Market Overview and Key Points

Bitcoin (BTC) recently pulled back from the $94,589 mark on Tuesday, with bulls working to maintain its price above $92,000. Market participants are keenly observing Federal Reserve Chair Jerome Powell's upcoming news conference and the dot plot of individual Fed officials' rate expectations on Wednesday. Some analysts suggest a bottom may have been reached, while others view the current relief rally as a potential dead-cat bounce, susceptible to further selling pressure. Pseudonymous analyst Colin Talks Crypto has indicated that BTC could decline to the $74,000-$77,000 zone.

Despite the near-term price uncertainty for BTC, Michael Saylor's Strategy has continued to expand its Bitcoin holdings. Last week, Strategy acquired 10,624 BTC for approximately $962.7 million, averaging $90,615 per Bitcoin. This acquisition increased Strategy's total holdings to 660,624 BTC, with an average purchase price of $74,696.

This analysis examines the crucial support levels for BTC and major altcoins, drawing insights from the charts of the top 10 cryptocurrencies.

Bitcoin Price Analysis

Bitcoin closed above the 20-day exponential moving average (EMA), which stood at $91,583 on Tuesday. However, the bulls were unable to sustain the price above the $94,150 resistance level.

A potential scenario is that if the Bitcoin price rebounds from the 20-day EMA and closes above $94,589, it could signal a rally towards the psychological $100,000 level. Sellers are anticipated to strongly defend the $100,000 mark, as a sustained break above this level could propel the BTC/USDT pair to $107,000, suggesting the end of the corrective phase.

Conversely, if the price experiences a sharp downturn and breaks below $87,719, it would indicate continued selling pressure on rallies by the bears. In this case, the pair might fall to $83,822.

Ether Price Analysis

Ether's (ETH) recovery has reached the previous breakdown level of $3,350, demonstrating robust buying activity at lower price points.

The 20-day EMA ($3,116) has begun a gradual upward trend, and the relative strength index (RSI) is in positive territory, suggesting an attempt by the bulls to regain momentum. A close above $3,350 would clear the path for a potential rally to $3,659 and subsequently to $3,918.

For sellers to regain the advantage, they would need to pull the Ether price back below the 20-day EMA. If this occurs, it would indicate that the $3,350 level has transitioned into resistance, potentially leading the ETH/USDT pair to decline to $2,716.

XRP Price Analysis

XRP has been trading below its 20-day EMA ($2.12) for several days. However, the bears have not yet managed to push the price down to the support line of the descending channel pattern.

The bulls will likely aim to strengthen their position by driving the price above the 20-day EMA. If successful, the XRP/USDT pair could rally towards the 50-day simple moving average (SMA) at $2.26 and then towards the downtrend line.

Conversely, if the XRP price reverses and breaks below $1.98, it would suggest that the bears maintain control. In this scenario, the pair could drop to the channel's support line and then to the $1.61 level.

BNB Price Analysis

BNB has experienced a significant battle between bulls and bears at the 20-day EMA level of $894.

The flattening 20-day EMA and the RSI, positioned just below the midpoint, indicate a balance between supply and demand. The BNB/USDT pair is likely to trade within the range of $791 to $1,020 for the immediate future.

For buyers to signal the end of the corrective phase, they must push the BNB price above the $1,020 level. This could lead to an attempt to rally towards $1,182. On the downside, a break below $791 could cause the pair to fall to $730.

Solana Price Analysis

Buyers are attempting to keep Solana (SOL) above its 20-day EMA at $138, but the bears have so far maintained their ground.

The flattening 20-day EMA and the RSI near the midpoint suggest a weakening bearish momentum. If buyers manage to overcome the 20-day EMA resistance, the SOL/USDT pair could ascend to the 50-day SMA at $154, followed by a move to $172.

Conversely, a break and close below the $126 support level would signal a resumption of the downward trend. The Solana price could then decline to $110 and potentially to the significant support at $95.

Dogecoin Price Analysis

Buyers have successfully defended the $0.14 support level for Dogecoin (DOGE) but are struggling to maintain the price above the 20-day EMA, which is at $0.15.

If the price sharply reverses from the 20-day EMA and breaks below $0.14, it would indicate that the bears are still in control. The Dogecoin price could then potentially fall to the October 10 low of $0.10.

Alternatively, if buyers manage to drive the price above the 20-day EMA, the DOGE/USDT pair could reach the 50-day SMA at $0.16. This level is crucial for bears to defend, as a break above it could pave the way for a recovery towards $0.21.

Cardano Price Analysis

Cardano (ADA) broke above its 20-day EMA ($0.44) on Tuesday, suggesting a reduction in selling pressure.

The bulls will aim to build on this momentum by pushing the Cardano price above the 50-day SMA ($0.51). If they succeed, the ADA/USDT pair could climb to $0.60 and subsequently to $0.70.

Conversely, if the price experiences a sharp downturn from the $0.50 breakdown level and falls below the 20-day EMA, it would signal that the bears have successfully re-established the level as resistance. The pair might then descend to the $0.37 level.

Bitcoin Cash Price Analysis

Bitcoin Cash (BCH) turned down from the $607 overhead resistance on Monday, indicating that demand diminishes at higher price levels.

The bears are attempting to drive the Bitcoin Cash price below the 20-day EMA ($556). If they achieve this, the BCH/USDT pair could fall to the 50-day SMA ($528) and then to $508.

To maintain the advantage, buyers must defend the 20-day EMA and propel the price above the $607 level. A break above this resistance could lead the pair to climb to $615 and subsequently to $651, where increased selling pressure from bears is expected.

Chainlink Price Analysis

Chainlink's (LINK) recovery is encountering selling pressure at the 50-day SMA ($14.84), suggesting that bears are active at higher price points.

The bulls are expected to defend the 20-day EMA ($13.79) on any downward movement. A break below this level could cause the LINK/USDT pair to fall to the crucial support at $10.94.

If the price rebounds from the 20-day EMA, the probability of breaking above the 50-day SMA increases. A successful breakout could lead to increased momentum for Chainlink, with potential rallies towards $16.90 and then to $19.06. This suggests that the pair may continue to trade within the established range of $10.94 to $27 for some time.

Hyperliquid Price Analysis

Hyperliquid (HYPE) closed below the $29.37 support level on Tuesday, but lower price levels are attracting buyers.

The RSI is showing early indications of forming a bullish divergence, which could signal a reduction in selling pressure. The HYPE/USDT pair is expected to gain strength if buyers manage to push the price above the 20-day EMA ($32.53).

On the other hand, if the Hyperliquid price turns down from its current level or the 20-day EMA, it would suggest that bears continue to sell on rallies. This increases the risk of a decline to the October 10 low of $20.82.