Bitcoin (BTC) has kicked off the new week with excitement by surpassing the $107,500 level, marking a positive signal for the bullish trend. Although the price is currently slightly below the historical peak, both whales and retail investors are steadfast in holding their positions. According to Darkfost, a contributor to CryptoQuant, the amount of Bitcoin transferred to the Binance exchange from these two groups has dropped to the lowest level since the beginning of the current cycle – a sign that they are either waiting for clearer signals from the macro environment or simply maintaining their faith in Bitcoin's long-term prospects.

Analyst Tony Sycamore from IG Markets believes that Bitcoin is fully capable of retesting the previous peak near $112,000, and may even reach the $116,000 – $120,000 range, as long as it remains above the key support level of $95,000.

Not only Bitcoin, but Ether (ETH) is also witnessing strong demand. Last Sunday, Ethereum wallets holding from 1,000 to 10,000 ETH accumulated more than 818,410 ETH – equivalent to about 2.5 billion USD – raising the total holdings from 11.9 million ETH a year ago to 16 million ETH.

Can Bitcoin break through the previous peak of $111,980 this time? And will altcoins join in the bullish trend? Let's analyze the charts of the top 10 cryptocurrencies to find the answer.

Technical Analysis BTC

The S&P 500 Index (SPX) has turned down from the 6,059 level on Wednesday, indicating that the bears are actively defending the resistance zone from 6,000 to 6,147.

The index bounced back from the 20-day exponential moving average (EMA) at 5,938, indicating that sentiment remains positive and each correction is seen as a buying opportunity. Buyers will try to push the price to the 6,147 area.

If the price breaks and closes below the 20-day EMA, a deeper correction could begin. At that point, profit-taking selling from short-term investors could pull the price back to 5,767, then to the 50-day simple moving average (SMA) at 5,680.

Technical Analysis DXY

The USD Index (DXY) is experiencing a fierce tug-of-war between the bulls and the bears around the 97.92 level.

The bears have pulled the price below the support level of 97.92 on Thursday, but the bulls reclaimed this level on Friday. However, buying pressure is struggling to maintain the price above 97.92, indicating that the bears are selling during any recovery. This increases the likelihood that the price will continue to drop to 95.67.

Conversely, buyers need to push and maintain the price above the moving averages to weaken the downtrend. At that point, the indicator could bounce back to the upper resistance level at 102.

Technical Analysis BTC

Bitcoin has surpassed the 20-day EMA ($106,202) on Monday, indicating that the bulls are actively protecting the 50-day SMA ($103,887).

The bulls will try to solidify their position by pushing the price to $110,530 and then to the neckline of the inverse head and shoulders pattern. If it closes above the neckline, this bullish pattern will be completed with a technical target at $146,892.

However, the bears will certainly have other plans. They will seek to protect the upper resistance area and pull the price below the 50-day SMA. If successful, the BTC/USDT pair may test the important support level at $100,000.

Technical Analysis ETH

Ether closed below the 20-day EMA ($2,580) on Saturday, but the bears could not extend the downward trend to the 50-day SMA ($2,412).

The bulls have pushed the price back above the 20-day EMA, indicating buying pressure when the price corrects. The ETH/USDT pair could rise to $2,738 and then to $2,879. The bears will try to defend the upper resistance area, but if the bulls break through, the price could continue to rise to the $3,153 area.

Conversely, if the price sharply reverses from the resistance area, this pair could maintain trading within the range of $2,879 – $2,323 for a while. The short-term trend will turn negative if the price closes below $2,323.

Technical Analysis XRP

XRP has fluctuated in the range from $2 to $2.65 over the past few days, indicating buying pressure at support levels and selling pressure near resistance.

Price fluctuations within this range are likely to continue to be erratic and unpredictable. If buyers maintain the price above the moving averages, the XRP/USDT pair could rise to the resistance zone at $2.65. The bears are likely to apply strong pressure at $2.65, as if this area is breached, the price could be pushed up to $3.

The trend will turn negative if the price breaks and closes below the support level of $2. At that point, this pair may test the important area at $1.61.

Technical Analysis BNB

The bulls are trying to push the price of BNB above the 20-day EMA ($656), which could cause the price to continue moving sideways in the $634 to $693 range for a while longer.

The 20-day EMA is flat, and the RSI is oscillating near the neutral zone, indicating that neither side is clearly in control. If the price holds above the 20-day EMA, the BNB/USDT pair could bounce up to $693. The bears will try to thwart the upward movement at this level, but if the bulls prevail, the price could reach $732.

Conversely, the bears will have to pull the price down below the support level of $634 to regain control. At that point, this pair could drop deep into the $580 region.

Technical Analysis SOL

Solana (SOL) bounced back from the support area of $140 on Saturday and reached the moving average on Monday, indicating strong buying power at lower price levels.

Both moving averages are currently flat, while the RSI is near the neutral zone, indicating that the SOL/USDT pair is likely to fluctuate between $140 and $185 in the coming days.

The next trend could be established when the price breaks above $185 or drops below $140. If the price sharply reverses from the moving averages and breaks through the $140 level, the pair could plunge to $110. Conversely, if it breaks above $185, SOL could surge to $210, and then to $220.

Technical Analysis DOGE

Dogecoin (DOGE) remains above the $0.16 level, but the inability to surge strongly indicates that the bulls are not yet determined.

The 20-day EMA is sloping down ($0.19) along with the RSI in the negative zone, increasing the risk that the price will break through the $0.16 level. If this happens, the DOGE/USDT pair could drop to the support area of $0.14. The bulls will make a strong effort to defend the $0.14 level, as if it breaks, the price could continue to decrease to $0.10.

Buyers are facing a tough challenge. They need to overcome the resistance level of $0.21 to pave the way for a rise to the $0.26 area. A new upward trend could begin if the price breaks above $0.26.

Technical Analysis ADA

The Cardano (ADA) bulls are trying to defend the $0.60 level, but the current recovery momentum lacks strength, increasing the risk of breaking this support level.

The 20-day EMA is sloping down ($0.67) and the RSI in the negative zone indicates that the bears are in control. If the price drops from the moving averages and breaks below $0.60, the ADA/USDT pair could plunge to $0.50.

The bulls need to push the price above the moving averages to avoid the risk of a deep decline. If successful, the price could rise to the downtrend line, where the bears are likely to apply strong pressure.

Technical Analysis HYPE

Hyperliquid (HYPE) has resumed its upward trend after the bulls pushed the price above the resistance level of $44 on Monday.

If the bulls maintain the price above $44, the HYPE/USDT pair could continue to break towards the next target of $50. This move would also negate the bearish divergence forming on the RSI, indicating that the bulls have regained market control.

The 20-day EMA ($37.71) is an important support level to watch on the downside. If this level is breached, short-term investors may take profits, causing the price to adjust to the 50-day SMA ($30.37).