Bitcoin reclaims $80K zone as BNB, TON, GT, ATOM hint at altcoin season

Bitcoin (BTC) is struggling to break above the 200-day simple moving average ($84,000), but a positive sign is that the bulls have not ceded much ground to the bears. Bitget Research chief analyst Ryan Lee told Cointelegraph that Bitcoin needs to achieve a weekly close above $81,000 to signal resilience. Selling could accelerate if the price plummets below $76,000.

Another cautious voice was that of Markus Thielen, head crypto researcher at 10x Research. Thielen told Cointelegraph that Bitcoin’s chart structure “suggests market indecision rather than a straightforward bullish consolidation.” Thielen remains doubtful of a strong price recovery in Bitcoin at the current juncture.

However, Bitcoin network economist Timothy Peterson has a different view. In an X post, Peterson said that April and October are the two months that generate a large portion of Bitcoin’s annual performance. That suggests Bitcoin could rise to a “new all-time high before June.”

Could buyers drive Bitcoin above the short-term overhead resistance levels? If they do, what other top cryptocurrencies may rally in the near term?

Bitcoin price analysis

The downsloping 20-day exponential moving average ($86,188) suggests that bears are in command, but the positive divergence on the relative strength index (RSI) indicates that the selling pressure is reducing.

If the price turns down from the current level, the BTC/USDT pair could drop to $80,000 and then to $76,606. 

Contrarily, if the price turns up and breaks above the 20-day EMA, it will signal that the markets have rejected the breakdown below the 200-day SMA. The pair could rally to the 50-day SMA ($93,033) and, after that, to $100,000. Buyers may find it difficult to surpass the psychological barrier at $100,000.

The 20-EMA on the 4-hour chart is flattening out, and the RSI is just above the midpoint, indicating a balance between supply and demand. Buyers will have to drive the pair above the resistance line to gain the upper hand. The pair may climb to $92,810 and then to $95,000.

The downside support is at $80,000 and next at $78,000. If the supports crack, the possibility of a drop below $76,606 increases. 

BNB price analysis

BNB (BNB) started a recovery from $507 on March 11, which is facing selling at the 50-day SMA ($621).

The 20-day EMA ($595) is the critical near-term support to watch out for. If the price rebounds off the 20-day EMA, it suggests that the bulls are buying on minor dips. That improves the prospects of a break above the 50-day SMA. The BNB/USDT pair could then rally toward $686.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will indicate that the bears are fiercely defending the 50-day SMA. The pair may tumble to $550.

The 20-EMA has turned up on the 4-hour chart, and the RSI is in the positive zone, indicating a bullish sentiment. There is resistance at $632, but if buyers overcome it, the pair could jump to $680.

This optimistic view will be negated in the near term if the price turns down and breaks below the 20-EMA. The pair may dip to the 50-SMA, which is again likely to attract buyers. A break below the 50-SMA will tilt the advantage in favor of the bears.

Toncoin price analysis

Toncoin (TON) rose sharply from $2.35 on March 11 and reached the 50-day SMA ($3.64) on March 16.

The correction from the 50-day SMA is expected to find support at the 20-day EMA ($3.15). If that happens, it will signal a change in sentiment from selling on rallies to buying on dips. That increases the possibility of a rally above the 50-day SMA. The TON/USDT pair could climb to $4 and later to $5.

Contrarily, a break and close below the 20-day EMA suggests that the bears remain active at higher levels. The pair may then drop toward $2.50.

The 4-hour chart shows the up move is facing selling at the $3.60 level, but buyers are expected to defend the 20-EMA on declines. If the price turns up sharply from the 20-EMA, the bulls will try to propel the price above $4.15. If they manage to do that, the pair could jump toward $4.67.

Conversely, if the price turns down and breaks below the 20-EMA, it will signal that the bears remain active at higher levels. The pair may drop to the 50-SMA and subsequently to $2.50.

Related: Toncoin in ‘great entry zone’ as Pavel Durov’s France exit fuels TON price rally

Gate Token price analysis

Gate Token (GT) has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.

The 20-day EMA ($21.06) is flattening out, and the RSI has risen to the midpoint, indicating that the selling pressure is reducing. If buyers drive the price above the triangle, it will signal the resumption of the upmove. The GT/USDT pair could climb to $24 and eventually to $26.

If the price continues lower and closes below the 20-day EMA, it will signal that the pair may remain inside the triangle for a while. The bears will be back in command on a break below the triangle.

The 4-hour chart shows that the bears are finding it difficult to maintain the price below the 20-EMA. That suggests demand at lower levels. Buyers will try to strengthen their position by pushing the price above the resistance line. If they do that, the pair could rally toward $24.

Instead, if the price turns down and breaks below the 50-SMA, it will signal that the bullish momentum is weakening. The pair may descend to $19 and eventually to the support line.

Cosmos price analysis

Cosmos (ATOM) broke above the 20-day EMA ($4.31) on March 15, indicating that the selling pressure is reducing.

The RSI has formed a positive divergence, suggesting that the bearish momentum is weakening. The 50-day SMA ($4.73) could act as resistance but is likely to be crossed. A close above $5.15 could open the doors for a rally to $6.50.

The 20-day EMA is the crucial support to watch out for on the downside. If this support gives way, it will signal that the bears remain sellers on rallies. That could sink the ATOM/USDT pair to $3.50. 

The pair started a pullback in the near term, which could reach the 20-EMA. If the price turns up from the 20-EMA, it will signal a positive sentiment where the bulls are buying on dips. That increases the likelihood of a break above $5.15. If that happens, the pair may surge to $5.50 and then to $6.50.

This positive view will be invalidated in the near term if the price breaks below the 20-EMA. That could sink the pair to the 50-SMA and later to $3.80.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.