Key points:
Bitcoin turned down from the $74,000 level, indicating that the bears remain sellers on rallies.
Several major altcoins are showing strength and are likely to break above their immediate resistance levels.
Bitcoin (BTC) turned down from the $74,000 level, indicating that the bears are vigorously defending the level. Glassnode said in its latest Week On-chain newsletter that BTC is stuck between the realized price (average acquisition cost of all circulating supply) at $54,400 and true market mean (the cost basis of actively transacted coins) at $78,000. Rally attempts are likely to witness rejection at the $78,000 level.
Historical data also does not support a sharp rally in BTC in 2026. Data from Binance Research shows that BTC has seen drawdowns of 56%, 73%, and 64% during the 2014, 2018 and 2022 US midterm election years. However, there is a ray of hope for the bulls as the two years following the midterm elections have seen massive gains in BTC.
Crypto market data daily view. Source: TradingView
Notwithstanding the uncertainty, a positive sign in favor of the bulls is that BTC has emerged as the best performing macro asset since the start of the US and Israel-Iran war. It shows investors are not panicking and dumping their BTC positions. That increases the likelihood of a bottom formation in BTC.
Could buyers propel BTC and select major altcoins above their overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC rallied toward the overhead resistance at $74,508, where the bears are mounting a strong defense.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day exponential moving average ($69,271) has flattened out, and the relative strength index (RSI) has jumped into the positive zone, signaling an advantage to buyers. That increases the possibility of a break above the $74,508 level, completing a bullish ascending triangle pattern. The BTC/USDT pair may then skyrocket to $84,000.
Sellers will have to tug the Bitcoin price below the support line to signal a comeback. If they do that, the pair may collapse to the…
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