Bitcoin (BTC) has risen over 8% this week, indicating that lower levels continue to attract buyers. Generally, in a range, traders buy near the support and sell close to the resistance. This suggests that the price may reach the top of the range at $73,777, but clearing this hurdle might be difficult.
Analysts are divided in their opinion about Bitcoin’s next directional move. Some believe that the correction is over and Bitcoin will break out to a new all-time high, while others expect Bitcoin to turn down to retest the $60,000 support and go lower. It is difficult to predict the direction of the breakout from a range with certainty. Hence it could be prudent to wait for the price to start a new trend before establishing large trading positions.
Crypto market data daily view. Source: Coin360
As Bitcoin consolidates, traders may look toward altcoins for short-term trading opportunities. Although a full-blown altseason has still not arrived, select altcoins are likely to present trading opportunities.
Could Bitcoin’s potential rise above its near-term resistance boost sentiment in the crypto sector? Let’s study the top 5 cryptocurrencies that look promising on the charts.
Bitcoin price analysis
Bitcoin has been facing resistance near $68,000, but a positive sign is that the bulls have not ceded ground to the bears. This suggests that the bulls are holding on to their positions as they anticipate a move higher.
BTC/USDT daily chart. Source: TradingView
The 20-day exponential moving average ($64,109) has started to turn up, and the relative strength index (RSI) is in the positive territory, indicating that the path of least resistance is to the upside. If the $68,000 level is crossed, the BTC/USDT pair could retest the formidable overhead resistance at $73,777.
If bears want to prevent the upside, they will have to quickly yank the price below the moving averages. If they do that, the pair could slump to $59,600 and later to the May 1 intraday low of $56,552.
BTC/USDT 4-hour chart. Source: TradingView
Both moving averages are sloping up on the 4-hour chart, and the RSI is in the positive zone, indicating that the…
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