If the Bitcoin market manages to hold its rally above $60,000, it could boost investor confidence and potentially drive interest in altcoins. On 4 October, Bitcoin rebounded from the crucial $60,000 mark, suggesting that buyers are working to establish a stronger support level. Quinn Thompson, Chief Investment Officer of Lekker Capital, commented on X that purchasing Bitcoin around $61,000 is an obvious choice.
Further optimism for Bitcoin came from JPMorgan, which noted that investors are increasingly gravitating toward both gold and Bitcoin. JPMorgan’s report, shared with Cointelegraph, stated that growing geopolitical tensions and the upcoming US election are expected to support the “debasement trade,” favouring both assets.
The recent fall to $60,000 seems to have dented sentiment. Onchain analytics provider Santiment said in a post on X that mentions of Uptober had declined since the beginning of the month, indicating that traders had become bearish. Some analysts believe Bitcoin could drop to $52,000 if the $60,000 support is violated.
Could the Bitcoin market hold the bounce off the $60,000 support, or will bears have their way? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The bulls are attempting to defend the 50-day simple moving average ($60,461), signalling demand at lower levels.
BTC/USDT daily chart. Source: TradingView
Buyers will have to push and maintain the price above the 20-day exponential moving average ($62,195) to improve rally prospects to $66,500. If this level is scaled, the next stop will likely be $70,000.
Conversely, if the price turns down and breaks below the 50-day SMA, it will suggest that the bears have the upper hand. The BTC/USDT pair could skid to $57,500 and the solid support at $54,000.
Ether (ETH) Market Analysis
The Ether market has been trading inside a symmetrical triangle pattern, indicating uncertainty about the next directional move.
ETH/USDT daily chart. Source: TradingView
The 20-day EMA ($2,504) has started to turn down, and the RSI is in negative territory, indicating a minor advantage to the bears. Any recovery attempt is likely to face selling at the 20-day EMA. If the price turns down from the 20-day EMA, the bears will make one more attempt to sink the ETH/USDT pair below the uptrend line.
If the Bulls want to make a comeback, they will have to push the price above the moving averages. The pair may then travel to the resistance line, which is likely to attract sellers. A break and close above the triangle give it a pattern target of $3,409.
BNB Market Analysis
Sellers yanked BNB below the 50-day SMA ($551) on Oct. 1 but have failed to sink the price below $527.
BNB/USDT daily chart. Source: TradingView
The bulls are trying to push the price back above the moving averages. If they manage to do that, the BNB/USDT pair may again attempt a rally to $635. Sellers are expected to mount a strong defense at this level.
If the price turns down from the moving averages, the likelihood of a fall below $527 increases. That will clear the path for a possible decline to $460, where the buyers are likely to step in.
Solana (SOL) Price Analysis
Solana fell below the 50-day SMA ($141) on Oct. 2, indicating that the price may remain stuck between $116 and $164 for a few more days.
SOL/USDT daily chart. Source: TradingView
The bulls will try to push the price back above the moving averages, but if they fail to do that, the SOL/USDT pair could slide to solid support at $116. Buyers are expected to vigorously defend the level.
Alternatively, if buyers thrust the price above the moving averages, the pair may start its journey toward $164. A break and close above this level will complete an inverted head-and-shoulders pattern, having a pattern target of $208.
XRP Price Analysis
XRP plunged below the moving averages and the uptrend line on Oct. 2, indicating that the bulls have given up.
XRP/USDT daily chart. Source: TradingView
The 20-day EMA ($0.57) has started to turn down and the RSI is in the negative zone, indicating that the bears have the edge. Minor support is at $0.50, but if it breaks down, the XRP/USDT pair could drop to $0.46.
On the upside, the bulls will have to drive the price back above the moving averages to signal a comeback. The pair could then attempt a rally to $0.64, which remains the key hurdle for the bulls to cross.
Dogecoin (DOGE) Price Analysis
Dogecoin has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
DOGE/USDT daily chart. Source: TradingView
The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids and sustains below the 50-day SMA ($0.10), the bears will try to sink the DOGE/USDT pair below the support line. If they succeed, the pair could descend to $0.08.
On the contrary, if buyers kick the price above the 20-day EMA ($0.11), the pair could attempt a rally to the resistance line. Buyers will have to overcome this barrier to signal the start of a new move.
Toncoin (TON) Price Analysis
The bulls are finding it difficult to push Toncoin back above the moving averages, indicating a lack of demand at higher levels.
TON/USDT daily chart. Source: TradingView
The bears will try to strengthen their position further by pulling the price to the solid support at $4.72. Buyers are expected to defend this level with all their might because a break below it will complete a bearish head-and-shoulders pattern. That could start a new downtrend toward $3.50.
If buyers want to prevent the decline, they will have to swiftly push the price above $6.14. The TON/USDT pair could then rally to $7.
Cardano (ADA) Price Analysis
Cardano has been range-bound between $0.31 and $0.40 for several days, indicating buying on dips and selling on rallies.
ADA/USDT daily chart. Source: TradingView
The price action inside the range can be random and volatile. If buyers drive the price above the moving averages, the ADA/USDT pair could move up to $0.40, where short-term traders are expected to sell aggressively. Buyers will have to overcome this barrier to signal the start of a new upmove to $0.45 and then to $0.50.
On the downside, bears will have to sink and sustain the price below $0.31 to resume the downtrend.
Avalanche (AVAX) Price Analysis
Avalanche has reached the 50-day SMA ($24.66), an important near-term support to watch out for.
AVAX/USDT daily chart. Source: TradingView
If the price turns up from the current level and breaks above the 20-day EMA ($26.42), the bulls will try to push the AVAX/USDT pair to the $31 to $33 overhead zone. Sellers will try to stall the up move in the zone, but if the bulls prevail, the pair could rally to $36.
Contrary to this assumption, if the price breaks below the 50-day SMA, it will suggest that the bears have taken charge. The pair could then slide to the solid support at $19.50, where buyers are likely to step in.
Shiba Inu (SHIB) Price Analysis
Shiba Inu is witnessing a tough battle between the bulls and the bears near the 20-day EMA ($0.000016).
SHIB/USDT daily chart. Source: TradingView
If the current bounce sustains, it will suggest that the bulls are trying to form a higher low. Buyers will then try to push the price to $0.000022, where the bears are expected to mount a strong defense.
Contrarily, if the rebound fails to hold, it will signal a lack of demand from the bulls. That increases the likelihood of a break below the moving averages. The SHIB/USDT pair may then slump to $0.000012.
