Bitcoin (BTC) – $86,499
Buyers have driven Bitcoin’s price above $87,000, despite upcoming U.S. trade tariffs set to take effect on April 2. While short-term volatility is expected, analysts remain optimistic about its long-term prospects.
Fidelity analyst Zack Wainwright notes that Bitcoin is currently in an “acceleration phase,” which, based on historical trends, could lead to a sharp and significant rally. If this pattern holds, he anticipates that $110,000 could serve as the foundation for the next major upward movement.
BitMEX co-founder and Maelstrom CIO Arthur Hayes stated in a recent post that if the Federal Reserve shifts to quantitative easing, Bitcoin could surge to $250,000 by the end of the year.
The key question now is whether Bitcoin can surpass the critical $89,000 resistance level, potentially triggering a rally in select altcoins. Let’s examine the charts of the top 10 cryptocurrencies to assess the market outlook.
Bitcoin Price Analysis
Bitcoin is nearing a key resistance level, where sellers are expected to put up a strong fight.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day exponential moving average ($85,152) has leveled off, and the relative strength index (RSI) sits slightly above the midpoint—both suggesting that bearish pressure is easing. This improves the chances of a breakout above the resistance level. If Bitcoin surpasses this barrier, the BTC/USDT pair could climb to $95,000 and potentially reach $100,000
Ether (ETH) – $1,885
Ether bounced off the $1,754 support level on March 31, indicating that buyers are working to establish a double-bottom pattern.
Sellers will attempt to halt the recovery at the 20-day EMA ($1,965). If the price reverses from this level, the chances of a drop below $1,574 increase, potentially pushing the ETH/USDT pair down to $1,550.
On the other hand, a decisive break and close above the 20-day EMA could pave the way for a move toward the $2,111 breakdown level. If buyers surpass this resistance, the pair would confirm a double-bottom pattern, setting the stage for a rally toward the target of $2,468.
Solana Price Analysis
Solana (SOL) – $129.46
Solana is trading within a tightening range, confined between the 20-day EMA ($132) and the $120 support level, suggesting a potential breakout in the near term.
If the price breaks and closes above the 20-day EMA, it indicates that buyers have gained the upper hand over sellers. This could push the SOL/USDT pair toward the 50-day SMA ($145) and potentially up to $180.
However, this bullish outlook would be negated if the price reverses from the moving averages and drops below $120. In that scenario, SOL could decline to $110, where buying interest is likely to emerge.
Chainlink Price Analysis
Chainlink (LINK) – $13.81
On April 1, Chainlink attempted to break above the 20-day EMA ($14.32), but sellers successfully defended the level.
Sellers will aim to drive the price down to the support line of the descending channel pattern, which remains a crucial short-term level to monitor. A break below this support could see the LINK/USDT pair fall to $10.
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To prevent further decline, buyers need to push the price above the 50-day SMA ($15.47) and sustain it there. If successful, the pair could rise to $17.50 and eventually reach the resistance line.
