Key points:
The inability of bulls to keep Bitcoin above $94,050 has triggered renewed selling, paving the way for a decline to $87,700 and subsequently to $84,000.
Many significant altcoins remain under pressure and are poised to test their recent lows.
Bitcoin (BTC) is trapped in a tight range between $94,588 and $89,260, reflecting a stalemate between buyers and sellers. The prediction markets suggest a low probability of bulls regaining control soon, estimating only a 30% chance of BTC reaching $100,000 before January 1.
Crypto analyst Darkfost indicates that BTC is struggling to bounce back due to insufficient liquidity inflow, particularly from stablecoins. For BTC to commence a “authentic bullish trend,” the crypto markets must attract new liquidity.
Analysts predict that BTC could drop below its recent low of $80,600. Trader Roman mentioned on X that BTC might fall to $76,000, and that falling interest rates won’t be able to stave it off.
What key support and resistance levels should be monitored for BTC and major altcoins? Let’s delve into the charts of the top 10 cryptocurrencies to analyze.
Bitcoin price forecast
BTC’s recovery is experiencing resistance at the 50% Fibonacci retracement level of $94,050, demonstrating active bear presence at higher price points.
There is support at $87,700 and subsequently at $84,000. A decline below $84,000 would allow a retest of the November 21 low of $80,600.
Buyers need to drive the Bitcoin price above the $94,050 resistance level to indicate strength. The BTC/USDT pair may then rise to the 50-day simple moving average ($97,411).
Any upward movement is likely to encounter significant selling in the range between the 50-day SMA and the psychological level of $100,000. A close above $100,000 would signify a resurgence of the bulls.
Ether price forecast
Ether (ETH) declined from the $3,350 level on Thursday, and bears are working to sustain the price below the 20-day exponential moving average ($3,125).
A successful attempt indicates that bears are continuing to sell on rallies. ETH price may decline to $2,907 and later to $2,716. This downtrend may resume if ETH/USDT closes below $2,623.
Conversely, if the price bounces from the current position and surpasses the $3,350 resistance, it signals the initiation of a new upward trend. The pair may rise to $3,918 and then to $4,250.
BNB price forecast
BNB (BNB) has been trading near the 20-day EMA ($892) for several days, implying a balance between buyers and sellers.
The stagnant 20-day EMA and RSI just below midrange suggest a sideways movement between $791 and $1,020 in the near term.
Sellers must push the BNB price below $791 to initiate the next phase of the downtrend. The BNB/USDT pair could then plummet to $730. Conversely, a close above $1,020 would indicate the end of the correction, allowing the pair to rally to $1,182, which could serve as resistance.
XRP price forecast
XRP (XRP) is caught within a descending channel pattern, reflecting bear dominance.
The bulls must elevate the XRP price beyond the 50-day SMA ($2.25) to show strength. The XRP/USDT pair could then surge to the downtrend line, a key level to monitor. A close above this line reveals the bulls are taking charge.
Bears need to lower the price below $1.98 to set the stage for a drop to the support line, and subsequently, to the critical level at $1.61.
Solana price forecast
The extended tail on Solana’s (SOL) Thursday candlestick indicates that bulls are vigorously defending the $126 level.
Bulls must push the Solana price over the 50-day SMA ($152) to indicate a potential trend reversal shortly. The SOL/USDT pair might then rise to $172 and subsequently to $190.
Conversely, breaking and closing below the $126 level signals a resumption of the downward trend. The pair could plunge to $100 and then to significant support at $95.
Dogecoin price forecast
Dogecoin (DOGE) dropped from the 20-day EMA ($0.14) on Wednesday, signifying bears are selling during every minor upswing.
Should the price decline further and close below $0.13 support, this signals the start of a new downward movement. The DOGE/USDT pair could drop to the October 10 low of $0.10, likely attracting buyers.
The initial indication of strength will be a break and close above the 20-day EMA, demonstrating that bulls are firmly defending the $0.14 level. The Dogecoin price may rise to the 50-day SMA ($0.16) and later to $0.19.
Cardano price forecast
Cardano (ADA) faced a decline from the breakdown level of $0.50 on Wednesday, suggesting that bears are attempting to convert the level into resistance.
The flat 20-day EMA ($0.44) and RSI in negative territory show a slight advantage for the bears. Support exists at $0.40 and then at $0.37. If sellers push the Cardano price below $0.37, the ADA/USDT pair could sink to $0.31 and potentially down to the October 10 intraday low of $0.27.
Buyers need to elevate and maintain the price above $0.50 to denote a comeback. The pair could then ascend to $0.60 and eventually to $0.70.
Related: Ether price surged 260% the last time this occurred: Is ETH on track for $5K?
Bitcoin Cash price forecast
Bitcoin Cash (BCH) rebounded from the 20-day EMA ($560) on Thursday, revealing a positive outlook.
Bulls will aim to push Bitcoin Cash above the $607 level to challenge the overhead resistance at $651. Sellers are expected to resist the $651 level vigorously; breaking above it could lead to a rally towards $720.
Bears must aim to push the price below the moving averages to gain an advantage. If successful, it suggests that the BCH/USDT pair might oscillate between $607 and $443 for a while.
Hyperliquid price forecast
Sellers tried to drag Hyperliquid (HYPE) lower on Thursday, but the long tail on the candlestick indicates buyers’ entry.
The HYPE/USDT pair could reach the 20-day EMA ($31.91), a key level to watch. Should the price sharply decline from the 20-day EMA, bears may attempt to resume the downtrend.
Conversely, a break above the 20-day EMA indicates diminishing selling pressure. The Hyperliquid price could subsequently rise to the 50-day SMA ($37.23). A close above this level suggests the corrective phase may be coming to an end.
Chainlink price forecast
Chainlink (LINK) has been trading within the moving averages over recent days, reflecting a balance in supply and demand.
This narrow trading range is likely to be followed by an expansion phase. A break and close above the 50-day SMA ($14.71) would indicate that bulls are prevailing over bears. The LINK/USDT pair may then move up to $19.06.
Alternatively, a significant drop below the 20-day EMA ($13.84) would suggest bears still maintain control. The Chainlink price could then fall to the robust support at $10.94, where buying interest is anticipated.
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