Crypto Market Update: Bitcoin Rally and Altcoin Performance
Bitcoin aims for highest weekly close above $109k as altcoins show promising levels
Key points:
- Bitcoin aims for its highest weekly close above $109,000, but higher levels are likely to attract sellers.
- HYPE, BCH, LINK, and SEI could extend their rallies if Bitcoin price stays above $105,000.
Bitcoin (BTC) Analysis
Bitcoin made a solid comeback this week, rising more than 6%, signaling strong buying interest near the $100,000 level. Bulls are attempting to consolidate their gains above $108,000 to secure this rally’s foundation.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
Technical analysis suggests Bitcoin is approaching pivotal resistance levels. According to popular crypto analyst Rekt Capital, breaking $109,000 “would enable Bitcoin to enjoy a new uptrend into new All Time Highs.” However, market liquidity typically decreases during weekends, requiring cautious observation of price action leading into Monday trading sessions.
A sustained move above $108,000 could push BTC towards $111,980.
Sellers are expected to maintain a psychological resistance zone between $100,000-$111,980.
Technical Breakdown
- Bitcoin trading is occurring between key moving averages and a significant downtrend line
- RSI in positive territory indicates sustained bullish momentum
- 50-SMA and 20-EMA are crucial pivot points to watch
Potential Scenarios
| Scenario | Bullish Target | Bearish Target |
|---|---|---|
| Break above downtrend line | $111,980 → $150,492 | $100,000 support |
| Failure to hold trend line | N/A | $102,500 → $100,000 |
Altcoin Performance Analysis
Bitcoin’s strength has triggered buying interest across the altcoin ecosystem. Several altcoins have bounced off their respective support levels, suggesting a correlation-driven rally could extend as BTC approaches significant resistance.
Altcoins stand to benefit if Bitcoin achieves its highest weekly close near $109,000, potentially extending relief rallies into new territory as select assets break overhead resistance.
Featured Altcoins
Hyperliquid (HYPE)
HYPE/USDT 4-hour chart. Source: Cointelegraph/TradingView
Hyperliquid has shown strong buying pressure, pushing prices back above the 20-day EMA after a temporary dip. The current price action suggests resistance around $39.12, with potential upside to $42.50 if bulls can overcome this barrier.
Bitcoin Cash (BCH)
BCH/USDT daily chart. Source: Cointelegraph/TradingView
Bitcoin Cash is facing selling pressure at the $500 level, but bulls maintain control as price fluctuations remain relatively narrow. A sustained move above $500 could open doors to resistance at $550, potentially extending to $625.
Chainlink (LINK)
LINK/USDT 4-hour chart. Source: Cointelegraph/TradingView
Chainlink remains precariously balanced near key moving averages. Breaking and maintaining above the 20-day EMA ($13.27) is crucial for continued upside potential toward $18. Conversely, a breakdown below $12.73 could signal deeper selling pressure.
Sei Network (SEI)
SEI/USDT 4-hour chart. Source: Cointelegraph/TradingView
Sei experienced a notable breakout above the $0.29 resistance but retreated from recent highs. The recovery above this level provides momentum for potential further gains toward $0.43, though bears remain vigilant near the $0.23 support line.
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