Key Point

Bitcoin’s bounce off key moving averages could improve sentiment, potentially pushing altcoins like BNB, SOL, LINK, and AAVE above their overhead resistance levels.

Bitcoin (BTC) Price

Bitcoin experienced profit-taking near $110,000 after failing to close above that mark, pulling the price near $108,000. Analysts note that a close above $110,000 signals strength, while a break below $108,000 could signal further correction.

Source: Coin360

Price action near the $110,500 resistance failed Thursday, drawing bears back below a key downtrend line. Buyers are expected to defend the moving averages.

Source: Cointelegraph/TradingView

Failure to hold the $110,500 resistance could allow the price to slip to $105,000 and even psychological support at $100,000.

Conversely, if buyers successfully reclaim the moving averages, it indicates improved sentiment and suggests potential for a rally towards the all-time high near $111,980 and the inverse head-and-shoulders neckline around $113,500.

Source: Cointelegraph/TradingView

Economic Factors & Uncertainty

The macroeconomic outlook remains murky. While some analysts suggest US borrowing increases (expected to reach $40T by 2025) with potential positive implications for Bitcoin, citing the example of a 38% price surge following COVID relief bills, Rekt Capital cautions that the bull market might only last two-three months if Bitcoin mirrors the 2020 pattern.

BNB (BNB) Price

BNB rebounded to break above the $654 horizontal level and the 50-day SMA.

Source: Cointelegraph/TradingView

To sustain upward momentum, bulls need to hold above $665. A successful break could target $675 and then $698.

Source: Cointelegraph/TradingView

A consolidation below moving averages could flag weakening buying pressure. A sustained breakdown below $640 could signal continuation of the bearish channel.

Solana (SOL) Price

SOL failed multiple attempts to breach $159. The price settled below the 20-day EMA at $148. Further bearish development occurred when SOL slipped below the 50-day SMA.

Source: Cointelegraph/TradingView

Bulls could challenge $140 support. Breakdown below this could potentially drop SOL to $126.

Source: Cointelegraph/TradingView

A drop below the 50-day SMA to $145 failed. Recovery from here with conviction could pave the way back to $159, potentially fulfilling a bullish chart pattern with a target around $192.

Chainlink (LINK) Price

LINK tested its 20-day and 50-day SMAs but failed to sustain the bullish crossover. Bears control key resistance levels above.

Source: Cointelegraph/TradingView

Bulls should monitor $12.73. A successful hold could allow LINK to attempt the 50-day SMA ($14.09) before aiming higher.

Source: Cointelegraph/TradingView

Breakdown and close below $12.73 would suggest intensified selling pressure. Further technical deterioration targets $11.

Aave (AAVE) Price

Aave holds above the moving averages for now, establishing a positive short-term bias despite encountering resistance near $286.

Source: Cointelegraph/TradingView

Reclaiming $286 with sustained conviction could unlock further gains targeting $310.

Source: Cointelegraph/TradingView

Sustained loss of $286 could allow the price to drift towards critical support levels at $248 and potentially $220.