Bitcoin started the new week on an exciting note by surpassing $123,000, but profit-taking pressure at higher price levels is starting to emerge. Nevertheless, a positive sign is that buying pressure remains strong enough to keep the price above the psychological level of $120,000.
According to data from Farside Investors, Bitcoin ETF funds recorded inflows of over $1 billion in two consecutive sessions – Thursday and Friday of last week – marking the first time in history that two consecutive days saw inflows exceeding the billion-dollar mark. This reflects strong investor confidence that BTC's uptrend is not yet over.
Joining the buying wave, Strategy – the company led by Michael Saylor – has also just 'closed a deal' for an additional 4,225 BTC after a week of pause. According to a filing submitted to the SEC on Monday, this Bitcoin was purchased at an average price of around $111.827, bringing the total BTC held by the company to 601,550 BTC – an impressive figure reflecting the strategy of continuous accumulation.
The proportion of BTC in the total cryptocurrency market capitalization exceeded 66% at the end of June, before slightly adjusting down to below 65%. This correction has created conditions for many altcoins to break out strongly in the short term.
History has shown: the altcoin season often begins when the dominance ratio of BTC (BTC.D) peaks near 70% and then reverses. Analyst Rekt Capital shared on platform X that as soon as BTC.D loses a few percentage points, the altcoin rally will explode.
Will Bitcoin continue to challenge the bears, or is a short-term correction ahead? And can altcoins take advantage of this opportunity to break out? Let's analyze the charts of the top 10 cryptocurrencies in search of answers.
Technical analysis of SPX
The S&P 500 index (SPX) is maintaining above the breakout level of 6.147, indicating that bulls are still holding their ground as expectations for the uptrend continue.
The level of 6.147 is an important support level to monitor. If the price breaks and closes below this level, it could trap optimistic investors, pulling the price down to the simple moving average (SMA) 50-day at 5.977.
Conversely, if the price bounces from the current level around 6.147, that suggests the uptrend remains intact. The index could rise to the 6.500 area – where bears are expected to provide strong resistance.
Technical analysis of DXY
The USD index (DXY) has surpassed the 20-day exponential moving average (EMA) at 97.77 on Friday, indicating that selling pressure is easing.
This index may continue to recover to the 50-day SMA at 98.83 – which is forecasted to be a strong resistance area. If the price corrects from the 50-day SMA but bounces back from the 97.92 area, it indicates that the index is forming higher lows. At that point, the likelihood of breaking through the 50-day SMA will be strengthened. If successful, the uptrend could push the index up to 100.54, even 102.
This positive scenario will be invalidated if the price sharply reverses from the current level or from the 50-day SMA and breaks below the support zone of 96.37. At that point, the next downtrend could bring the index back to the 95 level.
Technical analysis of BTC
Bitcoin surged to a new all-time high of $123.218 on Monday, but bulls could not hold this high – reflected by the long upper wick.
The RSI indicator is in the overbought zone, suggesting that the BTC/USDT pair may enter a period of slight correction or short-term consolidation.
This adjustment phase is expected to find support at the 20-day EMA ($111.843). If that happens, it will signal that the uptrend remains strong. Bulls will continue to attempt to push the price above the $123.218 mark, opening up the next rally towards the target of $150,000.
The advantage will lean towards the bears if the price drops below the 50-day SMA ($107.631).
Technical analysis of ETH
The long upper wick in Monday's trading of Ether (ETH) indicates that selling pressure is increasing significantly at higher price levels, suggesting that bears have not yet given up.
Currently, the nearest support level is at $2.879. If the price rebounds from this area, it will reinforce the view that bulls are trying to turn this level into a solid cushion. In a positive scenario, the ETH/USDT pair could regain upward momentum and successively conquer the levels of $3.153 and $3.400.
However, if the price breaks below $2.879, it will signal that profit-taking pressure from short-term traders is emerging. At that point, ETH is likely to retreat to the 20-day EMA at $2.707. This will serve as a critical line of defense — if bulls want to maintain the uptrend, they must successfully protect this support level.
Technical analysis of XRP
XRP broke strongly above the resistance level of $2.65 on Friday, indicating that buying pressure has overwhelmed selling pressure.
Bears attempted to push the price below $2.65 on Saturday, but bulls held their ground. This indicates the bulls' effort to turn $2.65 into support. The nearest resistance is $3, but if surpassed, the XRP/USDT pair could rise to $3.20 and then to $3.40.
However, it should be noted that the recent uptrend has pushed the RSI into the deep overbought zone, increasing the risk of a slight correction or short-term consolidation. Nevertheless, bulls remain in control as long as the price stays above $2.65.
Technical analysis of BNB
BNB surpassed the resistance level of $698 on Monday, but the long wick indicates that selling pressure is appearing at higher levels.
The 20-day EMA ($669) is sloping up and the RSI indicator is near the overbought zone, indicating that bulls are in control. If the price maintains above $698, the BNB/USDT pair could rise to $732 and then to $761.
The 20-day EMA is an important support level to pay attention to when the price corrects. If this support level is broken, the pair could drop to the 50-day SMA ($658) and then to $640. This indicates that breaking above $698 could be a bull trap.
Technical analysis of SOL
Solana has completed the inverted head and shoulders pattern signaling a bullish trend by closing above $159 on Thursday, and bulls succeeded in defending the breakout price area on Saturday.
There is a minor resistance at $168, but if surpassed, the SOL/USDT pair could rise to $185. Bears are expected to defend strongly at the $185 area, as if they fail, the pair could break out to $210 and then to $220.
The 20-day EMA ($155) is an important support level to watch on the downside. Bears will need to pull the price down and maintain it below the 20-day EMA to show a return.
Technical analysis of DOGE
Dogecoin is facing resistance at $0.21, but a positive signal is that bulls have not yet lost their position to bears.
The 20-day EMA is sloping up ($0.18) and the RSI is near the overbought area, indicating that the current dominant trend is upward. If bulls push the price above $0.21, the DOGE/USDT pair could climb to $0.26. Bears are expected to defend fiercely at the $0.26 area, but if bulls prevail, the pair could surge to $0.35.
However, bears will not stand still. They will try to protect resistance at higher levels and keep the price oscillating in the range of $0.26 to $0.14 for a while longer.
Technical analysis of ADA
Bears attempted to halt Cardano's uptrend at the downtrend line, but bulls strongly overcame.
The price closing above the downtrend line on Sunday has invalidated the negative triangle pattern. The ADA/USDT pair may continue to rise to $0.86, which could serve as a resistance area. However, the upward-sloping 20-day EMA ($0.64) along with the RSI in the overbought zone indicates that the advantage is leaning towards the bulls. A close above $0.86 could push the price up to $1.
This positive outlook will be invalidated in the short term if the price reverses and breaks below the 20-day EMA. That would indicate that the breakout above the downtrend line could merely be a bull trap.
Technical analysis of HYPE
Hyperliquid (HYPE) broke above the resistance level of $45.80 on Friday, signaling the continuation of the uptrend.
The HYPE/USDT pair has now reached the $50 level – an important psychological mark, where bears are expected to establish strong defenses. If the price corrects from $50 but bounces back from $45.80, it indicates that bullish momentum is still being maintained. At that point, the price is likely to continue rising to the $60 area.
The first signal of weakness will appear if the price breaks and closes below $45.80. At that point, the pair could retreat to the 20-day EMA ($41.98), which is seen as a buying zone.
