Bitcoin Surges 6% Aiming for $109,000 Weekly Close

Bitcoin (BTC) has made a strong comeback this week, rising more than 6% and indicating strong buying near the $100,000 level. The bulls are attempting to sustain the price above $108,000, aiming for the highest weekly close above $109,000. However, liquidity remains low during the weekend, and a breakout should be viewed cautiously. Sellers are expected to return on Monday, trying to keep the price within the $100,000 to $111,980 range.

Bitcoin's strength has triggered buying in several altcoins, which have bounced off their respective support levels. If Bitcoin hits a new all-time high, select altcoins will try to extend their relief rally by breaking above their overhead resistance levels. The top 5 cryptocurrencies that look strong on the charts are Hyperliquid (HYPE), Bitcoin Cash (BCH), Chainlink (LINK), and Sei (SEI).

Bitcoin has been trading between the moving averages and the downtrend line. Buyers tried to push the price above the downtrend line, but the bears held their ground. The moving averages are sloping up gradually, and the relative strength index (RSI) is in the positive territory, indicating that bulls have a slight edge. If bulls propel the price above the downtrend line, the BTC/USDT pair could jump to $110,530 and later to $111,980. However, sellers are expected to pose a strong challenge in the zone between the downtrend line and the neckline of the inverted head-and-shoulders pattern. If buyers bulldoze their way through, the pair may skyrocket toward $150,492. This optimistic view will be negated in the near term if the price turns down from the downtrend line and breaks below the moving averages, opening the doors for a fall to $102,500 and then to $100,000.

Hyperliquid (HYPE) slipped below the 20-day EMA ($37.14) on Thursday, but the bears could not sustain the lower levels, showing buying on every minor dip. The bulls pushed the price back above the 20-day EMA on Saturday. There is resistance at $39.12, but if the bulls overcome the barrier, the HYPE/USDT pair could surge toward $42.50. Buyers are expected to face significant resistance in the $42.50 to $45.80 zone. Conversely, if the price turns down and skids below the 20-day EMA, it indicates that bears are active at higher levels. The pair may then slump to the 50-day SMA ($34.42). A break and close below the 50-day SMA could sink the pair to $30.69.

Bitcoin Cash (BCH) is facing selling at the $500 level, but a positive sign is that the bulls have not ceded much ground to the bears. The upsloping moving averages and the RSI in the positive zone suggest that the bulls are in control. That increases the likelihood of a break above $500. If that happens, the BCH/USDT pair could soar to $550. Sellers will try to halt the rally at $550, but if the bulls prevail, the pair could reach $625. The first support on the downside is at the 20-day EMA ($464) and then at the 50-day SMA ($430). A break below the 50-day SMA signals that the bears are back in the game.

Chainlink (LINK) has been clinging to the 20-day EMA ($13.27) for the past few days, indicating that the bulls have maintained their pressure. If the price breaks and maintains above the 20-day EMA, the LINK/USDT pair could rise to the 50-day SMA ($14.43). Sellers are expected to defend the 50-day SMA with all their might because a break above it signals a potential trend change. The pair may then climb toward $18. Instead, if the price turns down sharply from the current level or the 50-day SMA, it suggests that the bears are selling on rallies. A break below $12.73 could keep the pair inside the descending channel for some more time.

Sei (SEI) picked up momentum after breaking out of the 50-day SMA ($0.21) on Monday and rose above the $0.29 resistance on Tuesday. However, buyers could not sustain the higher levels, and the price dipped below the $0.29 level on Wednesday. A positive sign in favor of the bulls is that they pushed the price back above the $0.29 level. The 20-day EMA ($0.23) has started to turn up, and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. The SEI/USDT pair could rise to $0.35 and later to $0.43. This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA. That could pull the pair down to $0.19 and later to $0.15.

In summary, Bitcoin's strong performance this week has triggered buying in several altcoins. If Bitcoin sustains its price above $105,000, HYPE, BCH, LINK, and SEI could extend their rallies. However, sellers are expected to return on Monday, and a breakout should be viewed cautiously. The bulls will need to sustain their momentum to push the price above key resistance levels and avoid a potential fall.