2.69 breakdown level on Monday, indicating selling pressure from bears during rallies.
The bears will strive to lower the price to the near-term support of $2.30, a pivotal level to observe. If the price drops below $2.30, the XRP/USDT pair could potentially decline to $2.
The first sign of strength will be a close above $2.69, suggesting that selling pressure is subsiding, enabling XRP to rise to the downtrend line where bears are expected to re-engage.
Solana price prediction
Solana (SOL) re-entered the descending channel pattern on Monday, but bears halted the upward trend at the 20-day EMA ($210) on Tuesday.
The $190 level serves as near-term support to monitor. Should the price dip further and break below $190, it indicates bear control. The Solana price might then fall to $168.
In contrast, if the price rises and breaks above the moving averages, it signals bulls taking charge again. The SOL/USDT pair could then advance to $238 and eventually to $260.
Dogecoin price prediction
Dogecoin (DOGE) continues to trade within the broad $0.14 to $0.29 range, indicating buying pressure near support and selling pressure near resistance.
Price movements within this range are likely to be random and volatile. The downsloping 20-day EMA ($0.23) combined with the RSI near 40 indicates a slight advantage for bears. If the price declines and breaches $0.18, the DOGE/USDT pair could fall to $0.16. Buyers are expected to actively defend the $0.14 to $0.16 area.
Short-term momentum will shift in favor of bulls if they drive the Dogecoin price above the moving averages, potentially allowing the pair to reach $0.29.
Cardano price prediction
Cardano’s (ADA) recovery is experiencing selling at the breakdown level of $0.75, indicating that bears remain active at elevated levels.
Sellers will aim to push the price to the $0.60 support level, which is likely to draw in buyers. If the price rebounds from $0.60, it suggests that bulls are still active and buying on dips. The ADA/USDT pair could then form a range between $0.60 and $0.75 for some time.
Bulls must drive the price above the 20-day EMA ($0.77) to weaken bearish momentum. A new upward movement may be signaled if buyers successfully push the pair beyond the downtrend line.
Related: Bitcoin to $74K? Hyperliquid whale opens new 1,240 BTC short
Hyperliquid price prediction
Hyperliquid (HYPE) declined from the 20-day EMA ($43.88) on Tuesday, suggesting that rallies are being sold off.
The $35.50 level is critical near-term support to observe. Maintaining above $35.50 suggests that selling pressure is easing. The bulls will then make another attempt to clear the overhead barrier at the 20-day EMA. If successful, the Hyperliquid price could soar toward $52.
Conversely, a break and close below $35.50 indicates negative sentiment. The HYPE/USDT pair could then decline to $30.50.
Chainlink price prediction
Chainlink (LINK) re-entered the descending channel pattern on Sunday, but recovery encounters resistance near the 20-day EMA ($20.64).
Sellers are trying to pull the Chainlink price below the support line. Should they succeed, selling pressure could accelerate, with the LINK/USDT pair potentially dropping to $15.43, bringing the significant $10.94 to $27 range into play.
Buyers need to push the price above the resistance line to indicate the corrective phase may be over. The pair could then aim for the significant overhead resistance at $27.
Stellar price prediction
Stellar (XLM) is experiencing a fierce battle between bulls and bears at the breakdown level of $0.34.
The XLM/USDT pair has formed an inside-day candlestick pattern, highlighting indecision between bulls and bears. Sellers will gain control if the price declines and drops below $0.31. The pair could then commence a downward trend toward $0.25.
Conversely, a break and close above the moving averages suggest bulls are reentering the market. An upward movement could gain momentum after Stellar surpasses the downtrend line.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
