Bitcoin (BTC) is down just over 2% this week, but a positive sign is that the buyers have not allowed the price to sustain below $65,000. That started a recovery, pushing Bitcoin above $67,500 on Oct. 27. Kraken analysts believe that Bitcoin’s “trend should remain constructive” as long as Bitcoin stays above $66,500.
However, not everyone is bullish on Bitcoin’s prospects in the near term. Crypto analyst Luca said in a post that Bitcoin could witness “another flush to 60K,” before a local bottom can be confirmed.
Crypto market data daily view. Source: Coin360
Several analysts have been expecting an altcoins season to rally after Bitcoin’s dominance hits 60%. Pseudonymous crypto trader Willy Woo said in a post on X that altcoin season will come, but the intensity “will be weaker each cycle on from the great 2017 alt bubble.”
Could Bitcoin’s rise above $70,000 present a short-term buying opportunity in altcoins? Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Sellers tried to pull Bitcoin below the 20-day exponential moving average ($66,201) on Oct. 25, but the bulls held their ground. This suggests that the sentiment remains positive, and traders are buying the dips.
BTC/USDT daily chart. Source: TradingView
Buyers will have to propel the price above $69,550 to signal the resumption of the up move toward the top of the range at $73,777. There is resistance at $70,000, but that is likely to be crossed. The BTC/USDT pair could reach $72,000, where the bulls are expected to face significant resistance from the bears.
On the downside, the bears will gain the upper hand on a break and close below $65,000. If that happens, the pair could slide to the 50-day simple moving average ($63,259) and later to the crucial support at $60,000.
BTC/USDT 4-hour chart. Source: TradingView
The moving averages have flattened out on the 4-hour chart, and the relative strength index (RSI) is just above the midpoint, indicating a balance between supply and demand.
Buyers will have to push the price above the downtrend line to signal strength. The pair could then rally to…
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