Key points:
Bitcoin price is stuck below $109,588, but the pullback has not altered its bullish chart structure.
A bullish weekly open from Bitcoin could extend gains in HYPE, XMR, AAVE, and WLD.
Bitcoin (BTC) remains stuck below the $109,588 level during a quiet weekend, but analysts remain bullish. Material Indicators co-founder Keith Alan said in a post on X that Bitcoin remains positive as long as it trades above the yearly open level of about $93,500.
Bitcoin’s demand is likely to remain strong with investments from sovereign wealth funds, exchange-traded funds, publicly listed companies and select nations. Crypto index fund management firm Bitwise said in a recent report that institutional funds could pump roughly $120 billion into Bitcoin in 2025 and about $300 billion in 2026.
Crypto market data daily view. Source: Coin360
While the long-term picture looks promising, traders need to be careful in the near term. The failure to swiftly push the price back above $109,588 could attract profit-booking by short-term traders. If Bitcoin pulls back, several altcoins could also give up some of their recent gains.
Could Bitcoin rise back above $109,588, pulling altcoins higher? If it does, let’s look at the cryptocurrencies that look strong on the charts.
Bitcoin price prediction
Bitcoin dropped back below the breakout level of $109,588 on May 23, and the bears thwarted attempts by the bulls to push the price back above the overhead resistance on May 24.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The bulls will again attempt to drive the price above the $109,588 to $111,980 overhead resistance zone. If they manage to do that, the BTC/USDT pair could rally to the target objective of $130,000.
The 20-day exponential moving average ($104,199) is the critical level to watch out for in the near term. If the support cracks, the pair could plummet to $100,000 and later to the 50-day simple moving average ($94,916).
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The bears have pulled the price below the 50-SMA. The 20-EMA has started to turn down, and the relative strength index has dipped into negative…
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