Bitcoin (BTC) is struggling to break above the 200-day simple moving average ($84,000), but a positive sign is that the bulls have not ceded much ground to the bears. Bitget Research chief analyst Ryan Lee told Cointelegraph that Bitcoin needs to achieve a weekly close above $81,000 to signal resilience. Selling could accelerate if the price plummets below $76,000.
Another cautious voice was that of Markus Thielen, head crypto researcher at 10x Research. Thielen told Cointelegraph that Bitcoin’s chart structure “suggests market indecision rather than a straightforward bullish consolidation.” Thielen remains doubtful of a strong price recovery in Bitcoin at the current juncture.
Crypto market data daily view. Source: Coin360
However, Bitcoin network economist Timothy Peterson has a different view. In an X post, Peterson said that April and October are the two months that generate a large portion of Bitcoin’s annual performance. That suggests Bitcoin could rise to a “new all-time high before June.”
Could buyers drive Bitcoin above the short-term overhead resistance levels? If they do, what other top cryptocurrencies may rally in the near term?
Bitcoin price analysis
The downsloping 20-day exponential moving average ($86,188) suggests that bears are in command, but the positive divergence on the relative strength index (RSI) indicates that the selling pressure is reducing.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
If the price turns down from the current level, the BTC/USDT pair could drop to $80,000 and then to $76,606.
Contrarily, if the price turns up and breaks above the 20-day EMA, it will signal that the markets have rejected the breakdown below the 200-day SMA. The pair could rally to the 50-day SMA ($93,033) and, after that, to $100,000. Buyers may find it difficult to surpass the psychological barrier at $100,000.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 20-EMA on the 4-hour chart is flattening out, and the RSI is just above the midpoint, indicating a balance between supply and demand. Buyers will have to drive the pair above the resistance line to gain the upper…
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