There was significant excitement surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs). However, the absence of a regulatory green light did not lead to the anticipated bullish trend, prompting traders to secure their gains. This led to a notable decline in Bitcoin’s value, bringing it down to around $41,500.
Recently, some market analysts have adopted a bearish outlook, predicting that Bitcoin could fall to $30,000 or even lower. While the market’s unpredictability makes various scenarios plausible, the $38,000 level is expected to attract the interest of long-term investors.
Over the last few hours, BTC price declined toward $41,700; however, buyers increasingly accumulated BTC near this dip, bringing a solid rebound from the level. Amid Bitcoin’s declining trend and dominance, several altcoins including SUI, TON and APT prices recorded big gains.
Is it possible that the influx of investments into Bitcoin ETFs might counteract the recent downturn in Bitcoin and altcoins? Let’s examine the charts of the top five cryptocurrencies that show potential for superior performance in the short term.
Bitcoin (BTC) Price Analysis
Bitcoin’s price continues to face strong selling pressure from bears near the $43,000. Its inability to maintain a stable level above $43K possibly led short-term traders to secure their profits, triggering a sharp decline toward $41,700. However, buyers successfully rebounded the price from that low and BTC price gained its momentum later. As of writing, BTC price trades at $42,666, declining over 0.5% from yesterday’s rate.
Currently, there’s a robust battle between bulls and bears around the support line. Despite successfully defending the support line at closing, the buyers haven’t been able to initiate a significant recovery, indicating that the bears are persistently applying pressure around $43K.
The 20-day exponential moving average (EMA), now at $43,383, is showing a downward trend, and the relative strength index (RSI) is hovering below the midpoint. These indicators suggest that the bears might be gaining momentum.
Should the price remain below the moving averages, the BTC/USDT pair may fall below $42K again, potentially reaching down to $40,000-$38,000. To reverse the trend, buyers need to push the price from that support zone.
In such a case, BTC price might surge toward its $44,000 resistance level; however, this might come with a minor selling pressure. Overcoming this hurdle might trigger a robust recovery toward the $48K resistance line.
Ethereum (ETH) Price Analysis
Ethereum showed bullish pressure as it rebounded from the 50-day Exponential Moving Average (EMA), priced at $2,473 on the 4-hour price chart. This rebound is a sign of strong support from the buyers at this price level. As of writing, ETH price trades at $2,524, declining over 0.77% from yesterday’s rate.
Currently, the moving averages are trending downward, which typically signals a sellers’ market. However, the Relative Strength Index (RSI) is showing a positive divergence, indicating that the bearish momentum might be losing steam. If the price manages to break and sustain above EMA trend lines, it could pave the way for a retest of the resistance line at $2,750. Surpassing this high could potentially lead to the price reaching $3,000.
On the flip side, the $2,400 level is important. A breach below this level could shift the advantage to the bears, possibly leading to a drop to the support at $2,220.
The ETH price has been fluctuating within the $2,500 to $2,700 range for a while, suggesting a tug-of-war between buyers and sellers.
However, if the price falls below the moving averages, it would imply that the bears are taking advantage of minor price rallies to sell.
Sui (SUI) Price Analysis
Sui price has been on a notable upward trend for several days, consistently buying up minor dips. A slight psychological barrier is anticipated at the $2 mark, where the SUI/USDT pair could experience a pullback. However, if the price remains above $2, it signifies that bulls are converting this level into a support, enhancing the likelihood of reaching a new all-time high for Sui price.
On the other hand, a sharp decline below the EMA20 trend line would indicate active profit-taking by traders, potentially allowing bears to push the pair down towards $1.2. The RSI is currently hovering around an overbought region at level 73, suggesting that a bearish correction is on the edge. As of writing, SUI price trades at $1.4, surging over 6.7% from yesterday’s rate.
Toncoin (TON) Price Analysis
Toncoin briefly surged past its moving averages as buying pressure intensified near the dip of $2, though the bulls failed to sustain this upward trajectory as it failed to break $2.4. Currently, bears are attempting to drive the price below the 20-day EMA ($2.2), a move that could trigger a decline towards the dip of $2.
This scenario may result in the TON/USDT pair fluctuating within the confines of the downtrend line and moving averages. The leveling out of the 20-day EMA and the RSI near the overbought region suggest a bearish correction for TON price. However, this perspective could be negated if the price rebounds from the 20-day EMA and surges above the $2.4-$2.5 resistance zone.
Aptos (APT) Price Analysis
Aptos price witnessed a rebound from the 20-day Exponential Moving Average (EMA) at $9.7 and subsequently managed to surpass the $10 resistance. This movement suggests that the bulls are making a strategic move to trap the aggressive bears. As of writing, APT price trades at $10.1, surging over 4.5% from yesterday’s rate.
Currently, the APT price appears to be stabilizing, while the Relative Strength Index (RSI) trades at 63-level, suggesting a rising buying pressure. These indicators point to an advantage for bulls. Should the price break above $11.1, it might head toward $14.5 quickly. However, this level might attract selling pressure.
On the flip side, if the price rejects $11, it could indicate the bulls’ intent to convert the $11 level into a robust resistance level. In such a case, the pair might consolidate around $8.
Source: https://blockchainreporter.net/crypto-market-price-analysis-today-btc-eth-sui-ton-apt/