Key points:
Bitcoin is struggling to reach the $84,000 level, but a minor positive is that the bulls have not allowed the price to skid to the $76,000 support.Select major altcoins have turned down from their overhead resistance levels, indicating that the bears remain in control.
Bitcoin’s (BTC) recovery above $82,000 on Thursday was short-lived, as bears sold at higher levels and pulled the price back to the $79,000 level. Glassnode said in its Week On-chain report that several investors bought BTC between November 2025 and February near the $86,900 level. These holders may sell near their entry price after experiencing large drawdowns, creating a barrier for BTC’s continued rally.
Another negative view came from crypto analytics firm CryptoQuant, which said in a recent report that BTC has hit its major resistance at the 200-day moving average near $82,400. In 2022, BTC had resumed its downtrend after failing to cross above the 200-day SMA. BTC may get into trouble if history repeats itself.
In a bear phase, it is not uncommon for the price to hit a wall at the major resistance and pull back. However, a positive sign in favor of the bulls is that they have not allowed the price to dip back below the short-term breakout level of $76,000. That suggests the bulls are not hurrying to close their positions as they anticipate another leg higher.
Could BTC and the major altcoins hold on to their support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC rebounded off the 20-day exponential moving average ($79,251) on Thursday, but the bears sold the relief rally.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The BTC price has dipped back to the 20-day EMA, which is a crucial level for the bulls to defend if they want to retain the advantage. If the price turns up from the 20-day EMA with force, the bulls will again strive to push the BTC/USDT pair to $84,000. A break and close above $84,000 clears the path for a rally to $92,000.
On the contrary, if the price sustains below the 20-day EMA, it suggests that the bears are attempting a comeback. The…
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