Bitcoin has surged over $10,000 this week, spurring an influx of strong spot ETFs of over $1 billion. With Bitcoin approaching the all-time high, we are looking at the $100,000 level of critical support. Ether experienced a dramatic price rise, breaking $2,600 and targeting $3,000.
Bitcoin has resolutely reclaimed the ground this week than the psychologically significant $100,000 mark, indicating a revival of bullish momentum in the cryptocurrency market.
Bringing backed by the substantial inflow into Spot Bitcoin ETFs, particularly BlackRock’s IBIT funds, buyers are now trying to consolidate these profits and push them to potentially record highs.
This new strength of market leaders has also sparked interest in several altcoins, prompting discussions about the potential onset of the “alto season.”
Last week, Bitcoin rose more than 10%, and buyers successfully pushed prices through significant levels of resistance.
The rally is particularly supported by consistent institutional demand, which BlackRock’s IBIT Spot Bitcoin ETF extended the inflow streak to 19 days, attracting $1.03 billion in the latest trading week alone.
Technically, Bitcoin is gradually inching towards an all-time high of $109,588, indicating a measured but confident advancement by the Bulls, who appear to be reluctant to book profits early.
This powerful gathering has pushed the relative strength index (RSI) into the territory that was bought, and although it often portends short-term corrections or integration, we are now expected to find robust support between the $100,000 level and the 20-day index moving average (EMA).
This successful rebound from the support zone will significantly increase the chances of a breakout exceeding $109,588, potentially aiming for $130,000.
However, the bear still has a window to regain control.
A quick and decisive break below the 20-day EMA could result in a sharper decline to the 50-day simple moving average (SMA) of nearly $88,962.
In the short time frame, strong sales pressure is expected in the $107,000 to $109,588 zone.
A successful 4-hour 20-EMA defense in DIP shows continuous bullish strength, but a break below $100,000 can open the door for a deeper fix to $93,000 or $83,000.
Eth Sky Rocket, and upside down
Ether (Eth) experienced a dramatic surge, reaching $2,600 on May 10th, showing off aggressive purchasing pressure.
This rapid rise also pushes RSI into territory of over-acquisition, suggesting potential short-term integration or minor pullbacks.
The main levels of support for monitoring for shortcomings are $2,320 and $2,111.
If Ether finds support at these levels and makes it higher, the ETH/USDT pair will expand the rally to $2,850, then aim for $3,000.
However, a break below $2,111 support could negate the immediate bullish outlook and lead to a period of range-bound trading between $1,754 and $2,600.
On the four-hour chart, the Bulls managed to outperform their $2,550 resistance, but they struggled to maintain these higher levels.
The positive indication is that buyers are not acknowledging the ground much, suggesting that they will be even more upside down.
A break above $2,609 could trigger a rally towards $3,000, but below the 20-EMA of less than four hours could trigger a deeper fix to $2,111 support.
Dogecoin (Doge) breaks resistance and signals a change in trend
Dogecoin (Doge) showed a significant short-term trend change on May 10th, surpassing the $0.21 overhead resistance.
The rally is currently facing sales pressure of nearly $0.26, which could lead to a retest of a breakout level of $0.21.
If Doge rebounds strongly from $0.21, it shows a shift in market sentiment from “Rally Sell the Rally” to “Buy Dip”, increasing the chances of continuous progress to $0.31.
To deny this bullish momentum, sellers will need to pull back prices below the 20-day EMA (approximately $0.19).
Such a move could lock Doge within a larger trading range between $0.14 and $0.26 over the long term.
Immediate support for pullbacks starting at $0.26 is seen at $0.22 and then at $0.21.
Pepe (Pepe) gathers rapidly and tests important levels
Meme Coin Pepe (Pepe) won a sharp rally from a 50-day SMA (approximately $0.000008) and surpassed the indirect resistance of $0.000011 on May 8th.
This aggressive move pushes RSI into the territory of over-acquisition, indicating a potential pullback. The Pepe/USDT pair could drop to retest a breakout level of $0.000011.
If this level is held as support, it strengthens bullish cases for gatherings to $0.000017, and then $0.000020.
Conversely, a break below the 20-day EMA (approximately $0.000009) would negate this optimistic outlook.
On the four-hour chart, the bear is actively defending the $0.000014 level.
The 4-hour pullback to 20-EMA is an important support for watching. The bounce could lead to another attempt to beat $0.000014, but the failure would allow Pepe to return to $0.000011, or even 50-SMA.
Cosmos (Atom) escapes from the base and targets higher levels
Cosmos (Atom) has shown a change in potential trends by closing it beyond the $5.15 resistance on May 10th, breaking out of the big base pattern.
However, bears are expected to strongly defend this level.
If they succeed in bringing the price back below $5.15, the offensive bull could be trapped and lead to a pullback towards the moving average.
If buyers can maintain prices above $5.15, the Atom/USDT pair could gain a lot of momentum and ralliate towards $6.50.
Sellers will probably try to stop progress there, but a successful break above $6.50 could pave the way for $7.50.
The incisive gathering pushed the four-hour RSI into over-acquired territory, suggesting short-term revisions or consolidation.
The Bulls need to adhere to the $5.15 level to keep momentum at $6.60. A break below $5.15 could lead to a deeper fix towards 20-EMA or $4.70.
While some analysts have debated whether a full-fledged “Altseason” has really begun given the modest recovery from a critical drawdown, recent price action across several key cryptocurrencies suggests a new bullish appetite in the market.
