Key points:
Buyers are struggling to sustain the BTC rebound, suggesting bears are attempting a comeback.Several major altcoins risk breaking below their support levels, signaling a deeper short-term pullback.
Bitcoin (BTC) rallied above $77,900 on Wednesday, but the long wick on the candlestick shows selling on rallies. On-chain analyst Willy Woo said in a post on X that BTC needs to close above the $79,000 cost basis of recent investors to strengthen the recovery. Woo gave BTC only 30% odds of rising above $79,000 in this attempt.
Another cautious view came from crypto trading account CRYPTOWZRD, who highlighted the risks of downside in June. CRYPTOWZRD said in a post on X that historically BTC has corrected for a few months after a new Federal Reserve chair takes over. With Kevin Warsh slated to take over as the Fed chair in May, could BTC “break the curse,” or will it see a final dip?
Crypto market data daily view. Source: TradingView
Analysts remain divided about BTC’s prospects in the near term. Some analysts believe BTC will breakout to a new all-time high and rally to as high as $250,000 in 2026, while others anticipate a drop below $50,000 to as low as $30,000. Although anything is possible in the cryptocurrency markets, traders should watch crucial support and resistance levels closely rather than becoming overly optimistic or pessimistic based on target projections.
Could BTC and the major altcoins stay above their immediate support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC bounced off the 20-day exponential moving average ($75,478) on Wednesday, but the bulls could not sustain the higher levels.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA is the critical near-term support to watch out for. If the BTC price rebounds off the 20-day EMA with force and breaks above $80,000, it signals that the bulls have flipped the $76,000 level into support. The BTC/USDT pair may then rally to $84,000.
This positive view will be negated in the near term if the price continues lower and breaks below the 20-day EMA. That…
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