Bitcoin remains strong and on target to break above a stiff overhead resistance zone, signaling a possible short-term bottom. Will altcoins follow?
Bitcoin
$82,821
is showing strength as buyers have pushed the price above $82,500, but higher levels are likely to attract solid selling from the bears. CryptoQuant analysts said in a recent market report that Bitcoin could face resistance around $84,000, but if the level is surpassed, the next stop may be $96,000.
Although trade tensions between the United States and China have flared up, institutional crypto investment firm Bitwise remains bullish on Bitcoin. Bitwise chief investment officer Matt Hougan said in a post on X that the firm’s previously predicted year-end target of $200,000 for Bitcoin remains in play.
However, market participants remain cautious in the near term. The US-listed spot Bitcoin exchange-traded funds continued to witness outflows on April 9 and April 10, according to Farside Investors data.
Could Bitcoin break and sustain above the overhead resistance? Will altcoins follow Bitcoin higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin’s recovery from the $73,777 support has reached near the resistance line, which is a critical level to watch out for in the near term.
The 20-day exponential moving average ($82,435) is turning down, but the relative strength index (RSI) has risen close to the midpoint, indicating that the bearish momentum is weakening. The BTC/USDT pair is expected to face intense selling at the resistance line, but if the bulls prevail, the rally could reach $89,000 and then $95,000.
Sellers are likely to have other plans. They will try to defend the resistance line and pull the price below the immediate support at $78,500. If they manage to do that, the pair could retest the vital support at $73,777.
Ether price analysis
Ether
ETH
$1,566
rebounded off the $1,368 support on April 9, but the bulls are struggling to sustain the higher levels.
The downsloping moving averages and the RSI in the negative territory suggest that the bears hold the edge. Sellers will try to sink the ETH/USDT pair below $1,368. If they can pull it off, the selling could accelerate, and the pair may tumble to $1,150.
If buyers want to prevent the breakdown, they will have to quickly push the price above $1,754. That clears the path for a rally to the breakdown level of $2,111. This is an essential level for the bears to defend because a break above $2,111 suggests a short-term trend change.
XRP price analysis
XRP
$2.00
rose back above the breakdown level of $2 on April 9, but the recovery is facing selling at the 20-day EMA ($2.09).
If the price turns down from the 20-day EMA, the bears will try to sink the XRP/USDT pair to the critical support at $1.61. Buyers are expected to fiercely defend the $1.61 level because a break below it may clear the path for a decline to $1.27.
