Bitcoin (BTC) dipped below $63,000 on Sept. 22, indicating possible profit booking by short-term traders. Some analysts believe that Bitcoin could enter a minor consolidation before attacking the crucial overhead resistance at $65,000.
While short-term uncertainties remain, analysts are bullish for the long term. Standard Chartered global head of digital assets research Geoff Kendrick expects Bitcoin to reach $200,000 by the end of 2025. Kendrick anticipates the positive inflows into Bitcoin exchange-traded funds, a marginal uptick in inflation, and the likely removal of Staff Accounting Bulletin-121 — a rule effectively preventing banks from holding digital assets for clients — to be the major triggers for Bitcoin’s rally.
Crypto market data daily view. Source: Coin360
Bitcoin’s recovery has boosted buying in select altcoins, which have broken above their respective overhead resistance levels. If Bitcoin consolidates around the current levels, traders may shift their focus to altcoins.
Could Bitcoin bulls prevent a collapse below the $61,200 support? Will altcoins start a rally over the next few days? Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin’s recovery is facing profit booking near $64,000, indicating that the bulls are nervous about continuing their purchases close to the overhead resistance of $65,000.
BTC/USDT daily chart. Source: TradingView
The BTC/USDT pair could correct to the 20-day exponential moving average ($60,232), an essential level to watch out for. If the price rebounds off the 20-day EMA, it will improve the prospects of a rally above $65,000. The pair could then soar to the stiff overhead resistance of $70,000.
Conversely, if the price continues lower and breaks below the moving averages, it will signal that the markets have rejected the higher levels. The pair could then plunge to the support line.
BTC/USDT 4-hour chart. Source: TradingView
The pair has pulled back to the 20-EMA on the 4-hour chart. If this support cracks, the pair may slump to the 50-SMA. Buyers are expected to aggressively buy the dips to $61,200. If the price…
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