Bitcoin Price Capped At $117K, Will Altcoins Rally?

Key points:

Bitcoin faced significant resistance at $117,500, indicating that the bears are unlikely to give up easily.

Several major altcoins tried to break above their overhead resistance levels, but the bears held their ground, signaling selling on rallies.

Bitcoin (BTC) continues to face significant resistance near $117,500, but a positive sign is that the bulls have kept up the pressure. That suggests the buyers are not rushing to the exit as they anticipate a move toward the all-time high of $124,474.

BTC researcher Axel Adler Jr. said in a post on X that the “market is neither overheated nor oversold” at the current level. That could result in one to two weeks of consolidation before BTC rises to a new all-time high.

Crypto market data daily view. Source: Coin360

Several analysts expect BTC to hit a new all-time high. Into The Cryptoverse founder Benjamin Cowen said in an interview that the rally could peak quickly after making a new high. Once the top is in, Cowen does not rule out a 70% fall in the next bear market.

Could BTC break out of its overhead resistance, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC pierced the $117,500 overhead resistance on Thursday, but the bulls could not sustain the higher levels.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day exponential moving average (EMA) ($114,457) and the relative strength index (RSI) in the positive territory suggest the path of least resistance is to the upside. A close above $117,500 opens the gates for a rally to $124,474.

Contrary to this assumption, a break below the 20-day EMA signals that the bulls are closing their positions in a hurry. The BTC/USDT pair could then drop to $110,000, remaining inside the $107,000 to $117,500 range for a while longer.