Bitcoin price rise through $68K adds strength to SOL, DOGE, RUNE and BGB.

Bitcoin (BTC) is down just over 2% this week, but it’s a positive sign that buyers haven’t allowed the price to stay below $65,000. This started a recovery, pushing Bitcoin above $67,500 on October 27. Kraken analysts believe that Bitcoin’s “trend should remain constructive” as long as Bitcoin remains above $66,500.

However, not everyone is optimistic about Bitcoin’s prospects in the near term. Crypto analyst Luca said in a post that Bitcoin could witness “another flush to 60,000” before a local bottom is confirmed.

Several analysts are predicting a rebound in altcoin season after Bitcoin’s dominance reaches 60%. Anonymous cryptocurrency trader Willy Woo posted on

Could Bitcoin rising above $70,000 create a short-term altcoin buying opportunity? Let’s take a look at the top five cryptocurrencies that are showing strength on the charts.

Bitcoin Price Analysis

Sellers attempted to push Bitcoin below the 20-day exponential moving average ($66,201) on October 25, but the bulls held on. This means sentiment is still positive and traders are buying dips.

Buyers would need to push the price above $69,550 to signal the resumption of an upward move towards the upper end of the $73,777 range. There is resistance at $70,000, but it is likely to break above. The BTC/USDT pair could reach $72,000, where the bulls are expected to face significant resistance from the bears.

The downside is that it takes the upper hand when the downtrend reverses and closes below $65,000. If that happens, the pair could fall towards the 50-day simple moving average ($63,259) and later towards the important support at $60,000.

On the 4-hour chart, the moving averages have flattened out and the Relative Strength Index (RSI) is just above the midpoint, indicating a balance between supply and demand.

Buyers need to push the price above the downtrend line to signal strength. The pair could then rise to $70,000. Conversely, a close below $66,500 would favor the bears. The pair could then fall to $65,000, which is still an essential level to watch out for. If this support breaks, the pair could plummet to $62,000.

Solana Price Analysis

Solana (SOL) broke the ascending triangle pattern on October 20th, and the bulls successfully passed the retest of the breakout level on October 25th.

Rising moving averages and RSI above 65 show that the bulls are in control. There is some resistance at $179, but a break above this level could lead to a rebound of the SOL/USDT pair towards $189. Sellers are expected to strongly defend the $189 level. Because if the $189 level is broken, the next stop point could be $210.

If bears want to stop the advance, they will need to quickly pull the price below the 20-day EMA ($161). That could push the pair down to its 50-day SMA ($148).

The uptrend has pushed the price above the 20-EMA, but the negative divergence in RSI suggests a slowdown in momentum. Bears will try to halt the recovery at $179. If the price breaks from the overhead resistance and falls below the 20-EMA, it is a sign that the bears are active at higher levels. The pair could then retest the $164 support.

Instead, if the bulls break the $179 resistance level, it would signal the resumption of the uptrend. The pair could rise to $189.

Dogecoin Token Price Analysis

Dogecoin (DOGE) broke a symmetrical triangle pattern on October 18th, and bulls successfully defended the decline to the breakout level on October 25th.

The 20-day EMA ($0.13) is bullish and the RSI is in positive territory, indicating that the bulls are under control. Buyers could gain further strength if the price holds above $0.15 resistance. That could cause the DOGE/USDT pair to surge to $0.17 and later to $0.19.

Conversely, if the price falls from the current level or overhead resistance and re-enters the triangle, it means that the market has refused to break out. The pair may fall towards its 50-day SMA ($0.11).

Buyers pushed the price above the resistance line of the descending channel pattern, indicating a potential trend change in the near term. Next we will try to rally above the overhead resistance of $0.15.

20-EMA is an important support level to watch out for on the downside. If the price declines and falls below the 20-EMA, it suggests that the channel breakout may have been a bulltrap. The pair could then fall to the channel’s support level.

relevant: 3 signs that Ethereum price is ready to rebound towards $6,000

THORChain Price Analysis

THORChain (RUNE) formed a symmetrical triangle that typically behaves as a continuous pattern. Typically, trends that existed before the pattern was formed will resume after the pattern is broken.

The rising 20-day EMA ($5.04) and the RSI just above the midpoint indicate some upside for the bulls. A breakout and close above the triangle signals the beginning of the next leg of the uptrend. The RUNE/USDT pair may rise to $5.71 and then move up to the pattern target of $6.76.

This positive view is invalidated in the short term if the price declines and falls below the triangle. The pair may fall to $4.42 and then to $3.80.

The bulls have pushed the price above the moving averages and the RSI has risen into positive territory, indicating that the bulls are gaining the upper hand. The price may reach the resistance level which is expected to pose a strong challenge to the downside. However, if the bulls win, the pair could begin a new upward move.

Conversely, if the price drops sharply from the resistance level, it is a sign that the pair may remain within the triangle for some time longer. If the pair falls below the support line, the bears will be in control.

Bitget Token Price Analysis

Bitget Token (BGB) has been rising gradually over the past few days, indicating that the bulls are in control.

The price broke from the overhead resistance of $1.22 on October 24, but the bulls did not allow the price to fall below the 20-day EMA ($1.12). Buyers will again attempt to push the price above the overhead resistance line. If successful, the BGB/USDT pair could rise to $1.34 and later $1.43.

This bullish view will be invalidated if the price declines and falls below the 20-day EMA. When that happens, it will be a sign that the bulls are taking profits. Afterwards, the pair may fall towards its 50-day SMA ($1.03).

The 20-EMA is flattening and the RSI is just below the midpoint on the 4-hour chart, indicating range-limiting action is possible in the near term. If the price slips below the 50-SMA, the pair could fall to $1.14. A strong bounce from the $1.14 level would send a buy signal at lower levels. For some time, the currency pair may fluctuate between $1.14 and $1.21.

Contrary to this assumption, a drop below $1.14 would indicate that the bears are back in the game. The price may fall to $1.12 and later to $1.09.