Bitcoin, Altcoins Soar After Iran Opens Strait of Hormuz

Key points:

• Bitcoin soared above $76,000, opening the doors for a further rally toward $84,000.

• Several major altcoins are showing strength, signaling broad-based buying by the bulls.

Bitcoin (BTC) skyrocketed above the $76,000 resistance on Friday after Iran’s foreign minister said that the Strait of Hormuz will remain open for the remainder of the ceasefire between the US, Israel and Iran.

Another positive sign for the bulls is that BTC’s rise has been supported by solid accumulation by the whales. According to CryptoQuant data, BTC whales holding more than 1,000 BTC have added about 270,000 coins in the past 30 days, the largest buying spree since 2013.

However, some analysts remain skeptical about BTC’s advance. Glassnode said in its latest Week Onchain newsletter that the current recovery has more legs to it, but is likely to face selling pressure at the True Market Mean at $78,100. Buyers will have to sustain the price above $78,100 on a mid-term basis to create a “structural shift toward a bull market.”

Another cautious view came from trading resource Material Indicators. In a video posted on X, Material Indicators said that BTC will have to cross the yearly open at $87,500 and the 50-week moving average near $97,000, and the relative strength index has to close above the 41 level on the weekly time frame to confirm that a bull market has returned.

Could BTC and select major altcoins sustain above their overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC surged above the $78,000 level on Friday, its highest level in ten weeks, indicating sustained buying by the bulls. 

The upsloping 20-day exponential moving average ($72,136) and the RSI near the overbought zone indicate that the bulls are attempting to seize control. A close above the $76,000 level will complete a bullish ascending triangle pattern, opening the door to a rally to $84,000, then to the pattern target of $92,000.

The moving averages are critical support levels to watch on the downside, as a close below them suggests the bears remain in control. The BTC/USDT pair may then tumble toward the triangle’s support line. 

Ether price prediction

Sellers attempted to halt the recovery at the $2,415 level in Ether (ETH), but the bulls continued to exert pressure and did not allow the price to dip below the 20-day EMA ($2,235).

If the ETH price closes above the $2,415 resistance level, the recovery may extend to $2,800, then to $3,050. Such a move suggests that the ETH/USDT pair may have bottomed out at $1,748.

This bullish view will be invalidated in the near term if the price turns down sharply and breaks below the moving averages. That suggests the break above the $2,415 level may have been a bull trap. The pair may then decline to the $1,916 level.

XRP price prediction

XRP (XRP) closed above the 50-day simple moving average ($1.38) on Wednesday, indicating that the bears are losing their grip.

The 20-day EMA ($1.37) has started to turn up gradually, and the RSI is in the positive territory, indicating an advantage to the bulls. The XRP price may rally to the downtrend line of the descending channel pattern, which is expected to behave as a formidable hurdle. If buyers clear the hurdle, the XRP/USDT pair will indicate a potential trend change.

The moving averages are the vital support to watch out for on the downside. If the support breaks down, the pair may retest the crucial $1.27 level.

BNB price prediction

BNB (BNB) closed above the 50-day SMA ($626) on Thursday, indicating that the selling pressure is reducing. 

If the BNB price remains above the moving averages, the next stop is likely to be the $687 level. Sellers will try to halt the recovery at $687, but if buyers bulldoze their way through, the rally may reach $730 and eventually $790.

On the contrary, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it signals that the BNB/USDT pair may remain within the $570 to $687 range for a while longer.

Solana price prediction

Solana’s (SOL) close above the moving averages suggests that the bulls are attempting to push the price to the $98 resistance.

Sellers are expected to fiercely defend the $98 level. If the SOL/USDT pair turns down sharply from $98 and breaks below the moving averages, it signals that the consolidation may extend for a few more days.

The first sign of strength on the upside will be a break and close above the $98 resistance. That opens the doors for a rally to the $117 level, where the bears are again expected to step in.

Dogecoin price prediction

Dogecoin (DOGE) turned up from the moving averages on Wednesday and rallied to the $0.10 level on Thursday.

Sellers will strive to halt the recovery at the $0.10 level, but if buyers do not give up much ground from the current level, it increases the possibility of a rally to $0.11 and subsequently to $0.12.

The bears are likely to have other plans. They will attempt to pull the DOGE price back below the moving averages. If they succeed, the DOGE/USDT pair may plummet to the solid support at $0.09. 

Hyperliquid price prediction

Sellers are attempting to pull Hyperliquid (HYPE) back below the breakout level of $43.76, but the bulls have held their ground.

If the HYPE price continues higher and breaks above the $46 level, it suggests that the bulls have flipped the $43.76 level into support. That increases the likelihood of a rally to the $50 to $51.43 zone.

Time is running out for the bears. They will have to pull the HYPE/USDT pair below the 20-day EMA ($40.78) to make a comeback. If they manage to do that, the pair may slump to the 50-day SMA ($37.38). 

Related: Bitcoin price quietly sets new 10-week high as trader sees $88K in weeks

Cardano price prediction

Cardano (ADA) continued its recovery and is likely to test the resistance at the downtrend line of the descending channel pattern.

Sellers are expected to aggressively defend the downtrend line, but if the bulls prevail, the ADA/USDT pair may climb to $0.32, then to $0.37. Such a move signals a potential short-term trend change.

On the contrary, if the ADA price turns down from the downtrend line and breaks below the moving averages, it suggests the pair may remain within the channel for some time. 

Bitcoin Cash price prediction

Bitcoin Cash (BCH) pierced the 20-day EMA ($447) on Thursday, but the relief rally is facing selling at the 50-day SMA ($454).

The 20-day EMA is flattening out, and the RSI is near the midpoint, suggesting that the selling pressure is reducing. If bulls prevent the BCH price from dipping below $443, it could signal a shift in sentiment. That increases the likelihood of a break above the 50-day SMA. If that happens, the BCH/USDT pair may surge to $486, then to $520.

Alternatively, if the price breaks below $443, it signals that the bears remain sellers on rallies. The pair may then plunge toward the solid support at $419.

Chainlink price prediction

Chainlink (LINK) is attempting to break above the $8 to $10 resistance, where bears are expected to mount a strong defense.

If the price turns down from the overhead resistance and breaks below the moving averages, it suggests that the LINK/USDT pair may consolidate inside the range for a few more days.

On the other hand, if the LINK price closes above the $10 level, it indicates that the consolidation has resolved in favor of the bulls. The pair may then rally to the $11.61 level, where the bears are expected to step in. There is resistance at $10.94, but it is likely to be crossed.