Key Points:
Buyers must push Bitcoin above $94,589 to open the door for a retest of the psychological level of $100,000.
Ethereum is showing strength, but several other major altcoins are still struggling to maintain their rebounds.
Bitcoin (BTC) fell back from $94,589 on Tuesday, but bulls are working hard to keep the price above $92,000. Market participants will closely watch Federal Reserve Chairman Powell's press conference on Wednesday, as well as the dot plot of interest rate expectations from Fed officials.
While some analysts believe the bottom has been reached, others think the current rebound is merely a "dead cat bounce" that is likely to be pushed back by selling pressure. Anonymous analyst Colin Talks Crypto stated in a post on X that BTC could drop to the $74,000—$77,000 range.
The short-term uncertainty in BTC price movements has not stopped Michael Saylor's Strategy from continuing to expand its Bitcoin reserves. Strategy purchased 10,624 BTC last week at an average price of $90,615, totaling approximately $96,270,000. This increased Strategy's total Bitcoin holdings to 660,624 BTC, with an average purchase price of $74,696.
What key support levels should be watched in BTC and major altcoins? Let's analyze the charts of the top ten cryptocurrencies to find out.
BTC closed above the 20-day Exponential Moving Average (EMA) ($91,583) on Tuesday, but bulls failed to maintain the price above the resistance level of $94,15.
If Bitcoin's price rebounds from the 20-day EMA and closes above $94,589, it could trigger a rally towards the breakdown level of $100,000. Sellers are expected to defend the $100,000 level vigorously, as a close above this level could see BTC/USDT soar to $107,000. This move would indicate that the correction phase may have ended.
Conversely, if the price sharply declines and falls below $87,719, it would indicate that bears continue to sell during the rebound. At that point, the trading pair could drop to $83,822.
Ethereum's rebound has reached the breakdown level of $3,350, showing solid buying interest at lower levels.
The 20-day EMA ($3,116) has started to trend upward, and the Relative Strength Index (RSI) is in the positive range, indicating that bulls are attempting to mount a comeback. If it closes above $3,350, it will pave the way for a rebound to $3,659, followed by $3,918.
Sellers must pull Ethereum's price back below the 20-day EMA to maintain their advantage. If they succeed, it would mean that the $3,350 level has turned into a resistance level. At that point, ETH/USDT could drop to $2,716.
Ripple (XRP) has been trading below the 20-day EMA ($2.12) for the past few days, but bears have failed to push the price below the support line of the descending channel pattern.
Bulls will attempt to strengthen their position by pushing the price above the 20-day EMA. If successful, XRP could rise to the 50-day Simple Moving Average (SMA) ($2.26) and then further challenge the descending trend line.
Conversely, if XRP's price falls back and drops below $1.98, it would indicate that bears still dominate. The trading pair could then slide to the support line of the channel and further down to the $1.61 level.
BNB (BNB) is experiencing a fierce battle between bulls and bears near the 20-day EMA ($894).
The 20-day EMA is flattening, and the RSI is slightly below the midpoint, indicating a balance between supply and demand. BNB may fluctuate within the range of $791 to $1,020 for a few days.
Bulls need to push BNB's price above $1,020 to indicate that the correction phase may be over. Subsequently, the trading pair could attempt to rise to $1,182. Conversely, if it falls below $791, it could drop to $730.
Buyers are trying to keep Solana (SOL) above the 20-day EMA ($138), but bears are still holding their ground.
The 20-day EMA is flattening, and the RSI is slightly below the midpoint, indicating that bearish momentum is weakening. If bulls break through the 20-day EMA resistance, SOL could rise to the 50-day SMA ($154) and then further to $172.
Conversely, if it falls below and closes under the support of $126, it would signal the resumption of the downtrend. Solana's price could drop to $110 and eventually reach the solid support level of $95.
Buyers have successfully defended Dogecoin (DOGE) at the $0.14 support level, but they are still struggling to keep the price above the 20-day EMA ($0.15).
If the price sharply falls back from the 20-day EMA and drops below $0.14, it would indicate that bears still dominate. At that point, Dogecoin's price could plummet to the low of $0.10 on October 10.
On the other hand, if buyers push the price above the 20-day EMA, the DOGE trading pair could rise to the 50-day SMA ($0.16). This is a key level that bears must defend; if broken, it would pave the way for a price rebound to $0.21.
Cardano (ADA) broke above the 20-day EMA ($0.44) on Tuesday, indicating that selling pressure is weakening.
Bulls will attempt to initiate a comeback by pushing Cardano's price up to the 50-day SMA ($0.51). If successful, the ADA/USDT trading pair could rise to $0.60 and then further to $0.70.
Conversely, if the price sharply falls back from the breakdown level of $0.50 and drops below the 20-day EMA, it would indicate that bears have turned that level into a resistance level. At that point, the trading pair could drop to the $0.37 level.
Bitcoin Cash (BCH) fell back from the resistance level of $607 on Monday, indicating that buying interest at higher prices is fading.
Bears are trying to pull Bitcoin Cash (BCH) below the 20-day EMA ($556). If successful, the BCH/USDT trading pair could slide to the 50-day Simple Moving Average (SMA) ($528) and then possibly down to $508.
Buyers need to defend the 20-day EMA and push the price above the $607 level to maintain their advantage. If successful, the trading pair could rise to $615 and then further to $651, at which point bears are expected to re-enter.
Chainlink (LINK) faced selling pressure at the 50-day Simple Moving Average (SMA) ($14.84), indicating that bears are active at higher levels.
Bulls are expected to defend the 20-day EMA ($13.79) during the price decline, as a drop below this level could see the LINK/USDT trading pair drop to the critical support level of $10.94.
If the price rebounds from the 20-day EMA, the likelihood of breaking above the 50-day SMA will increase. Once this occurs, Chainlink's price could gain upward momentum, first reaching $16.90 and then further to $19.06. This indicates that the trading pair may remain within a broad range of $10.94 to $27 for some time.
Hyperliquid (HYPE) closed below the support level of $29.37 on Tuesday, but lower prices are attracting buying interest.
The Relative Strength Index (RSI) shows early signs of forming a bullish divergence, indicating that selling pressure is weakening. If buyers push the price above the 20-day EMA ($32.53), the HYPE/USDT trading pair is expected to gain upward momentum.
On the other hand, if Hyperliquid's price falls back from the current level or the 20-day EMA, it would indicate that bears are still selling during the rebound. This increases the risk of the price dropping to the low of $20.82 on October 10.
Related: Shorting the decline or buying the rise? FOMC results reveal the truth about Bitcoin (BTC) price movements
Original: “Price Predictions: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, BCH, LINK, HYPE”
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