Key points:
Bitcoin is attempting a recovery from $80,600, which several analysts believe to be a bottom.
Several altcoins are struggling to start a rebound, indicating a lack of demand from buyers.
Bitcoin (BTC) dropped roughly 8% last week, but lower levels attracted buyers. The bulls are striving to push the price above $88,000 at the start of the new week. Inflows of $238.4 million into spot BTC exchange-traded funds on Friday, according to Farside Investors’ data, indicate that the bulls are again becoming active.
Analysts at wealth manager Swissblock said in a post on X that the sharply declining risk-off signal indicates a reduction in selling pressure, suggesting that the “worst of the capitulation” may be over for now. They added that fading selling pressure and a weaker second selling wave will confirm a more reliable bottom.
Crypto market data daily view. Source: TradingView
BitMEX co-founder Arthur Hayes said in a post on X that BTC may chop below $90,000 and possibly fall into the low $80,000 levels. The ex-BitMEX chief executive expects the $80,000 level to hold.
Could BTC and the major altcoins start a sustained recovery, or will higher levels attract sellers? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) turned up from the 6,550 support on Friday, and the bulls are attempting to extend the recovery on Monday.
SPX daily chart. Source: Cointelegraph/TradingView
The relief rally is expected to face selling in the zone between the moving averages and the resistance line. If the price turns down from the overhead zone, the bears will again try to pull the index below 6,550. If they can pull it off, the index could plummet to the 6,350 level.
On the other hand, a break and close above the resistance line indicates that the corrective phase may be over. The index could then retest the all-time high at 6,920.
US Dollar Index price prediction
The US Dollar Index (DXY) has been facing resistance near the 100.50 level, but a positive sign is that the bulls have not ceded much ground to the bears.
DXY daily chart…...
