Despite Bitcoin’s (BTCUSD) stagnant state below the $105,000 level over the weekend, ETH, HYPE, TAO, and QNT show potential for a bullish upswing. The persistent selling pressure on Bitcoin might be reaching a short-term peak, according to a recent CryptoQuant report. This could set the stage for a pause in the current rally.
The downside for Bitcoin is likely limited, with analysts predicting a support level at the critical psychological mark of $100,000. Glassnode data indicates that the short-term realized price is at $96,000, a level that Bitcoin has historically not stayed below for long during bull runs.
Analysts also suggest that not only Bitcoin may witness a bullish phase. Ether (ETHUSD) is showing chart patterns that might hint at the commencement of the next altcoin season. If history repeats itself, this could spark a significant altcoin rally.
Bitcoin’s price dipped below the 20-day exponential moving average ($105,232) on May 30, showing a weakening bullish momentum. Despite the bulls’ efforts to push the price back above this level, they may encounter resistance at higher levels. If the price falls from the 20-day EMA, the BTCUSDT pair might plummet to $100,000. A drop below this level could trigger a downtrend to $93,000.
ETH, after a failed attempt to remain above the overhead resistance of $2,738 on May 29, has retreated to the 20-day EMA ($2,496). If the price sharply increases from the current level, it indicates buying on dips. A successful attempt to clear the overhead hurdle at $2,738 may trigger a rally to $3,000 and subsequently, to $3,253.
As for the altcoin Hyperliquid (HYPE), it experienced a significant pullback from $40 on May 26 but has found support at the 20-day EMA ($30.76). If the price breaks below the 20-day EMA, the HYPE/USDT pair could drop to the breakout level of $28.50.
Bittensor (TAO) sharply rose from the 50-day SMA ($379) on May 31, reaching the $495 overhead resistance. If the price remains above the 20-day EMA ($421), it suggests that the bulls are buying on dips. This increases the chances of breaking and closing above $495, which could set off a rally to $589 and later to $720.
Lastly, Quant (QNT) has pulled back from $120 on May 28 but is receiving support at the 20-day EMA ($101). If the QNTUSDT pair breaks above $120, it could surge to $142. However, a break below the 20-day EMA may signify bearish control, potentially leading to a drop to the 50-day SMA ($87).
