Bitcoin Eyes $84K as Altcoins Test Resistance Levels

A Bitcoin daily close above $76,000 would complete a bullish ascending triangle and trigger a rally toward $84,000. Meanwhile, select major altcoins are positioning for breakouts above their overhead resistance. Here's what we're watching across the top 10 crypto assets.

Bitcoin's Shallow Pullback Signals Buyer Conviction

Bitcoin pulled back after crossing $76,000 on Tuesday, but the critical detail here is that bulls haven't let the price dip below $73,500. That's not weakness—that's conviction. We're seeing buyers camp at these levels, expecting the $76,000 resistance to eventually crack.

The fuel backing this move? $411.5 million in inflows into US spot BTC exchange-traded funds on Tuesday alone, according to SoSoValue data. That pushes total net flows for 2024 into positive territory at roughly $245 million. This is institutional money speaking.

BTC rebounded from the 20-day exponential moving average ($71,116) on Monday and tested $76,000 on Tuesday. Sellers are likely to defend this level aggressively—because once it breaks, we're looking at a clean path to $84,000. The ascending triangle pattern is textbook bullish setup.

On the downside, support sits at the 20-day EMA. A strong rebound from that moving average would reinforce bullish sentiment and increase the odds of cracking $76,000. Below the triangle's support line, however, and sellers regain control.

Ethereum Consolidating Before the Next Move

Ethereum faces resistance at $2,415, but bulls are holding their ground. The ETH/USDT pair is primed for a breakout if price either reverses from current levels or bounces off the 20-day EMA at $2,198.

Break above $2,415 and we're targeting $2,800, then $3,050. Bears have an uphill battle—they'd need to quickly pull price below the moving averages to weaken this momentum. If they succeed, watch for a decline to $1,916 support.

XRP Under Pressure at the 50-Day Moving Average

XRP buyers are struggling to clear the 50-day simple moving average at $1.37. That's a red flag—it signals bears are active at higher levels.

If XRP dips below the 20-day EMA ($1.35), expect consolidation between the 50-day SMA and $1.27 support. A close below $1.27 flips the advantage to bears. The bull case? A sustained close above the 50-day SMA signals recovery toward the descending channel downtrend line.

BNB, SOL, and the Rest of the Altcoin Field

BNB reached the 50-day SMA at $626 on Tuesday—make-or-break territory. If bulls hold here, $687 overhead resistance comes into play, with a path to $730 and $790 if that breaks. Below $570 support and we're looking at a move toward $500.

Solana is consolidating within a $76 to $98 range as bears guard the 50-day SMA at $85. The RSI near midpoint and flattish moving averages offer no clear advantage. The next trending move arrives on a close above $98 or below $76.

Not all analysts agree on Bitcoin's path forward. While some believe the bottom hit at $60,000, skeptics warn of potential collapse below that level—as low as $50,000—before true capitulation.