Bitcoin’s recent dip below $60,000 pulled several altcoins down, but tokens like TON, AVAX, KAS, and XMR are showing potential for upward movement.
Bitcoin Price Analysis
Bitcoin fell below $60,000 last week, but the dip attracted buyers who are now attempting a recovery. The cryptocurrency is currently trading within the $56,552 to $73,777 range, reflecting a battle between bulls and bears. Predicting the breakout direction is challenging, leading traders to either trade within the range or wait for a definitive breakout before making substantial investments.
Opinions are split on Bitcoin’s future price action. Former PayPal CEO Peter Thiel expressed skepticism, stating that while Bitcoin might see some gains, the journey will be “volatile and bumpy.” Conversely, popular trader BitQuant remains optimistic, projecting a potential rise to $95,000 based on his model.
Bitcoin Technical Indicators
Bitcoin bulls have successfully defended the $60,000 level, but they struggle to push the price above $62,500. The 20-day exponential moving average (EMA) at $63,651 is sloping downwards, and the relative strength index (RSI) remains in negative territory, indicating bearish dominance. If Bitcoin fails to hold the $60,000 support, it could drop to $56,552, a critical level that buyers are likely to defend vigorously. A failure to hold this support might lead to a further decline to $50,000.
Conversely, a price break above $62,500 would signal a bullish comeback, potentially driving the price up to the significant resistance at $64,602 and then to $70,000.
4-Hour Chart Analysis
On the 4-hour chart, the 20-EMA is flattening, and the RSI is slightly above the midpoint, suggesting a balance between supply and demand. A rise above $62,500 could initiate a strong recovery, aiming for $64,602. However, a break below the 20-EMA would indicate weakness, potentially leading to a drop to the crucial support at $60,000. Breaching this level could result in a decline to $58,402.
Altcoins to Watch: TON, AVAX, KAS, and XMR
While Bitcoin’s weakness has impacted many altcoins, TON, AVAX, KAS, and XMR are showing resilience and potential for growth.
- TON (The Open Network)
- Potential: Strong technical indicators and robust community support suggest potential for upward movement.
- Target: Watch for a breakout above key resistance levels.
- AVAX (Avalanche)
- Potential: With increasing adoption and network developments, AVAX shows promise.
- Target: A move above recent highs could signal further gains.
- KAS (Kaspa)
- Potential: Innovative technology and strategic partnerships position KAS for potential growth.
- Target: Monitor for sustained price increases above recent consolidation.
- XMR (Monero)
- Potential: Privacy features and growing use cases make XMR an interesting prospect.
- Target: Look for breakouts past recent resistance levels.
