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- If Bitcoin breaks above $30,000, several altcoins may see a rally of their own.
- The US banking sector may face a major upheaval which could affect the equity markets and possibly Bitcoin.
Bitcoin price analysis
The bulls are attempting to assert their dominance over Bitcoin, with the 20-day exponential moving average starting to turn up gradually and the relative strength index (RSI) indicating that the path of least resistance is to the upside. If bulls manage to break Bitcoin’s price above $30,000, the pair may climb to the overhead resistance zone of $31,000 to $32,400, before potentially soaring towards $40,000. However, if the price collapses below the important support of the 50-day simple moving average, the bears will sense an opportunity to sink the pair to $25,250.
Cryptocurrency analysis
Solana, Cosmos, Internet Computer, and Hedera are also showing strength. The bulls are fiercely defending the support levels, indicating a potential rally for these altcoins.
Solana’s price may pick up momentum and rally towards $25.50 if buyers overcome the minor hurdle at $24. The key resistance to watch for in the near term is at $27.12. If buyers manage to catapult the price above it, the SOL/USDT pair may accelerate towards $39. Conversely, a break below the moving averages could lead to a plummet to the crucial support at $18.70.
Cosmos has seen buyers push the price above the moving averages, with a potential rally to $13.50 and $15.50 if the downtrend line is broken and closed above. If the price turns down from the downtrend line, it will suggest that bears are trying to form a descending triangle pattern, and a decline below the moving averages will open the doors for a possible retest of $10.20.
Internet Computer slipped below the 50-day SMA on April 26, but this proved to be a bear trap, with a strong recovery beginning on April 27. If the price does not give up much ground from the current level, it will enhance the prospects of a rally to the downtrend line where bears will mount a strong defense. On the downside, a break below the 50-day SMA will tilt the advantage in favor of the bears.
Hedera’s failure to break support below $0.06 attracted buyers who will try to push the price above the downtrend line. If buyers thrust the price above the resistance line, the bullish momentum may pick up and the HBAR/USDT pair could rally to the overhead resistance at $0.08. On the other hand, if the price turns down from the current level or the resistance line, it will suggest that the bears remain active at higher levels, increasing the possibility of a break below $0.06.