Bitcoin completed its fourth halving yesterday, after which the cryptocurrency market started an upward trend and tried to regain its bullish momentum. Contrary to the expectations of several analysts who predicted immediate selling pressure after the halving, the market reacted in the opposite way. Bitcoin and major altcoins are likely to rise next week as crypto prices continue to rise.
Market liquidations exceed his $100 million
According to Coinglass data, the crypto market recorded a total liquidation of over $113 million in the past 24 hours. Still, Bitcoin’s market power is waning, with its weekly decline of 2.3% and daily decline of 0.16%.
In contrast, altcoin dominance increased significantly, rising 7.9% for the week. Analysts expect Bitcoin prices to rebound strongly next week, with altcoins also likely to rise as they trend toward increased accumulation.
Following the halving event, corrective sentiment surrounding Bitcoin prices continues among holders. As a result, even small fluctuations in Bitcoin prices can potentially lead to significant increases in altcoin prices, given the growing dominance of altcoins.
Bitcoin Price Analysis
BTC price has rebounded significantly over the past 24 hours, rising from a low of $63,000 and currently sitting above $65,000. The bears are vigorously defending the resistance level, while buyers continue to pile up and add pressure on each dip.
Any move above the $66,000 resistance line may face significant resistance from sellers. A significant rally from this level could push the price above $70,000 next week and retest the ATH.
On the other hand, if the bears manage to push the price below the moving average, it suggests that the Bitcoin/USDT pair could continue to consolidate between $65,000 and $60,000 for some time.
Solana Price Analysis
Solana has been stable at $125 recently, suggesting strong buyer interest. The price has climbed to over $150 in recent days and is aiming for the $200 mark next week.
price is likely to approach his 200-day EMA of $159, which is an important level to monitor. A sharp decline from this point could cause the bears to try to push the SOL/USDT pair back below $126. If this is successful, the downtrend could continue towards a significant $100 mark.
Conversely, if the price rises above the 200-day EMA, it may indicate that bearish pressure is easing. The next resistance level could be at $162, and overcoming this could cause the pair to escalate towards $185.
Dogecoin Price Analysis
DOGE price has recovered from the lows of $0.14 and is trying to regain momentum. Buyers continue to break above the immediate Fib level in anticipation of a retest.
price is expected to rise towards his 200-day EMA of $0.17, which is an important level to monitor. If buyers are able to move above this threshold, the DOGE/USDT pair could move closer to the key level of $0.187. Once this level is broken, DOGE price could rise towards $0.22.
Moreover, the $0.14-$0.12 area shows strong buying interest from the bulls, as a break below this support could lead to a sharp decline and a fall towards next week’s key support level of $0.10. is expected.