Bitcoin (BTC) reclaimed the $72,000 level as bulls attempt to push the price closer to its multi-month range highs. While lower levels are attracting buyers, sustaining the higher levels might pose a challenge.
Coin Bureau founder and market analyst Nic Puckrin told Cointelegraph that for BTC to reach $90,000, the geopolitical tensions must end, bringing oil prices to $80. Additionally, economic data must soften in order to calm investors’ fear that stagflation may hamper the US economy.
Another cautious view came from CoinEx exchange chief analyst Jeff Ko, who told Cointelegraph that the short-term sentiment “remains fragile and heavily macro-driven, especially by oil, the dollar and inflation expectations.” The analyst sounded more confident over the medium term as he does not expect oil prices to remain elevated due to the supply-demand fundamentals.
Crypto market data daily view. Source: TradingView
As far as price levels are concerned, macro analyst Jordi Visser said on the Anthony Pompliano podcast that a sustainable move could begin if BTC trades above $76,000 and Ether (ETH) above $2,400.
Could buyers pierce the overhead resistance in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) gapped up and closed above the 50-day simple moving average (6,761) on Wednesday, indicating that the corrective phase may be over.
SPX daily chart. Source: Cointelegraph/TradingView
The 20-day exponential moving average (6,657) has started to turn up, and the relative strength index (RSI) is in the positive territory, indicating a slight edge to the bulls. Any pullback is expected to find support at the 20-day EMA. If the price remains above the 20-day EMA, the bulls will strive to push the index toward the all-time high of 7,002.
On the contrary, if the price turns down and breaks below the 20-day EMA, it suggests that the bears are selling on rallies. That increases the likelihood of a range formation in the near term.
US Dollar Index price prediction
Sellers are attempting to sink the US Dollar Index (DXY) below the…
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