Bitcoin is about to close this week on a nearly 10% gain following an approximately 20% surge last week. BTC’s uptick has enhanced sentiment and drawn buying in multiple alts. The overall cryptocurrency market cap steadied beyond the $1T region.
Bitcoin’s stable recovery has startled multiple analysts that remain doubtful about the latest rally. Some trust the upward is a ‘dead cat bounce’ that will suffer a sharp reverse, while others observe resemblances between the ongoing rally and 2018’s bear market revival.
Though market players should prepare for any outcome, Bitcoin’s upside pace hints at a potential massive bottom. We may anticipate bumps, though traders will aggressively buy the dips. Further, sustained Bitcoin recovery can attract buying in some alts. Let us evaluate BTC’s charts and alts demonstrating near-term strength.
Bitcoin surged past the overhead resistance of $21,650 on 20 January, confirming an uptrend resumption. That confirms stable demand at higher levels. Bulls propelled the leading crypto beyond the $22.8K hurdle on 21 January. However, they could not ensure more strength upon the breakout, according to the 24h candle’s long wick.
While the upward-sloping Moving Averages show bulls dominating, the Relative Strength Index within the overbought region warrants caution. It points toward a slight correction of some consolidation.
Nonetheless, the Relative Strength Index may sometimes sway within the overbought area when new upsides begin, frustrating bears. If such cases happen, the upside could progress without massive pullbacks, and BTC-USD might hit $25,211.
Meanwhile, downsides have the initial support at $21,480. Price bounce-backs from this mark will indicate buyers purchasing each slight dip. That might heighten the chances of upsides toward the mentioned $25,211 target.
According to the four-hour chart, bulls attempt to overturn $22.8K into support. Continued price upticks beyond $23,271 might welcome increased bullish strength, welcoming the $25,211 mark. Meanwhile, breaking beneath 422.6K can witness the pair sliding toward the 20day EMA.
This Exponential Moving Average can offer support, but more bearish actions will drag BTC/USDT to $21,480. Nonetheless, breaching $22.6K to the downside may see the pair sliding to hit the 20day EMA. Again, this area could offer support, but declines beneath the mark would welcome the $21,480 vicinity.
ApeCoin remained range-bound within $7.80 – $3 over the last several months. Meanwhile, bulls are tying comebacks after APE bears failed to drag prices beneath the range. They will attempt to push prices toward the range’s resistance.
The upside-loping MAs and the Relative Strength Index within the overbought mark show buyer bias. There’s a minor hurdle near $6.40. overcoming this resistance would see APE-USDT soaring toward $7.8. This region could see massive selling by APE/USDT bears.
The optimistic outlook may halt in the short term if prices drop to break beneath the 20day Exponential Moving Average ($4.80). Such moves may sink the pay toward the 50day SMA at $4.17.
The 4hr chart shows APE-USDT on a massive upside stance. Bears are attempting to halt the upward journey at $6, but positive signals are bulls are yet to surrender. That shows buyers are purchasing each slight dip.
Meantime, bulls will try to push prices past $6 for uptrend resumption. Contrarily, bears will target price levels beneath the 20EMA. Success would mean profit-taking by near-term bulls, leading to possible dips to $5.