Highlights:
Bitcoin may test the $117,500 mark if buyers achieve a daily close above $114,000.
Altcoins are attempting to initiate a relief rally, but selling pressure is anticipated at elevated levels.
Bitcoin (BTC) has pushed its recovery above $114,000 on Monday, reflecting strong buying activity from bulls. However, BTC remains range-bound, with analysts split on the next movement. While some predict a bearish trend, others foresee a rally to new record levels.
Market players are adopting a cautious stance due to the uncertainty surrounding BTC’s immediate future. According to CoinShares’ recent report, BTC exchange-traded products (ETPs) experienced $719 million in net outflows last week. The situation for altcoins was mixed; Ether (ETH) ETPs saw $409 million in outflows, while Solana (SOL) enjoyed $291 million in inflows.
As September wraps up, BTC traders are optimistic about October, historically showing an average increase of 21.89% since 2013, based on CoinGlass data. Bitcoin network economist Timothy Peterson noted in a post on X that BTC’s bull phase occurs from October 11 to June 11, suggesting a 50% chance of BTC rising to $200,000 by June 2026.
Could BTC break past its resistance, uplifting altcoins in the process? Let’s delve into the charts of the top 10 cryptocurrencies for insights.
S&P 500 Index price outlook
The S&P 500 Index (SPX) retreated from 6,699 on Tuesday but found support at the 20-day exponential moving average (EMA) (6,586) on Thursday.
The ascending moving averages and a positive relative strength index (RSI) indicate bullish control. If buyers push the price beyond 6,700, the index may continue its upward trajectory toward the 7,000 mark.
If sellers manage to push the price below the 20-day EMA, it could weaken the bullish momentum, potentially dragging the index down to the 50-day simple moving average (SMA) (6,459). Bulls are expected to fiercely defend the 50-day SMA since a drop below it may trigger a significant correction to 6,147.
US Dollar Index price outlook
Buyers lifted the US Dollar Index (DXY) above the 50-day SMA (98.02) on Thursday, though sustaining this breakout has proven challenging for bulls.
The flat moving averages and an RSI near the midpoint leave a lack of clear advantage for either bulls or bears. Should the price decline and break below the 20-day EMA (97.74), it may lead to further consolidation between 99 and 96.21.
Conversely, if the price rebounds from the 20-day EMA and breaks above the 99 level, it indicates positive sentiment. The index could then rise to 100.50 and eventually reach 102.
Bitcoin price outlook
BTC has been fluctuating between $107,000 and $124,474, indicating a standoff between bulls and bears regarding the next move.
The BTC/USDT pair may form a bearish double-top pattern if the price declines and falls below $107,000, indicating a potential peak for Bitcoin in the short term. The pair could then drop to $100,000 and ultimately to the target of $89,526.
On the flip side, if the price rises above the moving averages, it suggests dwindling selling pressure. The pair may then climb to $117,500, a crucial resistance level to monitor. Should buyers overcome the $117,500 barrier, a test of the all-time high could be imminent.
Ether price outlook
ETH began retreating from $3,815 on Thursday, likely facing resistance at the 20-day EMA ($4,262).
If buyers succeed in overcoming resistance at the 20-day EMA, Ether prices could rally toward the resistance line. Sellers are likely to attempt to obstruct recovery at this line; a break and close above it could facilitate further gains toward $4,957.
If the price declines from the 20-day EMA, it signals negative sentiment, potentially leading to a drop below $3,745. Such a development may see the ETH/USDT pair plunge to $3,426.
XRP price outlook
XRP continues to navigate within a descending triangle formation, showcasing the sustained pressure from bears.
Should the price decline from the moving averages, bears will seek to push the XRP/USDT pair below the support level of $2.69. If achieved, the pair will confirm the bearish setup and may fall to $2.20.
Buyers need to elevate and maintain the price above the downtrend line to invalidate the negative pattern. This could entrap aggressive bears, potentially sending the pair to $3.40 and then $3.66.
BNB price outlook
BNB bounced back from the 61.8% Fibonacci retracement level of $934 on Friday, signaling demand at lower levels.
The recovery is predicted to encounter significant resistance at $1,034 and subsequently at the all-time high of $1,083. If the price declines from this overhead zone and falls below $932, it indicates that the BNB/USDT pair may have peaked in the short term, leading potentially to a decline to the 50-day SMA ($901).
Alternatively, a decisive break and close above the $1,083 level suggests a resumption of the uptrend, potentially launching the pair into a new ascendant phase toward $1,173.
Solana price outlook
SOL initiated a relief rally from $191 on Friday, anticipated to encounter selling pressure at the 20-day EMA ($216).
If the price retreats from the moving averages, bears will attempt to push the SOL/USDT pair below $191. If successful, Solana’s price could drastically drop to $185 and eventually to $155.
This negative scenario will be voided if the price increases, breaking above the 20-day EMA, thereby paving the way for a retest of the $260 overhead resistance, where bears are expected to launch a robust defense.
Related: XRP price: Record quarterly close may trigger rally toward $15
Dogecoin price outlook
Dogecoin (DOGE) rebounded from the uptrend line on Friday but is facing obstacles at the moving averages.
The sloping 20-day EMA ($0.24) and RSI hovering just below the midpoint suggest a slight edge for the bears. A price drop below the uptrend line could indicate the DOGE/USDT pair might remain within the $0.14 to $0.29 range for a while.
The first sign of strength would be a break and close above the 20-day EMA, which could lead to a retest of the strong overhead resistance at $0.29.
Cardano price outlook
Sellers managed to pull Cardano (ADA) below the $0.78 support on Thursday but could not sustain those levels.
Friday saw the price recover above $0.78, and bulls are attempting to further the relief rally toward the moving averages. If the price declines from the 20-day EMA ($0.83), bears will again try to pull the ADA/USDT pair down to $0.68.
On the contrary, if buyers push the price above the moving averages, Cardano could reach the resistance line. A break and close above this line would indicate the bulls’ resurgence.
Hyperliquid price outlook
HYPE made a sharp upward movement from the $40 support on Friday, revealing strong buying interest at lower levels.
The HYPE/USDT pair is currently at the moving averages, which are crucial to monitor closely. Should the price drop from these moving averages, bears may attempt to push the pair below $40. A successful move could see Hyperliquid’s price slump to $35.50.
Conversely, if buyers elevate the price above the moving averages, it suggests the corrective phase may be ending. The bulls would then aim to push the pair toward the all-time high of $59.41.
This article does not offer investment advice or recommendations. All investments and trading involve risk, and readers should perform their own research before making decisions.
