Bitcoin completed its fourth halving event yesterday, and subsequently, the cryptocurrency market began to trend upwards, attempting to restore its bullish momentum. Contrary to the expectations of several analysts who predicted immediate selling pressure post-halving, the market reacted oppositely. With cryptocurrency prices continuing to rise, there is a strong likelihood of a bullish week ahead for Bitcoin and major altcoins.
Market Liquidation Surpasses $100 Million
Coinglass data reveals that over the past 24 hours, the cryptocurrency market experienced total liquidations exceeding $113 million. Despite this, Bitcoin’s market dominance has been declining, with a weekly decline of 2.3% and a daily decrease of 0.16%.
Conversely, altcoins have seen their dominance increase significantly, rising by 7.9% over the week. Analysts anticipate a strong rebound in Bitcoin prices next week, alongside gains in altcoins, as accumulation trends upward.
Following the halving event, the corrective sentiment surrounding Bitcoin’s price holds among holders. Consequently, even a minor fluctuation in Bitcoin’s price could potentially lead to a significant increase in altcoin prices, given their increasing dominance.
Bitcoin Price Analysis
BTC price has made a solid rebound in the last 24 hours as it surged from the low of $63K and is now holding above $65,000. Though bears are defending the resistance levels strongly, buyers continue to put pressure by accumulating on every dip.
A surge above the resistance line of $66K might see significant resistance from the sellers. A sharp surge from that level might send the price above $70K next week, retesting the ATH.
Conversely, if the bears manage to push the price below the moving averages, it suggests that the Bitcoin/USDT pair could continue to consolidate between $65K-$60,000 for some time.
Solana Price Analysis
Solana has consistently held at $125 recently, suggesting strong interest from buyers. In recent days, the price surged above $150 and is now aiming for the $200 mark in the coming week.
The price is poised to approach the 200-day EMA at $159, a key level to monitor. A sharp decline from this point could lead the bears to attempt pushing the SOL/USDT pair below $126 again. If successful, this could result in a continuation of the downward trend towards the significant $100 mark.
Conversely, if the price surpasses the 200-day EMA, it could indicate that the bearish pressure is weakening. The next resistance might be at $162, which could be overcome, potentially leading the pair to escalate towards $185.
Dogecoin Price Analysis
The DOGE price has successfully rebounded from the low of $0.14, aiming to regain its momentum. Buyers continue to break above immediate Fib levels in anticipation of a retest.
The price is expected to rally towards the 200-day EMA at $0.17, which is an important level to monitor. If buyers can surpass this threshold, the DOGE/USDT pair might approach the crucial level of $0.187. Breaking this level might take the DOGE price toward $0.22.
Additionally, strong buying interest from bulls is anticipated in the $0.14 to $0.12 range, as a breakdown below this support could lead to a sharp decline, potentially driving the pair towards the critical $0.10 support level next week.