Key points:
Buyers are attempting to push Bitcoin toward the $76,000 level but are facing significant selling from the bears.
Several major altcoins are likely to pick up momentum if they break above their overhead resistance levels.
Buyers are attempting to sustain Bitcoin (BTC) above the $72,500 level but are expected to face significant resistance from the bears. US spot BTC exchange-traded funds have witnessed a mixed week, with two days of inflows and two days of outflows, according to Farside Investors data. However, a positive sign is that the inflows have been larger than the outflows, resulting in weekly net inflows of $576.5 million.
Although there are signs of recovery, Glassnode said in its latest Week Onchain newsletter that BTC will have to cross the True Market Mean at $78,000 and the Short-Term Holder Cost Basis at $81,600 to transition into a sustainable recovery regime. Until then, the “mid to long-term bias remains tilted to the downside” as any rally into the zone is expected to encounter selling pressure from recent buyers who may want to exit their positions at or near breakeven.
Crypto market data daily view. Source: TradingView
Along with BTC, Ether (ETH) may also be bottoming out. The Capriole Macro Index Oscillator recorded a reading of -2.42, signaling undervaluation. In 2022, ETH had bottomed out in the $1,000 to $1,200 range when the indicator fell to -2.2. That suggests limited downside risk and greater upside potential.
Could BTC and select major altcoins continue their relief rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC rose above $73,000, but the bulls could not sustain the higher levels. That suggests the bears are attempting to retain the price below the $72,000 level.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
A positive in favor of the bulls is that the 20-day exponential moving average ($69,587) has started to turn up, and the relative strength index (RSI) has risen into the positive territory. That increases the possibility of a rally to the $76,000 resistance.
Sellers are expected to defend the $76,000…
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