Bitcoin (BTC) has failed to run up following the breakout above $65,000, but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are holding on to their positions as they expect the up move to extend further.
The United States-based spot Bitcoin exchange-traded funds witnessed inflows of $1.1 billion last week, the largest weekly flows since July 15-19. This shows that the sentiment has turned positive. The rally pushed the Crypto Fear & Greed Index into the greed territory at 63 on Sept. 29.
Crypto market data daily view. Source: Coin360
Another sign of retail traders entering the crypto markets is the increase in the download of Coinbase’s official app on the Apple AppStore. On Sept. 28, the app was the 385th most downloaded app, which is way above the 500th place and a dynamic which corresponds to bear markets.
Could buyers maintain the momentum, pushing Bitcoin and select altcoins higher? Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin has been maintaining above the breakout level of $65,000, indicating that the bulls are not hurrying to close their positions.
BTC/USDT daily chart. Source: TradingView
The 20-day exponential moving average ($62,650) has been sloping up, and the relative strength index (RSI) is in the positive territory, indicating that bulls are in charge. If the price turns up from the current level, the possibility of a rally to $70,000 increases. Sellers are expected to fiercely defend the zone between $70,000 and $73,777.
On the downside, the bears will have to yank the price below the 20-day EMA to suggest that the bullish momentum is weakening. The BTC/USDT pair could then descend to the 50-day simple moving average ($60,206).
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, signaling that the path of least resistance is to the upside. If the price rises above $66,500, the pair could soar to $70,000.
Conversely, a break below the 20-EMA will suggest that the traders are booking profits. The next support on…
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