By Frank Martin (MoneyAmped.com)
Bitcoin climbed 4.2% last week, closing above $86,000. The bulls have now extended the rally to $87,863. As the recovery continues, 10x Research CEO Markus Thielen says that BTC’s reversal indicators are turning positive, signaling an end to the downtrend, which has lasted for over a month.
Still, some analysts believe Bitcoin isn’t out of the woods yet. BitMEX founder Arthur Hayes tweeted on Monday that the coin will likely reverse from $90,000 and head toward $76,000. He’s, however, optimistic that a surge to $110K will happen in the coming months.
Meanwhile, SosoValue data shows that the buyers are back in the market, channeling over $740 million into Bitcoin spot ETFs in the past seven days. However, Ethereum spot ETFs have yet to attract investors. They have lost over $500 million since March 17th.
So, can buyers maintain the pressure and thrust BTC above the $90k resistance? If that’s the case, which major levels on the upside should we monitor? Let’s find out by studying the charts.
Bitcoin Price Analysis
BTC has sustained its price above the 20-day Exponential Moving Average of $85,534 since March 23rd, signaling the bulls’ desire to maintain the advantage. Considering that the Relative Strength Index (55.74) has been rising, buyers will likely dominate over sellers in the short term and attempt to push BTC to the 50-day Simple Moving Average of $90,276.
What’s more, if $90,276 gives way and becomes strong support, we could see BTC, the largest coin by market capitalization, head toward $95,500 and later to $100,030.
Ethereum Price Analysis
The bulls have caused the 20-day Exponential Moving Average of $2,057 to give way, enabling Ethereum to rally to $2,065 as of this writing. If the bullish momentum is sustained, the $2,115.32 breakdown level could collapse, allowing ETH to climb to the 50-day Simple Moving Average of $2,348 and then to $2,550.16.
Meanwhile, the bears must maintain Ether below $2,115.32 to have the upper hand. Achieving this will allow them to pull the coin below $2k, with the support levels of $1,756 and $1,500.04 being their targets.
XRP Price Analysis
XRP has witnessed massive gains in the past three days, thanks to Ripple CEO Brad Garlinghouse, who expressed optimism that the US Securities and Exchange Commission will end its legal battle against the company.
The token has stayed above the 20-day Exponential Moving Average of $2.37 since Friday, improving the odds of a rally to $2.58 and subsequently to $3. However, if buyers fail to maintain momentum, XRP could see its price plunge below $2.37 and move toward the $2.19 support, where we expect solid buying.
BNB Price Analysis
Despite Binance CEO Richard Teng dismissing rumors that the exchange was in talks with Donald Trump to seal a deal that would have seen the US President become a co-own of Binance.US, BNB has continued to rise, crossing the 20-day Exponential Moving Average of $614.94 to trade at $634.
If buying continues, the $643.29 resistance level could give way, enabling the Binance coin to rally toward $687 and later to $740.60. On the bearish side, if $614.94 collapses, BNB could retrace to $592 and even to $570.
Solana Price Analysis
Solana has become among the top performers today after surging 7% in the past 24 hours. It started rallying on Monday when Trump mentioned his official meme coin (TRUMP) on a Truth Social post.
According to data from CoinGecko, SOL is priced at $145.57, above the 20-day Exponential Moving Average of $133.86. The immediate target for the buyers is the 50-day Simple Moving Average of $157.12. Furthermore, if Solana crosses that level, it could rise to the $180.46 resistance. Meanwhile, a dip to $120 is likely if the bulls allow $133.86 to give way.
Cardano Price Analysis
ADA has climbed above the 50-day Simple Moving Average of $0.7573. The buyers are looking to maintain pressure to improve their chances of triggering a rally to $1 after defeating their bears at $0.8346. Conversely, Cardano could witness its price fall to $0.5819 if it drops and closes below $0.7200.
