Altcoins Reach New Highs after Bitcoin hits $123,000

The following are key points.

• Bitcoin has a profit booking around $123,000. It is likely to experience a slight consolidation or correction over the short term.

• A number of major altcoins are now above the overhead resistance level, signaling a start to a new trend.

BitcoinBTC() began the week with a bang, surging above $123,000. However, higher levels have seen some profit taking. Bulls try to keep the price over $120,000. This is a positive sign.

The first Bitcoin ETFs to ever see back-to-back performances inflows of more than $1 billion Farside Investors’ data shows that the rally continued on Friday and Thursday. This suggests that investors are expecting the rally to continue.

Michael Saylor’s Strategy wasn’t to be left out, so it resumed BTC purchasing after a week-long break. According to a US Securities and Exchange Commission report on Monday, the company had purchased BTC. 4,225 BTC at an average price of $111,827. This latest acquisition increased Strategy’s BTC holdings from 601,550 to 601.550.

BTC’s dominance over the entire crypto market cap rose to 66% by the end of June, but it has now fallen back below 65%. It has been a small but significant drop. several altcoins to surge In the short-term 

Histoically, altseasons begin when BTC dominance reverses once it reaches 70%. Rekt, a cryptocurrency trader and researcher on X stated that the altcoin market will be impacted by BTC’s dominance dropping to double digits. 

Will BTC frustrate bears in the future or will it correct itself on the short-term? Can altcoins continue to build on the rally they have experienced? We’ll find out by looking at the charts of top ten cryptocurrencies. 

S&P 500 Index price prediction

The S&P 500 Index (SPX) has been maintaining above the breakout level of 6,147, indicating that the bulls are holding on to their positions as they anticipate further upside.

On the downside, the 6,147-level is a critical level of support. If the bulls are aggressive, a break and close under 6,147 could trap them, causing the price to move towards the 50-day moving average (5977).

If, on the other hand, the price rises from its current level, 6,147, this indicates the upward trend is still intact. The index may surge towards 6,500. This is where the bears should mount a vigorous defense.

US Dollar Index price prediction

The US Dollar Index DXY rose on Friday above the 20 day exponential moving average of 97.77, which indicates that there is less selling pressure.

Index could continue the rally up to the SMA 50 (98.83), a strong obstacle. The index may have formed a new low if the price moves down but then bounces off the SMA. This increases the chances of an upward move above the SMA. This could lead to a move up towards 100.54 or 102.

The optimistic view of the future will not be valid in the near-term if the market plunges sharply below the current price or the SMA 50 days and falls under 96.37. The next phase of the downward trend could begin at 95.

Bitcoin price prediction

Bitcoin reached a new record high on Monday of $123,218. However, the bulls were unable to maintain the levels seen by the large wick.

According to the overbought condition of the relative strength (RSI), the BTC/USDT may experience a small correction or consolidation within the next few weeks.

If the pullback occurs, it is anticipated to find support near the 20-day EMA ($111.843). The bullish trend will continue if this happens. The next step will be for buyers to try and push the pair over $123,218. This is the start of the new uptrend towards the goal of $150,000.

It will be in the favor of bears when the price drops below the SMA for 50 days (107,631).

Price prediction for Ether

Ether’s long wick (ETHThe bears’ candlestick (Monday) shows their activity at higher levels.

First support to the downside is $2879. Price rebounding off of $2,879 signals the bulls’ attempt to convert the level as support. The pair ETH/USDT may rise to $3.153, and then $3.400.

It is more likely that buyers are reserving profits if they break below $2,879 It is possible that the pair will then drop to its 20-day EMA (2,707). If they wish to continue the upward momentum, the bulls must successfully defend the 20 day EMA.

XRP price prediction

The XRP currency (XRPOn Friday, the price of jumped above $2.65 to indicate that the buyers had beaten the sellers.

The bulls were able to hold their position despite the attempts of the bears on Saturday. The bulls may be trying to convert the $2.65 price level into support. The $3 level has some minor resistance, but it can be crossed to send the pair XRP/USDT to $3.20, and even $3.40.

Be cautious, as the rally has pushed RSI well into overbought territory. This increases the chance of a short-term minor correction. As long as $2.65 is maintained, however, bulls will remain in command.

BNB price prediction

BNBBNB) rose above the $698 resistance on Monday, but the long wick on the candlestick shows selling at higher levels.

The RSI and 20-day EMA (669) near the overbought zones indicate the buyers’ command. The BNB/USDT could reach $732, then $761 if the price holds above $698. 

On the downside, the 20-day EMA represents a crucial support. The support could crack, and the pair might fall as low as the 50-day SMA (658) or even lower to $640. The break above $698 could have been a trap.

Solana price prediction

Solana (SOL) completed a bullish inverse H&S pattern on a close above $159 on Thursday, and the bulls successfully defended the retest of the breakout level on Saturday.

The SOL/USDT could hit $185 if this level is reached. It is likely that sellers will defend $185 with everything they have because, if unsuccessful, this pair can surge towards $210 and $220.

Watch out for the support of the 20-day EMA, which is $155 on the downside. To indicate a return, sellers will need to keep the price under the 20-day EMA. 

Related: How high can Bitcoin price go?

Dogecoin price prediction

DogecoinDOGE() faces resistance at $0.21. However, this is a good sign that the bulls are not giving up ground.

The path of least resistence is upwards, as the 20-day EMA (0.18) has an upslope and RSI is nearing the overbought area. The DOGE/USDT could reach $0.26 if buyers push the price over $0.21. The sellers are likely to defend the $0.26 price, but if bulls win out the pair may surge up to $0.35.

The sellers are more likely to be planning something else. They’ll try to maintain the upper resistance level and hold the pair in the range between $0.26 and $0.14 for as long as possible.

Cardano price prediction

Cardano (ADA(up move at the trend line but buyers forced their way through.

Close above the downward trend line Sunday invalidates the pattern of a bearish descending triangular. The ADA/USDT could reach $0.86 which will likely act as a barrier. The 20-day EMA is upsloping ($0.64), and RSI has entered the overbought area. This indicates that the buyers are in control. If the price closes above $0.86, it could reach $1.

In the short term, this positive outlook will be nullified if price breaks down below 20-day EMA. This suggests that the breakout above the downward trend line could have been a false break.

Hyperliquid price prediction

Hyperliquid (HYPE), which is a short-term trading instrument, broke through the resistance of $45.80 on Friday. It signals the start of a new uptrend.

The HYPE/USDT currency pair has now reached the psychologically crucial level of $50. This is where sellers will be expected to put up a good fight. The bullish trend will continue if the price drops from $50 but then bounces back off of $45.80. This increases the probability of a rise to $60.

A break-down and closing below $45.80 will signal weakness. It is possible that the pair will then drop to the 20 day EMA (41.98), which would likely attract buyers.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.