Bitcoin, Altcoins Bounce, But Bearish Downtrend Prevails For Now

Key points:

Bitcoin has been facing selling near $89,000, but the bulls have not given up much ground, suggesting a rally to $93,500.

Several major altcoins have started a recovery, but they are likely to face selling at higher levels.

Bitcoin’s (BTC) recovery is losing steam as bears attempt to sustain the price below the $88,000 level. Veteran trader Peter Brandt said in a post on X that BTC’s current recovery was a dead cat bounce.

In comparison, network economist Timothy Peterson was slightly more optimistic. Peterson said in a post on X that, according to an AI-based prediction tool, BTC only has a 15% chance of closing below $84,500 by the end of this year. On the way up, there was less than a 50% possibility of BTC reclaiming $100,000 by Dec. 31.

Crypto market data daily view. Source: TradingView

Another positive projection came from SignalPlus head of insights Augustine Fan who told Cointelegraph that BTC may have formed “local lows for now.” Fan anticipates BTC to range from $82,000 to $92,000, with the next major downside opening if the price sustains below $78,000.

What are the crucial support and resistance levels to watch for in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC’s recovery is expected to face selling at the 20-day exponential moving average ($93,431).

BTC/USDT daily chart. Source: Cointelegraph/TradingView

If the price turns down from the 20-day EMA, it suggests that the sentiment remains negative and traders are selling on rallies. The BTC/USDT pair may then retest the $80,600 level. If the support cracks, the Bitcoin price could drop to $73,777.

This negative view will be invalidated in the near term if the price continues higher and breaks above the 20-day EMA. The pair could then climb to the psychological level of $100,000.