Bitcoin rally to $60,000 has increased trader interest in FET, SUI, AAVE, and INJ.

Bitcoin (BTC) reclaimed the $60,000 level on September 13, marking a solid comeback for the bulls. Bitcoin’s rally of around 10% this week helped buyers turn their September gains into the black.

Next week, investors will be focused on the FOMC meeting scheduled for September 18. CME Group’s FedWatch tool shows a 50% chance of a 50bp rate cut. However, if the Fed cuts rates by 25bp, crypto markets could react to the decline.

Bitcoin’s short-term price volatility hasn’t stopped long-term bulls from buying. MicroStrategy, a business intelligence and software company, announced that it acquired 18,300 bitcoins between August 6 and September 12, at an average price of $60,408 per bitcoin, including fees and commissions. This brought the company’s holdings to 244,800 bitcoins, at an average price of $38,585.

Can Bitcoin sustain above $60,000 to encourage additional buying? Will altcoins follow Bitcoin further? Let’s take a look at the top five cryptocurrencies showing strength on the charts.

Bitcoin Price Analysis

Bitcoin closed above the 50-day simple moving average ($59,693) on September 13, indicating that the market rejected a decline below $55,724.

The 20-day exponential moving average ($58,461) has started to rise, and the relative strength index (RSI) is in positive territory, indicating that bullishness is in the ascendant. If the price finds support at the moving averages, the BTC/USDT pair is likely to rally to $65,000 and then $70,000.

This bullish outlook will be invalidated if the price plunges and falls below the 20-day EMA. The pair could then fall to $55,724. Repeated retests of the support level could weaken it and lead to a drop to $52,500.

The 4-hour chart shows that the bears are trying to stop the recovery near $61,200. If the price declines and falls below the 20-EMA, it would indicate that the bulls have given up. Then the price could fall to the 50-SMA and then to $55,724.

Conversely, if the price bounces off the 20-EMA, it is a signal that every minor dip is being bought. This increases the likelihood of a rally above $61,200, which could take the pair to $65,000.

Fetch.ai Price Analysis

Fetch.ai (FET) is forming an inverse head and shoulders pattern that will complete the breakout and close above $1.51.

If that happens, the FET/USDT pair could start a new uptrend. The pattern target for the bullish reversal setup is $2.32. However, it is unlikely to go up easily as the bears are expected to aggressively defend the $1.86 and $2.20 levels.

Contrary to this assumption, if the price declines from the upper resistance line and breaks below the 20-day EMA ($1.23), we can expect a range-bound movement between $1.51 and $1 over the next few days.

The pair is pulling back to the 20-EMA, indicating that short-term traders are taking profits near $1.51. A break of the 20-EMA suggests that the bulls are rushing for an exit. The pair may slide to the 50-SMA. This is an important level for the bulls to defend, as a break below this level could see the pair fall to $1.

If the bulls want to maintain their advantage, they will have to defend the 20-EMA and push the price quickly above $1.45. If they do, the pair can rally to $1.51.

Sui price analysis

The bulls are trying to break through the lower low and lower high range of SUI, which indicates a change in trend.

The 20-day EMA ($0.92) has started to rise, and the RSI is near the overbought zone, suggesting that the bulls have the upper hand. If buyers push the price above the $1.11-$1.18 resistance zone, the SUI/USDT pair could gain momentum and move up to $1.44.

Conversely, if the price breaks down from the overhead zone, it will suggest that bears are active at higher levels. The pair may then slide to the 20-day EMA and later to the 50-day SMA ($0.84).

Bears are expected to make a strong defense in the $1.11 to $1.18 range. In a downtrend, the 20-EMA is an important support level to watch. If the price bounces off the 20-EMA, there is a greater chance of a break above the overhead range.

Instead, if the price declines and falls below the 20-EMA, it suggests short-term traders are taking profits. Then, the pair may crash to the 50-SMA. If it falls below this support, the pair may fall to $0.86.

relevant: Bitcoin ‘Time Bomb’ Set, Targeting $150K by 2025

Aave Price Analysis

Aave (AAVE) bounced off the 20-day EMA ($135), indicating that sentiment has turned positive and traders are buying the downtrend.

Buyers will try to push the price up to the overhead resistance level of $160. A break and close above $160 will indicate a resumption of the uptrend. The AAVE/USDT pair can rise to $180 and then $200.

This positive outlook will be invalidated in the short term if the price breaks sharply from current levels or overhead resistance and falls below the 20-day EMA. This could potentially lead to a drop to $118.

The 4-hour chart shows that the bulls have stopped the pullback at the 50-SMA, which suggests buying on the downside. There is some resistance at $152, but it is likely to cross. The next stop is $160, where the bears will try to stop the upside move again.

Alternatively, if the price declines from current levels and falls below $137, it suggests that the bears are attempting a comeback. Then, the pair could crash to $131.

Injection price analysis

Injective (INJ) has reached the resistance line of a descending channel pattern, which is likely to act as a strong resistance line.

The moving averages are about to complete a bullish crossover, and the RSI is in positive territory, indicating a bearish trend. A breakout and close above the channel will signal a potential trend change. The INJ/USDT pair could rally to $23 and then $28.

Conversely, if the price breaks down from the resistance line and breaks below the moving average, it suggests that the pair is likely to remain within the channel for a while longer.

The pair is gradually moving towards the resistance line of the channel, which is expected to act as a strong obstacle. If the price falls from the resistance line but bounces back from the 20-EMA, it will be a bullish sign. This will increase the possibility of a break above the channel. The downtrend could again make a strong challenge at $23, but this level is likely to be crossed.

The bears will need to push the price below the 20-EMA to stop the upside, which could lead to the pair sliding towards the 50-SMA.