Bitcoin (BTC) is struggling to hold the psychological level of $60,000, indicating that bears are operating at higher levels. However, analysts do not seem to be worried. Capriole Investments founder Charles Edwards wrote in a post on X that Bitcoin “looks promising” but it will take time for it to resume its uptrend as it is three months behind gold.
According to Nathan Thompson, Senior Technical Writer at Bybit, Bitcoin is only in the second phase of its bull cycle. According to a report shared with Cointelegraph by Bybit and BlockScholes, if Bitcoin follows the previous cycle’s low-to-high ratio, the bullish trend could continue until Q3 2025.
Aside from the Bitcoin rally, several traders are eagerly awaiting the start of alt season. BitMEX co-founder Arthur Hayes said in a research note that alt season will only begin when Bitcoin breaks $70,000 and Ether (ETH) breaks $4,000.
Could Bitcoin break above overhead resistance and send altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin bulls tried to push the price above the moving average on August 14, but bears held on.
The bears will try to strengthen their position and push the BTC/USDT pair down to the important support level of $55,724. This level is likely to attract solid buying from the bulls. If the price bounces from $55,724, the bulls will try to push the pair back above the moving averages. If successful, the pair could start a rally towards $70,000. The bears are expected to fiercely defend the area between $70,000 and $73,777.
On the downside, a break and close below $55,724 could signal the start of a deeper correction, which could send the pair crashing to $49,000.
Ether Price Analysis
Ether (ETH) continued its upward trend but showed hesitation to buy at higher levels as it failed to retest the $2,850 downtrend level.
The ETH/USDT pair is likely to see a fierce battle near $2,850. A sharp decline from $2,850 would signal that the bears are about to turn to resistance. The pair could drop to $2,500 and then to $2,300.
Conversely, if buyers push the price above $2,850, it would suggest that the market has rejected the lower levels. The pair could then attempt a rally towards the 50-day SMA ($3,118), which would likely attract sellers.
BNB Price Analysis
BNB (BNB) rose from $499 on August 12, indicating that investors are looking to form a higher low.
The bulls will gain strength if they push the price above the 20-day exponential moving average ($528). Then, the BNB/USDT pair may reach the downtrend line, which is likely to act as a strong resistance. If the price returns from the downtrend line, the bears will try to push the pair back below $495. Then, the next stop is likely to be $460.
Conversely, a breakout and close above the downtrend line suggests that selling pressure is decreasing. The pair may rally to $605 and then $635.
Solana Price Analysis
Solana (SOL) has been stuck in a wide range between $116 and $210 for several months, which is a signal to buy on dips and sell on rises.
The bulls are trying to form a higher low at $141, but are having difficulty pushing the price above the 20-day EMA ($153). If the price turns down from the 20-day EMA and falls below $141, selling pressure could increase, and the SOL/USDT pair could crash to $130.
Instead, if the price rises and breaks above the 20-day EMA, it suggests that the bulls are attempting a comeback. There is some resistance at $164, but if it breaks above this level, the rally could reach $189.
XRP Price Analysis
The bulls are trying to keep XRP (XRP) above the 20-day EMA ($0.57), suggesting a buy on the decline.
The flat 20-day EMA and the RSI near the midpoint do not give a clear advantage to either bulls or bears. If the price stays above the 20-day EMA, the XRP/USDT pair could retest the $0.64 resistance. A break and close above this resistance could open a rally to $0.74.
The 50-day SMA ($0.54) is an important support level to watch on the downside. If it breaks, the pair could fall to $0.46.
Dogecoin Price Analysis
Dogecoin (DOGE) has been trading below the 20-day EMA ($0.11) for the past few days, but the downtrend has failed to push the price below $0.09, suggesting lower levels of demand.
The bulls will try to strengthen their position by pushing the price above the 20-day EMA. If they do, the DOGE/USDT pair will likely rally to the downtrend line. This is a key level for the bears to defend, as a break above it would signal the end of the downtrend.
On the other hand, if the price declines from the current level or the downtrend line, it is a signal that the currency pair may remain within the falling wedge pattern for the time being.
Toncoin Price Analysis
TON Coin (TON) rose from $6.05 on August 12, indicating that market sentiment has turned positive and bulls are starting to buy in the slight downtrend.
The momentum picked up after buyers pushed the price back above the 20-day EMA ($6.44) on August 13. A close above the 50-day SMA ($6.94) would see a rally to $7.65 and then $8.29. Sellers are expected to mount a strong challenge at $8.29.
If the TON/USDT pair breaks below current levels or overhead resistance, it will signal that range-bound action may continue for a few more days. A break below the $6 support will be favorable for the bears.
relevant: Bitcoin Price Plunges 5% as Low-Inflation Rate Rejects Printing
Cardano Price Analysis
Cardano (ADA) is attempting a pullback, but the bulls’ inability to push the price up to the 20-day EMA ($0.36) shows a lack of demand at higher levels.
If the price declines from current levels and falls below $0.31, it suggests that the bears have gained the upper hand. Then, the ADA/USDT pair may crash towards the important support level of $0.24.
Conversely, if buyers push the price above the moving average, it will indicate that a strong recovery to the downtrend line has begun. Buyers will need to overcome this barrier to signal the start of a new uptrend.
Avalanche Price Analysis
Bulls are struggling to push Avalanche (AVAX) above the $21.80 breakdown level and hold it, suggesting selling in the rally.
If the price declines from current levels or the 20-day EMA ($23.01) and falls below $19.50, it suggests that the bears are in control. The AVAX/USDT pair may plunge to the support line of the descending channel.
On the other hand, if buyers push the price above the 20-day EMA, it signals the start of a stronger recovery. The pair may attempt a move towards the 50-day SMA ($25.82) and then resistance.
Shiba Inu Price Analysis
Shiba Inu (SHIB) broke below the 20-day EMA ($0.000015) on August 11, indicating that bears are selling off the rally.
The positive sign for bulls is that they haven’t given much ground to the bears. This increases the possibility of a rally above the 20-day EMA. The 50-day SMA ($0.000016) could act as a barrier, but it’s likely to be surpassed. Then, the SHIB/USDT pair could attempt a rally to the $0.000020 breakdown level.
Conversely, if the price declines and falls below $0.000012, it will be a signal that the bears are still in control. Then, the pair can fall to $0.000010.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.