
Bitcoin (BTC) recovered sharply from the drop below $60,000 during the week, but the buyers are struggling to sustain the higher levels. Buying on dips and selling on rallies signals the formation of a tight range in the near term.
A minor positive is that lower levels are showing solid demand. After three days of outflows, United States-based spot Bitcoin exchange-traded funds witnessed $253.6 million in inflows on Oct. 11.
Crypto market data daily view. Source: Coin360
Bitcoin remains stuck in a sideways price action, but some analysts seem to be turning bullish on altcoins. Based on specific metrics, analysts believe that altcoin markets could enter an “up-only season.”
If Bitcoin stays above $60,000, traders may gradually shift focus to select altcoins. Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin broke above the 20-day exponential moving average ($62,119) on Oct. 11, but the bulls could not push the price to the overhead resistance of $65,000.
BTC/USDT daily chart. Source: TradingView
Sellers are trying to pull the price back below the 20-day EMA. If they manage to do that, the BTC/USDT pair could slide to the 50-day simple moving average ($60,727). The support zone between the 50-day SMA and $60,000 is crucial for the bulls to defend because a break below it could open the doors for a drop to $57,500.
Contrary to this assumption, if the price rebounds off the 20-day EMA with strength, it will suggest that the bulls are buying on minor dips. The pair could then rally to $66,500. This level may pose a solid challenge again, but if the bulls prevail, the up move could reach $70,000.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the price has turned down from the resistance line of the descending channel pattern but is finding support at the moving averages. If the price turns up from the moving averages, the bulls will try to propel the pair above the channel, starting a rally to $65,000.
On the contrary, if the price breaks and maintains below the moving averages, it will signal that the pair may oscillate inside the channel for…
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