If Bitcoin rises above $62,000, APT, WIF, FTM, and BGB may move higher.

Bitcoin (BTC) is about to end the week above $62,500, well above its intraweek low of $60,000. This means buying at low levels. October, typically the strongest month of the year, is off to a slow start, but analysts expect things to improve going forward.

One positive note for the cryptocurrency market is that CME Group’s FedWatch tool estimates the odds of the Federal Reserve cutting interest rates by 25 basis points at its November 7 meeting at 97%. There are expectations that interest rate cuts will strengthen risk sentiment.

Another possible trigger for a recovery could be a decline in Bitcoin held on centralized exchanges. Centralized exchanges hold more than 2.8 million bitcoins, the lowest number since November 2018, according to CryptoQuant data. Reduced balances reduce available liquidity, and when this occurs, it sometimes results in bullish price movements.

Could Bitcoin’s recovery serve as a catalyst for an altcoin recovery? Let’s take a look at the top five cryptocurrencies that are showing strength on the charts.

Bitcoin Price Analysis

Bitcoin bounced off the 50-day simple moving average ($60,589) on October 4, indicating that bulls are trying to make higher lows.

If buyers hold the price above the 20-day exponential moving average ($62,237), momentum could strengthen and the BTC/UDST pair could jump to $66,500. This level could attract sellers, but if buyers push, the rally could extend to $70,000.

If we want to stop the downtrend, we need to get the price below the 50-day SMA quickly. If they do so, the pair could plummet to $57,500 and later to the important support at $54,000.

The bulls successfully defended the 20-EMA on the 4-hour chart. The Relative Strength Index (RSI) has jumped into positive territory, indicating that momentum has turned positive. If the price closes above the 50-SMA, the chances of an increase towards $65,000 increase.

Conversely, if the price declines and falls below the 20-EMA, it means that the bears have not given up. The pair could then fall to the psychologically important level of $60,000. If this support is broken, the pair could fall towards $57,500 and later towards the essential support at $54,000.

Aptos price analysis

Aptos (APT) broke through the inverse head and shoulders pattern on September 21st and successfully retested the breakout level on October 2nd.

The 20-day EMA ($7.89) is starting to rise and the RSI is in positive territory, indicating that the bulls have the upper hand. The APT/USDT pair will then attempt to move up to the pattern target of $11.

This optimistic view will be invalidated in the near term if the price declines and falls below $7.65. Such a move would suggest it was a fake breakout. The pair could then fall to $5.66.

The price has retreated to the 20-EMA on the 4-hour chart, which is an important level for bulls to defend. If the price rebounds from the 20-EMA and breaks above $9.32, it is a sign that the trend has turned positive.

Conversely, if the price declines and falls below the 20-EMA, it means the bulls are taking profits. The pair may decline towards the 50-SMA and thereafter towards a breakout level of $7.65. This level is expected to induce solid buying by bulls.

Dogwifhat Price Analysis

The bears are fiercely defending the downtrend line for Dogwifhat (WIF), but the bulls are not allowing the price to fall below the 20-day EMA ($2.09), which is a positive sign.

Both moving averages have started to rise and the RSI is in positive territory, indicating that the bulls have the upper hand. Buyers should keep the price above the downtrend line to signal a potential trend change. Bears will try to stop the advance in the $2.64-$2.89 area, but if bulls prevail, the rally could reach $3.50.

Contrary to this assumption, if the price declines and falls below the 20-day EMA, it would be a sign that the bulls have given up. The WIF/USDT pair could then fall to its 50-day SMA ($1.77).

The 4-hour chart shows the formation of an ascending triangle pattern with a target price of $2.93. Buyers bought into the breakout level of $2 and the price moved above the immediate resistance of $2.40. The pair could rise to $2.60, which is expected to act as strong resistance.

On the downside, a break and close below $2 would be a sign that the bears are back in the game. The pair may then fall towards the rising trend line of the ascending triangle.

relevant: Realizes Bitcoin Price Rejection Hints BTC Price ‘Weakening’ — Analyst

Phantom Price Analysis

Phantom (FTM) broke above $0.55 on September 17, completing an inverted head and shoulders pattern. Typically, when the price moves out of an important level, there is a tendency to retest the level.

The bulls are trying to prevent a correction at the 20-day EMA ($0.62). If the price rises above $0.70, it is a sign that the upward movement is resuming. The FTM/USDT pair may rise to the pattern target of $0.83 and eventually rise to $0.93.

This positive view will be invalidated in the near term if the price declines and falls below the $0.55 breakout level. If that happens, it would mean that the market has refused to break through.

The bulls are trying to form a local bottom at $0.58. A price rise above the 50-SMA indicates solid demand at lower levels. The pair may start its trip to $0.76 and later go all the way to $0.83.

Instead, if the price falls from the 50-SMA, it would be a sign that the bears are trying to take control. The pair may fall to $0.60 and then to $0.55. Breakouts and closes below this level will tilt the price in favor of the downside.

Bitget Token Price Analysis

Bitget Token (BGB) formed a series of lows and highs, signaling the beginning of a strong recovery.

The 20-day EMA ($0.99) is starting to rise and the RSI is in positive territory, indicating that the bulls have the upper hand. If buyers push the price above $1.08, the BGB/USDT pair could rise to $1.14 and then to $1.22.

Contrary to this assumption, if the price declines from $1.08 and falls below $1.02, weakness indicates continued activity at higher levels. The pair may then slide towards an upward trend line.

If you look at the 4-hour chart, you can see a break from the resistance line of the rising channel pattern, which indicates that the bears are continuing to sell the rally. When the price falls below the moving average, it signals that the pair could remain inside the channel for some time.

Conversely, if the price rises from the current level or the 20-EMA, bulls will try to rise above the resistance again. If successful, momentum could strengthen and surge to $1.22.