Key points:
Bitcoin aims for its highest weekly close above $109,000, but higher levels are likely to attract sellers.
HYPE, BCH, LINK, and SEI could extend their rallies if Bitcoin price stays above $105,000.
Bitcoin (BTC) made a solid comeback this week, rising more than 6%, indicating strong buying near the $100,000 level. The bulls are trying to strengthen their advantage by sustaining the price above $108,000. Popular trader and analyst Rekt Capital said in a post on X that if Bitcoin achieves its highest weekly close, that “would enable Bitcoin to enjoy a new uptrend into new All Time Highs.”
However, it is worth noting that liquidity generally remains low during the weekend, and a breakout should be viewed cautiously. Sellers will be back on Monday and will try to keep the price within the $100,000 to $111,980 range.
Crypto market data daily view. Source: Coin360
Bitcoin’s strength has triggered buying in several altcoins, which have bounced off their respective support levels. If Bitcoin hits a new all-time high, select altcoins will try to extend their relief rally by breaking above their overhead resistance levels.
Let’s study the charts of the top 5 cryptocurrencies that look strong on the charts and find out their crucial support and resistance levels.
Bitcoin price prediction
Bitcoin has been trading between the moving averages and the downtrend line. Buyers tried to push the price above the downtrend line, but the bears held their ground.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The moving averages are sloping up gradually, and the relative strength index (RSI) is in the positive territory, indicating that bulls have a slight edge. If bulls propel the price above the downtrend line, the BTC/USDT pair could jump to $110,530 and later to $111,980.
Sellers are expected to pose a strong challenge in the zone between the downtrend line and the neckline of the inverted head-and-shoulders pattern. However, if buyers bulldoze their way through, the pair may skyrocket toward $150,492.
This optimistic view will be negated in the near term if the price turns down from the downtrend line and…
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