Bitcoin Reclaims $112K, Altcoins Prepare To Follow
The post Bitcoin Reclaims $112K, Altcoins Prepare To Follow appeared on BitcoinEthereumNews.com. Key points: Bitcoin made a strong comeback, confirming that dip buyers were present at lower levels; higher levels could continue to attract sellers. Select altcoins have bounced off their respective support levels, indicating a positive sentiment. Bitcoin (BTC) rallied to $112,500 on Wednesday, indicating that the bulls are trying to extend the recovery. The relief rally attracted buying in spot BTC exchange-traded funds on Tuesday, which recorded $332.7 million in net inflows, according to SoSoValue data. A positive sign for the crypto bulls is that gold (XAU) made a new high above $3,500 (per ounce) on Tuesday. History shows that BTC follows gold with a lag. BTC’s median rise following gold’s new all-time high is 30% at three months, and 225% at 12 months. If history repeats, BTC could rally to the $135,000 to $145,000 zone by early December. Crypto market data daily view. Source: Coin360 However, September’s weak seasonality is a risk for the bulls in the near term. Network economist Timothy Peterson said in a post on X that BTC plunges 100% of the time between Sept. 16 and Sept. 23, with a typical decline of 5%. What are the critical resistance levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out. Bitcoin price prediction BTC rose back above the breakdown level of $110,530 on Tuesday, indicating solid demand at lower levels. BTC/USDT daily chart. Source: Cointelegraph/TradingView There is stiff resistance at the 20-day exponential moving average (EMA) ($112,438), but if the bulls overcome it, the BTC/USDT pair could rally to the 50-day simple moving average (SMA) ($115,640). Such a move suggests that the corrective phase may be over. The pair may then attempt a rally toward $124,474. If bears want to retain the advantage,…
The post Bitcoin Reclaims $112K, Altcoins Prepare To Follow appeared on BitcoinEthereumNews.com.
Key points: Bitcoin made a strong comeback, confirming that dip buyers were present at lower levels; higher levels could continue to attract sellers. Select altcoins have bounced off their respective support levels, indicating a positive sentiment. Bitcoin (BTC) rallied to $112,500 on Wednesday, indicating that the bulls are trying to extend the recovery. The relief rally attracted buying in spot BTC exchange-traded funds on Tuesday, which recorded $332.7 million in net inflows, according to SoSoValue data. A positive sign for the crypto bulls is that gold (XAU) made a new high above $3,500 (per ounce) on Tuesday. History shows that BTC follows gold with a lag. BTC’s median rise following gold’s new all-time high is 30% at three months, and 225% at 12 months. If history repeats, BTC could rally to the $135,000 to $145,000 zone by early December. Crypto market data daily view. Source: Coin360 However, September’s weak seasonality is a risk for the bulls in the near term. Network economist Timothy Peterson said in a post on X that BTC plunges 100% of the time between Sept. 16 and Sept. 23, with a typical decline of 5%. What are the critical resistance levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out. Bitcoin price prediction BTC rose back above the breakdown level of $110,530 on Tuesday, indicating solid demand at lower levels. BTC/USDT daily chart. Source: Cointelegraph/TradingView There is stiff resistance at the 20-day exponential moving average (EMA) ($112,438), but if the bulls overcome it, the BTC/USDT pair could rally to the 50-day simple moving average (SMA) ($115,640). Such a move suggests that the corrective phase may be over. The pair may then attempt a rally toward $124,474. If bears want to retain the advantage,…
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