Key points:
Bitcoin’s bounce from the $100,000 shows buyers are committed to the overarching bull trend.
Select altcoins have broken below respective support levels, suggesting further weakness for mid-caps in the near term.
Bitcoin (BTC) has held above the psychological support of $100,000, but the strength of each will determine whether or not the bullish trend remains intact. BitMEX founder Arthur Hayes sounded positive in a post on X, saying that Bitcoin’s weakness shall pass, leaving no doubt about its safe haven status.
Bitcoin’s relative stability compared to the top US stocks during the current geopolitical crisis shows it is maturing as an asset class. Bitwise Europe Head of Research André Dragosch shared a chart on X, showing Bitcoin’s 60-day realized volatility at 27-28%, lower than the S&P 500 Index (SPX) at roughly 30%, the Nasdaq 100 at about 35% and the “Magnificent 7” technology stocks close to 40%.
Crypto market data daily view. Source: Coin360
The failure to break out to a new high has not created panic among institutional investors, who continue to buy Bitcoin. CoinShares reported on Monday that Bitcoin exchange-traded products (ETPs) witnessed inflows of $1.1 billion for the trading week ending Friday. Inflows, despite a fall in the spot price, show that investors were buying on weakness, the report added.
Could sellers pull Bitcoin back below $100,000, or will buyers succeed in pushing the price higher? How are altcoins likely to behave? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index has pulled back to the 20-day exponential moving average (5,950), indicating selling by the bears in the 6,000 to 6,147 zone.
SPX daily chart. Source: Cointelegraph/TradingView
If the price dips and maintains below the 20-day EMA, the index could plunge to the 50-day simple moving average (5,747). Buyers are expected to defend the 50-day SMA with all their might because a break below it may sink the index to 5,580. The deeper the pullback, the greater the time needed for the uptrend to resume.
This negative view will be invalidated…
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