Bitcoinâs sell-off accelerated leading into this weekâs FOMC, but charts highlight some positives for BTC and altcoins. Key points: - Buyers are struggling to sustain the BTC rebound, suggesting bears are attempting a comeback. - Several major altcoins risk breaking below their support levels, signaling a deeper short-term pullback.
Bitcoin (BTC) rallied above $77,900 on Wednesday, but the long wick on the candlestick shows selling on rallies. On-chain analyst Willy Woo said in a post on X that BTC needs to close above the $79,000 cost basis of recent investors to strengthen the recovery. Woo gave BTC only 30% odds of rising above $79,000 in this attempt.
Another cautious view came from crypto trading account CRYPTOWZRD, who highlighted the risks of downside in June. CRYPTOWZRD said in a post on X that historically BTC has corrected for a few months after a new Federal Reserve chair takes over. With Kevin Warsh slated to take over as the Fed chair in May, could BTC âbreak the curse,â or will it see a final dip?
Crypto market data daily view. Source: TradingView Analysts remain divided about BTCâs prospects in the near term. Some analysts believe BTC will breakout to a new all-time high and rally to as high as $250,000 in 2026, while others anticipate a drop below $50,000 to as low as $30,000.
Although anything is possible in the cryptocurrency markets, traders should watch crucial support and resistance levels closely rather than becoming overly optimistic or pessimistic based on target projections. Could BTC and the major altcoins stay above their immediate support levels? Letâs analyze the charts of the top 10 cryptocurrencies to find out.
BTC bounced off the 20-day exponential moving average ($75,478) on Wednesday, but the bulls could not sustain the higher levels. BTC/USDT daily chart. Source: Cointelegraph/TradingView The 20-day EMA is the critical near-term support to watch out for.
If the BTC price rebounds off the 20-day EMA with force and breaks above $80,000, it signals that the bulls have flipped the $76,000 level into support. The BTC/USDT pair may then rally to $84,000. This positive view will be negated in the near term if the price continues lower and breaks below the 20-day EMA.
That suggests the bears are active at higher levels. The pair may then tumble to the 50-day simple moving average ($72,086) and later to the support line. Buyers are attempting to sustain Ether (ETH) above the 20-day EMA ($2,291), but the bears continue to exert pressure.
ETH/USDT daily chart. Source: Cointelegraph/TradingView If the ETH price continues lower and breaks below the moving averages, it suggests that the bears are on a comeback. The ETH/USDT pair may then slump to the support line, where the buyers are expected to step in.
Conversely, if the price turns up from the moving averages, it suggests that the lower levels are attracting buyers. The pair may rise to $2,465 and then to the resistance line of the ascending channel pattern. XRP (XRP) fell below the moving averages on Tuesday, indicating that the bears are attempting to take charge.
XRP/USDT daily chart. 27, where buyers are expected to mount a strong defense. 27 support and rises above the moving averages, the recovery may reach the downtrend line.
A close above the downtrend line signals a potential trend change. 27 level puts the Feb. 11 at risk of a breakdown.
The pair may then plummet to $1 and then to the support line. BNB (BNB) remains stuck inside the large range between $570 and $687, signaling buying on dips and selling on rallies. BNB/USDT daily chart.
Source: Cointelegraph/TradingView The flattish moving averages and the RSI just below the midpoint suggest that the BNB/USDT pair may continue consolidating for some time. Buyers will gain the upper hand if they push the BNB price above $687. If they manage to do that, the pair may surge to $730, then to $790.
On the other hand, a break below the $570 support signals the resumption of the downtrend. The pair may then collapse to $500. 73, indicating a balance between supply and demand.
SOL/USDT daily chart. 65, the SOL/USDT pair may decline toward the $76 support. Buyers are expected to fiercely defend the $76 level, as a close below it may sink the pair to $67.
73 level would indicate a slight advantage for the bulls. The SOL price may then reach the overhead resistance at $98. This is a critical level to watch out for as a break above $98 opens the doors for a rally to $117.
10) on Monday, indicating buying on dips. DOGE/USDT daily chart. 11 on Wednesday, but the long wick on the candlestick indicates that bears remain active at higher levels.
12 for a few more days. 12. 12 resistance suggests that the pair may have bottomed out in the short term.
70) on Tuesday. HYPE/USDT daily chart. Source: Cointelegraph/TradingView Sellers will attempt to strengthen their position by pulling the HYPE price below the 50-day SMA.
45. 77 zone. 43.
Related: XRP set for âstrongestâ 2026 monthly ETF inflows as bulls target $2 Cardano (ADA) is facing selling near the downtrend line, but a minor positive is that the bulls have not given up much ground to the bears. ADA/USDT daily chart. Source: Cointelegraph/TradingView That suggests the bulls will again attempt to drive the ADA price above the downtrend line.
37. Such a move signals a potential trend change. Sellers are likely to have other plans.
22. 22 level indicates the resumption of the downtrend. Bitcoin Cash (BCH) bounced off the $443 support on Tuesday, but bulls are struggling to push the price above the moving averages.
BCH/USDT daily chart. Source: Cointelegraph/TradingView The flattish moving averages and the RSI near the midpoint do not give either bulls or bears a clear advantage. If the BCH price maintains above the moving averages, the possibility of a rise to the $486 level increases.
Sellers are expected to aggressively defend the $486 level, as a close above it opens the door to a rally to $520. On the downside, a close below the $443 level may sink the BCH/USDT pair to the solid support at $419. Monero (XMR) surged above the $390 resistance on Sunday, but the bulls could not sustain the breakout.
XMR/USDT daily chart. Source: Cointelegraph/TradingView The XMR price pulled back to the 20-day EMA ($364), where the buyers stepped in. If the XMR/USDT pair continues higher and breaks above the $406 level, it signals the start of a new up move toward $500.
Contrary to this assumption, if the price turns sharply lower and breaks below the moving averages, it suggests the pair may remain within the $302 to $390 range for some time.
