Bitcoin and Altcoins Show Signs of Bullish Activity as Risk-On Sentiment Grows

S&P 500 Starts Week on Positive Note, Indicating Bullish Sentiment

After two weeks of gains, the S&P 500 Index (SPX) began the week with a positive start, signaling a risk-on sentiment. This could potentially boost buying interest in select cryptocurrencies as investors become more optimistic.

Grayscale Bitcoin Trust (GBTC) Sees Bullish Activity

The Grayscale Bitcoin Trust (GBTC) has seen bullish activity as the discount on the trust has reduced to its lowest level since 2021. This suggests that investors are anticipating the trust to convert into a spot Bitcoin (BTC) ETF, leading to increased buying interest.

Support Levels and Overhead Resistance on Bitcoin and Altcoins

Bitcoin and altcoins face important overhead resistance levels that need to be crossed in order to start an uptrend. Let's analyze the charts to see what levels need to be surpassed.

S&P 500 Index Shows Potential End of Corrective Phase

The S&P 500 Index (SPX) turned down from the 50-day simple moving average (4,401) but remained above the important level at 4,325. If the index can break above the overhead resistance zone, it could signal the end of the corrective phase.

U.S. Dollar Index (DXY) Corrects, Bulls Aim for Rally

The U.S. dollar index (DXY) corrected from 107.34 and dipped to the 20-day exponential moving average ($106). Bulls are aiming to push the price above the resistance zone of 107.34 to 108, which could start a strong rally. However, bears will try to defend the overhead zone and push the price lower.

Bitcoin (BTC) Makes Decisive Move, Bulls Have Slight Edge

Bitcoin made a decisive move when bulls kicked the price above the 20-day exponential moving average ($27,224). The momentum picked up, but the bears aggressively sold at higher levels. If buyers can achieve a close above $28,143, the pair may march toward $30,000 and then $31,000.

Ether (ETH) Oscillates Between Support and Resistance

Ether has been oscillating between $1,531 and $1,746. Buyers purchased the dip to $1,521, but aggressive selling by bears halted the rally. If the price turns down from the current level, bears may sink the price below $1,521. However, if bulls can push and sustain the price above the moving averages, the pair could jump to $1,746.

BNB (BNB) Shows Signs of Weakening Bearish Momentum

BNB rebounded off strong support at $203 and nudged above the downtrend line, indicating weakening bearish momentum. Bulls will try to maintain higher levels to invalidate the bearish descending triangle pattern. If successful, the pair may climb to $235 and later to $250.

XRP (XRP) Stuck Inside Large Range, Bulls Face Resistance

XRP has been stuck inside a large range between $0.41 and $0.56. Bulls are trying to start a pullback but face stiff resistance at the moving averages. If the price turns down from the moving averages, it will increase the possibility of a drop to $0.46. However, if bulls thrust the price above the moving averages, the pair will attempt a rally to $0.56.

Solana (SOL) Shows Signs of Bulls Taking Control

Solana surged above the near-term resistance of $22.50, indicating that bulls are trying to take control. A close above the important resistance level will complete the bullish setup and the pair may start an up-move to $27.12 and later to the pattern target of $32.81.

Cardano (ADA) Bounces Off Strong Support, Bulls Defend Level

Cardano bounced off strong support near $0.24, indicating that bulls are fiercely defending this level. The immediate resistance on the upside is from the moving averages. If bulls do not give up much ground, it will improve the prospects of a rally above $0.28. However, a drop below $0.24 could sink the pair to $0.22 and subsequently to $0.20.

Dogecoin (DOGE) Shows Signs of New Up-Move

Dogecoin recovered to the breakdown level of $0.06, suggesting that lower levels are attracting buyers. The flattening out of the 20-day exponential moving average and the near-midpoint RSI indicate reduced selling pressure. If the price maintains above the moving averages, a new up-move to $0.07 is possible.

Toncoin (TON) Trading Below Moving Averages, Bears Lacking Selling Pressure

Toncoin has been trading below the moving averages but bears have not been able to capitalize on this weakness, suggesting a lack of selling at lower levels. If the price turns down and sinks below $1.89, a deeper correction may occur. However, a sustained push above the moving averages could signal a comeback for the bulls.