Bitcoin’s market surge past $65,000, coupled with strong demand in spot BTC ETFs, has led traders to believe that the bull market has returned.
On 27 September, Bitcoin climbed above $66,000, signalling the potential for further gains towards $70,000. The breakout above $65,000 on 26 September spurred significant investment in spot Bitcoin exchange-traded funds in the US, with inflows reaching $365.7 million, as reported by Farside Investors.
The rally is not confined to Bitcoin; several altcoins have also seen substantial increases from their recent lows, indicating a shift towards positive sentiment in the broader cryptocurrency market.
Bitcoin’s 12% gain in September easily surpasses the previous best performance of 6.04% in 2016. This is a bullish sign, as whenever Bitcoin has risen in September, it has performed exceptionally well in the fourth quarter, as seen in 2015, 2016, and 2023.
Could Bitcoin hang on to its gains in September, boosting further buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin formed an outside-day candlestick pattern on Sept. 26 and rose above the $65,000 resistance, indicating that the bulls have overpowered the bears.
BTC/USDT daily chart. Source: TradingView
If the price maintains above $65,000, it will signal that the bulls have flipped the level into support. That could propel the price to the $70,000 to $73,777 zone, where the bulls are likely to face intense selling pressure.
A break and close below $65,000 will suggest that the bullish momentum is weakening. The advantage will tilt in favor of the bears if they pull the pair below $61,200. Such a move will suggest that the break above $65,000 may have been a bull trap.
Ether (ETH) Market Analysis
Ether turned down from the resistance line on Sept. 23 but found support at the moving averages, indicating buying on dips.
ETH/USDT daily chart. Source: TradingView
The upsloping 20-day exponential moving average ($2,529) and the relative strength index (RSI) in the positive territory indicate advantage to buyers. If bulls push and maintain the price above the resistance line, the ETH/USDT pair will complete a symmetrical triangle breakout. This setup has a pattern target of $3,409.
Sellers are likely to have other plans. They will try to fiercely defend the zone between the resistance line and $2,850. If the price turns down sharply from the overhead zone and breaks below the moving averages, it will suggest a range-bound action between $2,111 and $2,850 for a while.
BNB Market Analysis
BNB turned down from $616 on Sept. 23, but the bears could not sink the price below the 20-day EMA ($570).
BNB/USDT daily chart. Source: TradingView
This suggests that the bulls are buying the minor dips. The bulls will make one more attempt to push the price to $635, which may prove to be a formidable hurdle to cross. If the price turns down sharply from $635 and breaks below the moving averages, it will signal that the BNB/USDT pair may extend its stay inside the range.
Contrarily, if buyers do not give up much ground from $635, it will improve the prospects of a breakout. The pair could then rally to $722.
Solana (SOL) Price Analysis
Solana has been gradually moving higher toward the overhead resistance of $164, indicating solid demand from the bulls.
SOL/USDT daily chart. Source: TradingView
Sellers had stalled the two previous recovery attempts at $164 hence they will try to do the same again. If the price turns down sharply from the overhead resistance and breaks below the 20-day EMA ($144), it will signal that the SOL/USDT pair may remain inside the lower half of the large $116 to $210 range.
Alternatively, a break and close above $164 will suggest that the pair could move to $190 and after that to the resistance of the range at $210.
XRP Price Analysis
The bulls have failed to push XRP above the $0.60 resistance, but a positive sign is that they have not allowed the price to dip below the moving averages.
XRP/USDT daily chart. Source: TradingView
That increases the possibility of an upside breakout. If that happens, the XRP/USDT pair could rise to $0.64. Buyers may hit a solid barrier at $0.64, but if they bulldoze their way through, the pair could soar to $0.74.
Conversely, if the price turns down and breaks below the moving averages, it will suggest that the bulls have given up. The pair could then slide to the uptrend line and below it to $0.50.
Dogecoin (DOGE) Price Analysis
Dogecoin turned up sharply from the 20-day EMA ($0.11) on Sept. 26 and rose above the nearest resistance.
DOGE/USDT daily chart. Source: TradingView
That cleared the path for a possible rally to $0.14. The bears will try to stall the up move at $0.14, but if the bulls pierce the resistance, the rally could continue its northward march to $0.18.
The moving averages are the critical support to watch out for on the downside. A break and close below the moving averages will signal that the bears are back in the game. The DOGE/USDT pair may then slump to $0.09.
Toncoin (TON) Price Analysis
Toncoin’s tight consolidation between the moving averages ended with a range expansion to the upside on Sept. 27.
TON/USDT daily chart. Source: TradingView
If buyers sustain the price above $6, the TON/USDT pair could accelerate to $7. The bears are expected to mount a strong defense at $7, but if the bulls do not cede ground to the bears, the up move may stretch to $8.29.
This optimistic view will be negated in the near term if the price turns down sharply and plummets below the 20-day EMA ($5.63). The pair could then descend to the crucial support at $4.44.
Cardano (ADA) Price Analysis
Cardano broke above the $0.40 overhead resistance on Sept. 27. If the price closes above $0.40, it will complete a double bottom pattern.
ADA/USDT daily chart. Source: TradingView
The target objective of the reversal pattern is $0.49, but the bulls are likely to face stiff resistance at $0.45. If the price turns down from $0.45, but rebounds off $0.40, it will signal a change in sentiment from selling on rallies to buying on dips. That will improve the prospects of a rally to $0.49.
Instead, if the price fails to maintain above $0.40, it will suggest that the markets have rejected the breakout. A break below the 20-day EMA ($0.36) will indicate that the ADA/USDT pair may swing between $0.31 and $0.40 for some time.
Avalanche (AVAX) Price Analysis
Avalanche’s tight consolidation near the breakdown level of $29 resolved to the upside on Sept. 26.
AVAX/USDT daily chart. Source: TradingView
If buyers sustain the price above $29, the AVAX/USDT pair could rise to $33, which may act as a minor resistance. However, if bulls do not allow the price to dip back below $29, the possibility of a rally to $42 increases.
If bears want to prevent the upside, they will have to swiftly drag the price back below $29. If they do that, the aggressive bulls may get trapped. The selling could increase if the 20-day EMA ($26.35) level cracks.
Shiba Inu (SHIB) Price Analysis
Shiba Inu gained momentum after crossing above the immediate resistance of $0.000016 on Sept. 26.
SHIB/USDT daily chart. Source: TradingView
The SHIB/USDT pair continued its journey higher and broke above the breakdown level of $0.000020 on Sept. 27. If bulls can achieve a close above $0.000020, the pair could extend its rally toward $0.000029.
Contrary to this assumption, if the price turns down sharply from the current level, it will suggest selling on rallies. A break below $0.000018 will suggest a range-bound action between $0.000012 and $0.000022 for a few days.
