Bitcoin, Altcoins Sell-Off Ahead Of Key FOMC Rate Decision

Key points:

• Bitcoin is facing significant resistance at $117,500, but the bulls remain on top as long as the price stays above $113,400.

• Several altcoins are showing signs of profit booking in the near term, but lower levels are likely to attract buyers.

Bitcoin’s (BTC) failure to cross above the $117,500 resistance on Monday attracted profit booking by short-term buyers, who have pulled the price below $115,000. Material Indicators co-founder Keith Alan said in a post on X that BTC has not topped out at $124,500 because of strong institutional demand, which is growing. 

Spot BTC exchange-traded funds recorded $642.35 million in inflows on Friday, according to SoSoValue data. That propelled the weekly inflows to $2.34 billion. The inflows were not limited to BTC ETFs alone. Ether (ETH) ETFs garnered $637.68 million in inflows last week.

However, not everyone is buying BTC in this market. Lookonchain said in a post on X that a long-term BTC whale, who swapped $4 billion in BTC for ETH two weeks ago, has sent 1,176 BTC worth over $136 million into the trading platform Hyperliquid (HYPE) on Sunday, and has started dumping.

Could BTC overcome its overhead resistance? Will select altcoins start a new up move? Let’s analyze the charts of the top 10 cryptocurrencies to find out. 

S&P 500 Index price prediction

The S&P 500 Index (SPX) continued its northward march higher, signaling that the bulls are firmly in the driver’s seat.

Buyers will try to extend the uptrend to 6,700, where the bears are expected to pose a substantial challenge. If the bulls do not allow the price to dip below the 20-day exponential moving average (6,491), the up move may reach the 7,000 level.

The bears will have to sink the index below the 50-day simple moving average (6,391) to gain strength. The index may then tumble to the breakout level of 6,147, which is likely to attract buyers.

US Dollar Index price prediction

The bears repeatedly thwarted attempts by the bulls to push the US Dollar Index (DXY) above the moving averages.

Sellers will try to strengthen their position by pulling the price below the 97.10 support. If they do that, the next stop could be the solid support at 96.37. Buyers are expected to defend the 96.37 level with all their might because a break below it may sink the index to the 95 level.

The first sign of strength will be a break and close above the moving averages. That suggests the selling pressure may be reducing. The index could then rally to 99 and, after that, to 100.50.

Bitcoin price prediction

BTC has been trading above the 20-day EMA ($113,365), but the bulls are struggling to push the price above the $117,500 resistance.

The bears will try to yank the price below the 20-day EMA. If they manage to do that, it suggests that the BTC/USDT pair may extend its stay inside the $107,000 to $124,474 range for a few more days.

Alternatively, if buyers push the price above $117,500, the pair could reach the $124,474 level. Sellers are expected to vigorously defend the level, but if the buyers bulldoze their way through, the next leg of the uptrend could reach $141,948.

Ether price prediction

ETH turned down from the $4,788 to $4,956 resistance zone, indicating that the bears are active at higher levels.

The ETH/USDT pair has reached the 20-day EMA ($4,438), which is a critical level to watch out for. If the price bounces off the 20-day EMA with strength, the bulls will again try to push the pair above the overhead zone. If they can pull it off, the Ether price could start the next leg of the uptrend toward $5,500.

Contrarily, if the price skids below the 20-day EMA, it suggests that the bulls are losing their grip. The bears will then try to sink the price to the critical support at $4,060.

XRP price prediction

XRP (XRP) turned down from $3.18 on Saturday and is retesting the breakout level from the descending triangle pattern.

If the price turns up from the downtrend line, it signals that the bulls are trying to flip the level into support. Buyers will then try to resume the up move by pushing the XRP/USDT pair above $3.20. If they do that, the XRP price could rally to $3.40 and subsequently to $3.66.

Alternatively, if the price breaks below the downtrend line, it suggests that the breakout above the triangle may have been a bull trap. The pair could then plummet to the solid support at $2.69.

Solana price prediction

Solana (SOL) turned down from $250 on Sunday, indicating that the bears are selling as the price nears the $260 overhead resistance.

The SOL/USDT pair could dip to the 20-day EMA ($217), which is likely to attract buyers. If the price rebounds off the 20-day EMA, it signals demand at lower levels. The bulls will then strive to push the Solana price above $260, targeting the all-time high at $295.

Instead, if the price continues lower and breaks below the 20-day EMA, it suggests that the bulls are booking profits in a hurry. The Solana price could then drop to the 50-day SMA ($195).

BNB price prediction

BNB (BNB) has been in a strong uptrend for the past few days, indicating sustained demand from the bulls.

Both moving averages are sloping up, and the RSI is in the positive territory, signaling that buyers are in control. The bulls will try to push the price to $1,000, where the bears are expected to mount a strong defense.

The first support on the downside is at the 20-day EMA ($884). If the price rebounds off the 20-day EMA with force, it signals that the uptrend remains intact. The bulls will then try to propel the BNB price to $1,100. A short-term top will be signaled if the BNB/USDT pair turns down and plummets below the 50-day SMA ($841).

Related: Solana confirms bullish signal that last time led to 1,300% SOL price gains

Dogecoin price prediction

Dogecoin (DOGE) pierced the $0.29 resistance on Saturday, but the bulls could not sustain the higher levels.

The bears are trying to pull the price to the 20-day EMA ($0.24), which is a vital level to watch out for. If the price rebounds off the 20-day EMA with force, it shows demand at lower levels. The bulls will try to propel the DOGE/USDT pair above $0.31. If they succeed, the Dogecoin price may rise to $0.35 and then to $0.44.

Sellers will have to tug the price below the 20-day EMA to weaken the bullish momentum. The pair may then slide to the 50-day SMA ($0.22).

Cardano price prediction

Cardano (ADA) has formed a symmetrical triangle pattern, indicating indecision about the next directional move.

The bulls will have to drive the Cardano price above the resistance line to gain the upper hand. If they can pull it off, the ADA/USDT pair could surge to $1.02. Sellers will try to halt the up move at $1.02, but if the bulls prevail, the pair could soar to $1.17 and then to $1.25.

This positive view will be invalidated in the near term if the price turns down and breaks below the support line. The pair could then plunge to $0.78 and eventually to $0.68.

Hyperliquid price prediction

HYPE pulled back after hitting $57.44 on Friday, but the shallow correction suggests the bulls are not rushing to the exit.

The upsloping 20-day EMA ($50.11) and the RSI in the positive territory indicate that buyers remain in command. The bulls will try to resume the uptrend by pushing the Hyperliquid price above $57.44. If they manage to do that, the HYPE/USDT pair could rally toward the pattern target of $64.25.

The first support on the downside is at $49.88 and then at the 50-day SMA (45.28). A close below the 50-day SMA signals a short-term top is in place.

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.