Price analysis 1/5: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin (BTC) and most major altcoins are stuck in a tight range with bulls buying near the support and bears selling at resistance levels. Usually, such tight ranges are followed by an expansion in volatility.
Although a few analysts have not ruled out a quick drop to low $40,000s, most traders expect Bitcoin to rebound sharply and move up to $60,000.
Goldman Sachs said in a note to investors that if Bitcoin continues to increase its market share over gold as a store of value and crosses the 50% mark, then it could rally to $100,000 over the next five years.
On-chain analytics provider Glassnode said in its report on Monday that Bitcoin’s illiquid supply has increased to more than 76% of the total circulating supply. According to Glassnode researchers, the drop in liquid supply suggests that price capitulation looks unlikely in the near future.
Could Bitcoin surprise with a sharp move down and pull the major altcoins lower? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin’s price is sandwiched between the 20-day exponential moving average ($48,033) and the critical support at $45,456. Although both moving averages are sloping down, the relative strength index (RSI) is attempting to form a positive divergence. This indicates that the selling pressure could be reducing.
If bulls push and sustain the price above the 20-day EMA, the BTC/USDT pair could rise to $51,936.33. This level is likely to act as a stiff resistance. If the price turns down from it, the pair could remain range-bound between $51,936.33 and $45,456 for a few more days.
A break and close above $51,936.33 will suggest the start of an up-move that could reach $60,000. On the contrary, if the price turns down and plummets below $45,456,
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