Bitcoin (BTC) is up more than 9% this week, indicating that the bulls are trying to push the price toward the resistance of the $55,724 to $73,777 range. According to data from SoSo Value, the United States-based spot Bitcoin exchange-traded funds (ETFs) witnessed strong inflows of $252 million on Aug. 23, indicating solid buying by investors.
The latest surge in Bitcoin happened after US Federal Reserve Chair Jerome Powell said during his annual Jackson Hole symposium speech that interest rates were due to fall.
“Bitcoin demand in the US spiked today as the Fed signaled the cycle of lower interest rates will begin,” CryptoQuant’s Head of Research Julio Moreno said in an Aug. 24 post on X.
Crypto market data daily view. Source: Coin360
If Bitcoin does not give back a large part of its recent gains, the cryptocurrency sentiment is likely to improve further. That could boost buying in select altcoins, propelling them above their respective overhead resistance levels.
After Bitcoin’s sharp up move, is it time for select altcoins to join the party? Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin pole vaulted above the 50-day simple moving average ($61,759) on Aug. 23, indicating that the bearish pressure was reducing.
BTC/USDT daily chart. Source: TradingView
The 20-day exponential moving average ($61,110) has started to turn up, and the relative strength index (RSI) has jumped into the positive zone, signaling that the bulls are on a comeback. Minor resistance is at $65,660, but if bulls overcome this barrier, the BTC/USDT pair may climb to $70,000.
The bears are likely to have other plans. They will try to pull the price back below the moving averages and trap the aggressive bulls. The pair may collapse to $57,787 and then to $55,724.
BTC/USDT 4-hour chart. Source: TradingView
The pair’s up move is facing selling at $65,000 but the bulls will try to arrest the correction at the 20-EMA. If the price bounces off the 20-EMA and breaks above $65,000, it will improve the prospects of a rally above $65,660.
On the other hand, a break below the 20-EMA will signal…
..
