Key points:
Bitcoin soared above $76,000, opening the doors for a further rally toward $84,000.
Several major altcoins are showing strength, signaling broad-based buying by the bulls.
Bitcoin (BTC) skyrocketed above the $76,000 resistance on Friday after Iran’s foreign minister said that the Strait of Hormuz will remain open for the remainder of the ceasefire between the US, Israel and Iran.
Another positive sign for the bulls is that BTC’s rise has been supported by solid accumulation by the whales. According to CryptoQuant data, BTC whales holding more than 1,000 BTC have added about 270,000 coins in the past 30 days, the largest buying spree since 2013.
However, some analysts remain skeptical about BTC’s advance. Glassnode said in its latest Week Onchain newsletter that the current recovery has more legs to it, but is likely to face selling pressure at the True Market Mean at $78,100. Buyers will have to sustain the price above $78,100 on a mid-term basis to create a “structural shift toward a bull market.”
Crypto market data daily view. Source: TradingView
Another cautious view came from trading resource Material Indicators. In a video posted on X, Material Indicators said that BTC will have to cross the yearly open at $87,500 and the 50-week moving average near $97,000, and the relative strength index has to close above the 41 level on the weekly time frame to confirm that a bull market has returned.
Could BTC and select major altcoins sustain above their overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC surged above the $78,000 level on Friday, its highest level in ten weeks, indicating sustained buying by the bulls.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping 20-day exponential moving average ($72,136) and the RSI near the overbought zone indicate that the bulls are attempting to seize control. A close above the $76,000 level will complete a bullish ascending triangle pattern, opening the door to a rally to $84,000, then to the pattern target of $92,000.
The moving averages are critical support levels…
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