Market Overview and Key Concerns
Bitcoin's pullback is attempting to find support near $92,000, but bears have maintained pressure. Several crypto analysts have indicated that a US-EU trade war could foster a risk-off sentiment in the markets. This global uncertainty has driven gold and silver to new all-time highs, while Bitcoin has lagged behind. However, network economist Timothy Peterson posits that Bitcoin will eventually mirror gold's rally, suggesting both assets are on a convergent trajectory, albeit via different paths.
While the long-term outlook for Bitcoin appears bullish, the short-term presents a more precarious situation. Trader CrypNuevo has analyzed that Bitcoin could experience downside pressure due to prevailing uncertainty. Critical support levels to monitor include the 2026 yearly open around $87,000 and the range lows at $80,500.
The question remains whether Bitcoin and major altcoins can rebound from their current support levels. An analysis of the charts for the top 10 cryptocurrencies will offer further insight.
S&P 500 Index Price Analysis
The S&P 500 Index (SPX) is encountering selling pressure near the 7,000 level. However, a positive indicator is that bulls have managed to hold their ground against significant bearish advances.
A break below the 20-day exponential moving average, currently at 6,909, would be the first indication of weakness, suggesting that bulls might be taking profits. Buyers are expected to defend the 50-day simple moving average at 6,829; a breach of this level could lead to a deeper correction down to 6,720.
Conversely, if the price experiences a rebound from the moving averages, bulls will likely attempt to resume the uptrend. A strong push above the 7,000 resistance could propel the index towards the 7,290 level.
US Dollar Index Price Analysis
The US Dollar Index (DXY) surpassed the 50-day SMA (98.99) on Tuesday, but higher price levels are attracting sellers.
A decline below the moving averages could result in the index remaining within the range of 97.74 to 100.54 for a period.
In contrast, a strong rebound off the moving averages would signal buying interest on dips. Bulls would then likely attempt to drive the price towards the overhead resistance at 100.54. Sellers are anticipated to strongly defend this 100.54 level, as a close above it would indicate the commencement of a new upward movement.
Bitcoin Price Analysis
Bitcoin's (BTC) pullback has reached the 20-day EMA, which stands at $92,625, representing a critical near-term support level to monitor.
A strong rebound from the 20-day EMA would suggest positive market sentiment, increasing the probability of a breakout above the $97,924 level. Following this, the BTC/USDT pair could potentially rally to $100,000 and subsequently to $107,500.
Conversely, a break and close below the moving averages would indicate that bulls are losing control. In this scenario, the Bitcoin price might fluctuate within the $84,000 to $97,924 range for several days.
Ether Price Analysis
Ether (ETH) continues to be confined within a symmetrical triangle pattern, reflecting indecision regarding its next directional move.
The slightly upward-sloping 20-day EMA at $3,190 and the Relative Strength Index (RSI) near the midpoint do not clearly favor either bulls or bears. If the price closes below the 20-day EMA, the ETH/USDT pair may remain within the triangle pattern.
The advantage would shift to the bulls if the Ether price closes above the resistance line of the triangle. The pair could then advance towards $3,569 and potentially reach $4,000. On the downside, a close below the support line could lead to a drop to $2,623.
XRP Price Analysis
XRP's (XRP) breach below the 50-day SMA at $2 suggests a resurgence of bearish momentum.
Bears are likely to consolidate their position by driving the price towards the strong support zone situated between $1.61 and the support line. A robust rebound from this support zone would indicate that the XRP/USDT pair might continue to trade within its current channel for a further period.
A breakdown below the support line could accelerate the downward movement, potentially causing the pair to fall to the October 10 low of $1.25.
For a potential trend change to be signaled, buyers would need to successfully push the XRP price above the downtrend line.
BNB Price Analysis
Sellers pushed the BNB (BNB) price below the 20-day EMA ($912) on Monday. However, the long lower wick on the candlestick indicates buying activity at lower levels.
Bulls must elevate the BNB price above the $960 level to signal the initiation of an upward move towards the pattern target of $1,066.
Sellers, however, may have alternative strategies. They will likely aim to defend the overhead resistance and pull the BNB/USDT pair below the 50-day SMA ($884). If this occurs, it would suggest that the market has rejected the breakout above the $928 level. The pair could then decline towards the uptrend line and potentially reach $790.
Solana Price Analysis
Solana (SOL) reversed from the $147 resistance and has now reached the 50-day SMA ($132), indicating that bears are active at higher price points.
Both moving averages are showing signs of flattening, and the RSI is positioned just below the midpoint. This suggests that the SOL/USDT pair may continue to consolidate within the $117 to $147 range for a period.
To signal the commencement of a new upward trend, buyers need to drive the Solana price above the $147 level. Subsequently, the pair could rally towards $172. Conversely, a break below $117 could lead to a decline to $95.
Dogecoin Price Analysis
Dogecoin (DOGE) fell below the moving averages on Sunday and reached the $0.12 support on Monday.
The extended lower wick on the candlestick indicates that bulls are defending the $0.12 level. While resistance is present at the moving averages, if bulls overcome this resistance, the DOGE/USDT pair might continue to trade within the $0.12 to $0.16 range for a few more days.
Alternatively, if the Dogecoin price continues to decline or reverses from the moving averages and breaks below $0.12, it would signal a resumption of the downtrend. The pair could then retest the October 10 low of $0.10.
Cardano Price Analysis
Cardano (ADA) broke below the moving averages on Sunday and is currently trending towards the $0.33 support level.
If the price shows a strong rebound from the $0.33 level, bulls will likely attempt to push the ADA/USDT pair above the downtrend line once more. A successful breach of this line could lead to the Cardano price reaching the breakdown level of $0.50.
Conversely, if the price breaks the $0.33 support, the next significant level to watch would be the support line of the descending channel pattern. Buyers are expected to defend this support line, which is near the October 10 low of $0.27.
Bitcoin Cash Price Analysis
Bitcoin Cash (BCH) closed below the 50-day SMA ($594) on Saturday, indicating that bears are attempting to assert control.
The 20-day EMA ($608) has begun to trend downwards, and the RSI is in negative territory, suggesting that bears currently hold the advantage. Any bounce from the $563 level is expected to encounter selling pressure at the 20-day EMA. If the Bitcoin Cash price experiences a sharp reversal from the 20-day EMA, the probability of a break below the $563 support increases. The BCH/USDT pair could then experience a significant decline to $518.
The first sign of strength would be a decisive break above the 20-day EMA. Following this, the pair might rise to the $631 level, where sellers are anticipated to re-enter the market.