Bitcoin (BTC) has been trading above $33,600 for the past two days, indicating that the bulls are still holding strong. If the price continues to hold and doesn’t drop significantly, it could spark fear of missing out (FOMO) and lead to more buying. However, these types of rallies are often not sustainable and eventually lead to a drop and retest of breakout levels. So, a drop to $32,000 for Bitcoin cannot be ruled out.
Bitcoin’s dominance in the market has risen to 54%, its highest level in 30 months. This shows that Bitcoin is leading the charge higher, which is a positive sign. It suggests that traders have a favorable view of the cryptocurrency space and other altcoins may soon join in on the rally.
Veteran trader Peter Brandt believes that Bitcoin’s bottom is in, but he doesn’t expect new all-time highs until the third quarter of 2024. He predicts that Bitcoin will enter a “chop fest” in the meantime.
Now let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin will enter a corrective phase or continue its upward trend.
### Bitcoin Price Analysis
Bitcoin is currently facing resistance at $35,000, but the bulls haven’t given up much ground. This indicates that buyers may try to resume the uptrend soon. However, there is a risk of a minor correction or consolidation as the relative strength index (RSI) remains in overbought territory. If the price drops below $33,679, it could retest support levels at $32,400 and $31,000. But if it breaks above $35,280, it would signal the start of the next leg of the uptrend and could push the price to $40,000.
### Ether Price Analysis
Ether (ETH) has been facing resistance at $1,855, but the rising 20-day exponential moving average (EMA) and the overbought RSI indicate that bulls have the upper hand. If the price bounces back from $1,746, the bulls will attempt to push it above $1,855 and towards $2,000. However, if bears can bring the price back below $1,746, it may fall to the 20-day EMA.
### BNB Price Analysis
BNB turned down from $235, but buyers are fiercely defending the support at $223. If the price rebounds from this level, it could make another attempt to rise above $235 and reach $250 and $265. On the other hand, a drop below $223 would favor the bears and the price may oscillate between $203 and $235.
### XRP Price Analysis
XRP is battling between bulls and bears near the resistance at $0.56. Bears may try to pull the price down to the 20-day EMA at $0.52. If it rebounds strongly from this level, it would indicate strong buying on dips and could lead to an upward move towards $0.71. However, if it falls below the 50-day simple moving average at $0.51, it may enter a range-bound action between $0.46 and $0.56.
### Solana Price Analysis
Solana has been trading near its pattern target of $32.81 without giving much ground to bears. The overbought RSI suggests that it may consolidate or experience a minor dip before potentially rallying to $38.79 if it stays above $30.
### Cardano Price Analysis
Cardano has been trading above $0.28 but hasn’t seen a strong relief rally yet. Bears are trying to bring the price back below this level, which could result in a drop to the 20-day EMA at $0.26. On the other hand, if it rises above $0.30, it could start a northward march towards $0.32 and $0.38.
### Dogecoin Price Analysis
Dogecoin has been recovering strongly, but bears are trying to bring the price back below the resistance at $0.07. If they succeed, it may fall to the 20-day EMA at $0.06. However, if it turns up from $0.07, it could indicate a positive sentiment and a potential rise to $0.08.
### Toncoin Price Analysis
Toncoin found support at the moving averages but failed to rebound strongly from there. If it falls below the moving averages, it may consolidate between $1.89 and $2.31 for a few days. However, a sharp rebound would suggest that bulls are buying on dips and could lead to a break above $2.31.
### Chainlink Price Analysis
Chainlink has been facing selling near $11.50, but buyers haven’t given up much ground either. This suggests that buyers expect the uptrend to continue and the price may remain in overbought territory for some time. The important support level to watch is…
Hot Take: Bitcoin Bulls Holding Strong Despite Resistance Levels
Bitcoin has been trading above $33,600 for the past two days, indicating that the bulls are not rushing to exit the market despite facing resistance levels. While such rallies are rarely sustainable in the long term and often lead to corrections and retests of breakout levels, Bitcoin’s dominance in the market has reached its highest level in 30 months at 54%. This indicates that traders have a positive view of cryptocurrencies overall and suggests that select altcoins may join Bitcoin’s rally soon.
Veteran trader Peter Brandt believes that Bitcoin’s bottom is in but warns that new all-time highs may not happen until 2024. As we analyze the charts of the top 10 cryptocurrencies, it’s important to watch for potential corrections or consolidations in the near term. Despite resistance levels, Bitcoin and other cryptocurrencies like Ether, BNB, XRP, Solana, Cardano, Dogecoin, Toncoin, and Chainlink are showing signs of bullish strength.
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