Key points:
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Bitcoin spot selling keeps a retest of $60,000 open as a near-term outcome.
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Several major altcoins are at risk of resuming the downtrend, indicating a negative outlook for investors.
Bitcoin (BTC) came under pressure again, falling below the $66,000 level in the early hours of the US trading session. According to Kaiko Research, a 52% retracement from the all-time high was “unusually shallow” and a 60% to 68% pullback was more in line with previous bear market cycles. This suggests that BTC could move down from $40,000 to $50,000.
According to a new study from Grayscale, BTC appears to have abandoned its “digital gold” narrative and is behaving more like a high-risk growth asset. Author Zach Pandl said BTC is highly correlated to software stocks, especially since 2024, rather than gold. This shows deeper integration into traditional financial markets, which is part of BTC’s continued evolution, the report said.
A minor positive in favor of the bulls is that BTC spot exchange-traded funds have seen inflows for the last three consecutive days, according to data from Farside Investors. This suggests that institutional investors are accumulating at lower levels.
Could BTC and major altcoins resume their downtrend? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC fell by $72,271 on Sunday, indicating that higher levels continue to attract selling from the bears.
If Bitcoin price remains below $67,300, the BTC/USDT pair could slide to $62,345 and then to $60,000. Buyers should defend the $60,000 level with all their might, as a close below could send the pair tumbling to $52,500.
Buyers will likely have other plans. They will attempt to quickly push the price above the $72,271 resistance. If they do, the pair could bounce up to the 20-day exponential moving average (EMA) ($76,275). Buyers will need to cross the 20-day EMA to begin a sustainable recovery towards the 50-day simple moving average (SMA) ($85,832). Such a move suggests that the pair may have reached its lowest level in the near term.
Ether Price Prediction
Ether (ETH) declined from $2,111, indicating that bears are fiercely defending the level.
The ETH/USDT pair could slide towards the crucial $1,750 support, where buyers are expected to step in. A strong rebound from the $1,750 level could form a short-term range.
Instead, if sellers drop the Ether price below $1,750, the next stop could be $1,537. The first sign of strength will be a close above $2,111. The pair could then rise to the 20-day EMA ($2,364). This is a critical level for bears to defend, as a close above could propel the pair towards the 50-day SMA ($2,838).
BNB Price Prediction
The bulls’ inability to push BNB (BNB) above the 50% retracement level of $676 has initiated a pullback towards $570.
The bulls are expected to mount a strong defense at the $570 level, but if the bears prevail, the BNB/USDT pair could resume its downtrend and collapse towards the psychological support at $500.
Conversely, if BNB price rises from the current level of $570, it suggests demand at lower levels. The bulls will then attempt to push the pair above $669. If they succeed, the pair could bounce up to the 20-day EMA ($730).
XRP Price Prediction
Buyers held XRP (XRP) above the descending channel support line, but failed to initiate a strong rebound.
This increases the likelihood of a fall below the support line. If this happens, the XRP/USDT pair could retest the $1.11 level. If the $1.11 level gives way, the pair could plunge to $1 and then $0.75.
Buyers will need to push the price of XRP above the $1.61 level to signal that selling pressure is easing. The pair could then move towards the 50-day SMA ($1.85) and later towards the downtrend line.
Solana Price Prediction
The Solana (SOL) relief rally stopped just below the $95 breakout level, indicating that the bears are attempting to tip the level into resistance.
There is minor support at $77, but if the level is removed, the SOL/USDT pair could fall to the $67 level. Buyers should aggressively defend the $67 level, as a break below could extend the decline to $50.
The first sign of strength will be a breakout and close above the 20-day EMA ($100). This suggests that markets have rejected a break below the $95 level. Solana price could then rise to the 50-day SMA ($121).
Dogecoin Price Prediction
Dogecoin (DOGE) declined from the psychological $0.10 level, indicating that bears are attempting to tip the level into resistance.
The DOGE/USDT pair may drop to the $0.08 level, which is likely to attract buyers. If Dogecoin price rises above the 20-day EMA, it suggests that the bearish momentum is weakening. The pair could then jump towards the $0.12 breakout level.
Alternatively, if the price continues to decline and breaks below $0.08, it signals the resumption of the downtrend. The pair could then fall to $0.06.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) continues to face strong resistance at the 20-day EMA ($540), but a minor positive is that the bulls have not ceded much ground to the bears.
If the price rises from the current level and breaks above the 20-day EMA, it suggests that the $443 level acts as a strong bottom. The BCH/USDT pair could then rebound to the 50-day SMA ($583).
On the contrary, if the Bitcoin Cash price continues to decline and drops below $497, it indicates that the bears are trying to maintain control. The pair could then move down to $467 and eventually reach vital support at $443.
Related: Ethereum Holders Accumulating ‘Large Scale’ as ETH Price Falls Below $2,000
Hyperliquid price prediction
Hyperliquid (HYPE) continued to decline and fell below the 20-day EMA ($29.95) on Tuesday, indicating that the bulls have given up.
The 20-day EMA is flattening and the relative strength index (RSI) is just below the midpoint, signaling possible range-bound action in the near term. The HYPE/USDT pair may fluctuate between $35.50 and $20.82 for a few days.
Buyers will need to push and sustain the hyperliquid price above the $35.50 level to indicate the start of further upside. On the downside, a close below the $20.82 support could deepen the fall to $17.
Cardano Price Prediction
Cardano (ADA) has gradually slipped towards the support line of the descending channel pattern, indicating that the bears continue to exert pressure.
Sellers will attempt to slide the price below the support line and Friday’s low of $0.22. If they succeed, the ADA/USDT pair could resume the downtrend. The next downside support is $0.20, then $0.15.
Bulls will need to push Cardano price above the 20-day EMA ($0.29) to keep the pair inside the channel for some more time. Buyers will be back in control at the close above the downtrend line.
Monero Price Prediction
Monero (XMR) has reached the 38.2% Fibonacci retracement level of $361, where bears pose a strong challenge.
If Monero price declines and falls below $309, it suggests that bears remain in control. The XMR/USDT pair could then fall to the $291-$276 support zone.
Conversely, if the price rises from the current level or support zone and breaks above $361, the next stop will likely be the 20-day EMA ($394). Sellers will again attempt to stop the recovery at the 20-day EMA, but if buyers break through the resistance, the pair could head towards the 50-day SMA ($464).
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