Crypto Market Sentiment Rekindles as Bitcoin Breaks $65,000, Altcoins SurgeBitcoin's surge past $65,000, fueled by strong buying from US spot Bitcoin exchange-traded funds (ETFs), is giving traders confidence that the bull market is back in full swing. On Sept
Crypto Market Sentiment Rekindles as Bitcoin Breaks $65,000, Altcoins Surge
Bitcoin's surge past $65,000, fueled by strong buying from US spot Bitcoin exchange-traded funds (ETFs), is giving traders confidence that the bull market is back in full swing. On Sept. 27, Bitcoin prices broke through $66,000, hinting at a run towards the $70,000 mark. According to Farside Investors, Bitcoin's breakthrough of $65,000 on Sept. 26 triggered a wave of purchases from US spot Bitcoin ETFs, leading to a $365.7 million inflow of funds.
This rally is not limited to Bitcoin, with select altcoins also witnessing significant gains from recent lows, indicating a shift to positive sentiment in the crypto industry. Markus Thielen, Head of Research at 10xResearch, noted in a Sept. 27 report: A Q4 rebound is highly probable and the gains may have already started.
Bitcoins climb of 12% in September easily surpassed its best performance in 2016 (6.04%). This is a bullish sign as when Bitcoin rises in September, it has historically tended to perform exceptionally well in Quarter 4, such as in 2015, 2016, and 2023. Will Bitcoin sustain its September momentum, further fueling altcoin purchases? Let's analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
On Sept. 26, Bitcoin formed an outside daily candlestick pattern and broke through the $65,000 resistance level, demonstrating the strength of the bulls over the bears.
If the price manages to hold above $65,000, it will suggest that the bulls have successfully converted the level into support. This might propel the price towards the $70,000 to $73,777 area, but the bulls could face significant overhead selling pressure.
A break and close below $65,000 will indicate waning bullish momentum. If the bears can push the pair below $61,200, it could favor the bears. Such a move would suggest that breaking through $65,000 was just a bull trap.
Ethereum Price Analysis
Ethereum (ETH) is trading at $2,691.97. It pulled back from the resistance line on Sept. 23, but found support at the moving average line, indicating a potential buying opportunity.
The 20-day exponential moving average (EMA) at $2,529 is sloping upwards, and the Relative Strength Index (RSI) is in positive territory, suggesting that buyers are in control. If the bulls manage to push and sustain the price above the resistance line, the ETH/USDT pair will complete a symmetrical triangle breakout. The pattern target for this setup is $3,409.
However, sellers may also have plans. They will try to defend the area between the resistance line and $2,850. If the price plunges from the overhead area and breaks down below the moving averages, it suggests that the price will oscillate between $2,111 and $2,850 for a while.
BNB Price Analysis
BNB is trading at $609.79. It dipped from $616 on Sept. 23, but the bears failed to push the price below the 20-day EMA at $570.
This suggests that buyers are buying on dips. The bulls will aim to push the price back to $635, which could be a challenging obstacle.
If the price plunges from $635 and breaks below the moving average, it suggests that the BNB/USDT pair may continue to remain within this range. Conversely, if the buyers do not give up too much ground from $635, it will raise prospects of a breakout. The pair could then rally to $722.
Solana Price Analysis
Solana (SOL) is trading at $158.43. It has been gradually climbing towards overhead resistance at $164, indicating strong bullish demand.
Sellers have thwarted the two previous rebound attempts at $164, so they will try to do the same again.
If the price plunges from overhead resistance and breaks below the 20-day EMA at $144, it suggests that the SOL/USDT pair may remain in the lower half of the $116 to $210 range.
Alternatively, a break and close above $164 will suggest that the pair could surge to $190 before facing range resistance at $210.
XRP Price Analysis
The bulls failed to push the XRP (XRP) price above the $0.5889 to $0.60 resistance zone, but the positive sign is that they did not let it break below the moving average.
This increases the likelihood of a breakout to the upside. If this happens, the XRP/USDT pair could climb to $0.64. Buyers may encounter a strong obstacle at $0.64, but if they push through, the pair could surge to $0.74.
Conversely, if the price dips and breaks down below the moving average, it indicates that the bulls have given up. The pair could then slide toward the ascending trendline and break below it to $0.50.
Dogecoin Price Analysis
Dogecoin (DOGE) is trading at $0.1248. It jumped sharply from the 20-day EMA at $0.11 on Sept. 26 and broke through the recent resistance level.
This paves the way for a possible rally to $0.14. The bears will try to stop the rise to $0.14, but if the bulls breakout of resistance, the rally could continue northward to $0.18.
The moving average is a key support to watch on the downside. A break and close below the moving average will indicate that the bears are back in play. The DOGE/USDT pair could then fall to $0.09.
Toncoin Price Analysis
Toncoin (TON) is trading at $5.98. The tight consolidation between the moving average lines ended on Sept. 27, with the range expanding to the upside.
If the buyers can sustain the price above $6, the TON/USDT pair could accelerate towards $7.
The bears are expected to mount a strong defense at $7, but if the bulls don't give way to the bears, the uptrend could extend to $8.29.
This optimistic outlook will be invalidated in the short term if the price plunges and breaks below the 20-day EMA at $5.63. The pair could then fall to a critical support level at $4.44.
Cardano Price Analysis
Cardano (ADA) is trading at $0.3997. On Sept. 27, it broke above the overhead resistance level at $0.40. A close above $0.40 will complete a double bottom pattern.
The target price for the reversal pattern is $0.49, but the bulls could face strong resistance at $0.45.
If the price dips from $0.45 but rebounds from $0.40, it suggests a shift in sentiment from selling on rallies to buying on dips. This will improve the odds of a rally towards $0.49.
Conversely, if the price fails to hold above $0.40, it suggests that the market is rejecting the breakout. A break below the 20-day EMA at $0.36 will suggest that the ADA/USDT pair could oscillate between $0.31 and $0.40 for a while.
Avalanche Price Analysis
Avalanche (AVAX) is trading at $29.88. It consolidated tightly near the $29 dip level and moved up on Sept. 26.
If the buyers can sustain the price above $29, the AVAX/USDT pair could rise to $33, which could be a minor obstacle.
However, if the bulls do not let the price fall back below $29, the chances of a rally to $42 will increase.
If the bears want to stop the upside, they will have to quickly pull the price back below $29. If they do, the aggressive bulls could get caught in the crossfire.
A break below the 20-day EMA ($26.35) could amplify selling.
ShibaInu Price Analysis
Shiba Inu (SHIB) is trading at $0.0000205.
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