Bitcoin Struggles at $105,000 Mark, Altcoins Await Next Move

Bitcoin has been struggling to surpass the $105,000 mark over the weekend, indicating that sellers are maintaining their pressure. According to CryptoQuant, some of Bitcoin’s demand metrics may be reaching a short-term top, which could imply a pause in the current rally. Analysts anticipate that Bitcoin will find support at the psychologically crucial level of $100,000. Even if this level is breached, the downside appears to be limited, as historically, Bitcoin has not remained below the short-term realized price for an extended period during bull phases.

The bullish outlook extends beyond Bitcoin. Select analysts believe that Ether’s (ETH) chart patterns suggest the start of the next altcoin season, which could trigger a massive rally in altcoins if history repeats itself. If Bitcoin initiates a relief rally toward $109,588, it could pull altcoins higher. Bitcoin plunged below the 20-day exponential moving average ($105,232) on May 30, signaling weakening bullish momentum. The bulls are attempting to push the price back above the 20-day EMA but are likely to face selling at higher levels. If the price turns down from the 20-day EMA, the BTC/USDT pair could drop to $100,000. The bulls are expected to defend the $100,000 level vigorously because a drop below it may start a downtrend toward $93,000.

The flattish 20-day EMA and the relative strength index (RSI) near the midpoint suggest a possible range-bound action in the near term. Buyers will have to drive the pair above $111,980 to open the doors for a rally to $130,000. Both moving averages are turning down, and the RSI is in the negative territory, indicating a slight edge to the bears. Sellers will try to halt the recovery at the 20-EMA. If they manage to do that, the pair could turn down and collapse below the $103,000 support, clearing the path for a slide to $100,000. On the other hand, a break and close above the 20-EMA suggests the bulls are trying to make a comeback. The pair could then rise to the 50-simple moving average, which is likely to attract sellers.

Ether has pulled back to the 20-day EMA ($2,496) after failing to sustain above the overhead resistance of $2,738 on May 29. Buyers have managed to defend the 20-day EMA, but the failure to start a strong rebound increases the risk of a breakdown. If that happens, the ETH/USDT pair could plummet to $2,323. Buyers are expected to vigorously defend the level because a break below it may deepen the pullback to the 50-day SMA ($2,133). Instead, if the price turns up sharply from the current level, it suggests buying on dips. The bulls will then make another attempt to clear the overhead hurdle at $2,738. If they succeed, the pair could rally to $3,000 and thereafter to $3,253.

The 4-hour chart shows the pair has been consolidating between $2,462 and $2,738 for some time. The downsloping 20-EMA and the RSI in the negative zone signal that bears have the upper hand. If the $2,462 level cracks, the pair could drop to $2,323. Alternatively, if the price turns up and breaks above the moving averages, it suggests the range-bound action may continue for a while longer. Buyers will be back in the driver’s seat on a break above $2,800.

Hyperliquid (HYPE) pulled back sharply from $40 on May 26 but is finding support at the 20-day EMA ($30.76). That signals a positive sentiment, where the bulls are buying on dips. The bulls will have to push the price above $35.73 to strengthen their position. If they manage to do that, the HYPE/USDT pair could rally to $40 and eventually to $42.25. This optimistic view will be negated in the near term if the price turns down from the current level and breaks below the 20-day EMA. The pair could then descend to the breakout level of $28.50. The bulls are trying to push the pair above the 20-EMA but are facing stiff resistance from the bears. If the bulls prevail, the pair could surge to the overhead resistance of $35.73. Contrarily, if the price turns down from the 20-EMA, it suggests that the bears are trying to take charge. The selling could accelerate on a break and close below $30.59. The pair may then descend to $28.50.

Bittensor (TAO) turned up sharply from the 50-day SMA ($379) on May 31 and reached the $495 overhead resistance. Sellers successfully defended the $495 level, but if the price stays above the 20-day EMA ($421), it suggests that the bulls are buying on dips. That increases the likelihood of a break and close above $495. If that happens, the TAO/USDT pair will complete a bullish inverse head-and-shoulders pattern. The pair could then rally to $589 and later to $720. Sellers are likely to have other plans. They will try to pull the price below the 20-day EMA and challenge the 50-day SMA. A break and close below the 50-day SMA tilts the advantage in favor of the bears. The 20-EMA has started to turn up gradually, and the RSI is near the midpoint, signaling a slight advantage to the bulls. If the price bounces off the 20-EMA with force, the pair could ascend to $460. Sellers will try to halt the up move at $460, but if the bulls have their way, the pair could reach $480. Contrary to this assumption, a break and close below the 20-EMA indicates that the bulls are losing their grip. The pair may slump to $396 and then to $366.

Quant (QNT) turned down from $120 on May 28, but the pullback is finding support at the 20-day EMA ($101). The upsloping moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside. If buyers drive the price above $120, the QNT/USDT pair could rally to $142. There is resistance at $124, but it is likely to be crossed. Conversely, if the price turns down and breaks below the 20-day EMA, it indicates that the bears have seized control. That opens the gates for a drop to the 50-day SMA ($87). The 20-EMA has flattened out, and the RSI is near the midpoint, suggesting a balance between supply and demand. Buyers will have to propel the price above $113 to seize control. The pair could then rally to $120. The first sign of weakness will be a break and close below the 50-SMA. That increases the risk of a fall below the $103 support. If that happens, the pair could tumble to the solid support at $92.