Bitcoin’s (BTC) rejection near the all-time high earlier in the week may have attracted profit booking by the short-term traders. Although the price has dropped near $68,000, analysts remain positive on the markets. They anticipate Bitcoin to find support between $65,000 and $68,000.
The next major trigger for the cryptocurrency markets is the United States elections. In a market report, FalconX head of research David Lawant said that volatility could increase if “results are too close to call and it takes too much time to reach an outcome.”
Crypto market data daily view. Source: Coin360
WonderFi President and CEO Dean Skurka said in an interview with Cointelegraph that Bitcoin’s price is likely to go up in the long term, irrespective of the election results. Skurka believes interest rate cuts in the US and Canada could propel Bitcoin higher in the next 6-24 months.
The near-term investor sentiment could improve if Bitcoin rises above $70,000. That could boost buying in select altcoins. Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin’s pullback has reached the 20-day exponential moving average ($68,194), a crucial support to watch out for in the near term.
BTC/USDT daily chart. Source: TradingView
If the price rebounds off the 20-day EMA and rises above $70,000, it will signal that buyers are attempting a comeback. The BTC/USDT pair could rally to $72,000 and subsequently to $73,777. Sellers are expected to fiercely defend the zone between $72,000 and $73,777, but if the bulls prevail, the pair may start a new uptrend toward the target objective of $93,554.
The bears will have to tug and maintain the price below the 20-day EMA to invalidate the bullish view. The pair could then plunge to the 50-day simple moving average ($65,002).
BTC/USDT 4-hour chart. Source: TradingView
The pair broke below the uptrend line, indicating that the bears have the upper hand. Buyers will try to push the price back above the uptrend line, but they are likely to encounter solid resistance from the sellers.
If the price turns down from the uptrend line, it will signal that…
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