Bitcoin Seeks to Set a New Weekly Closing High: Observing Market Dynamics of HYPE, BCH, LINK, and SEI

Gate news, last week Bitcoin prices experienced a strong rebound, with an increase of over 6%, indicating that there is buying support around the $100,000 mark. Market participants are trying to consolidate their advantage by maintaining prices above $108,000. Well-known trader and analyst Rekt Capital posted on the X platform, pointing out that if Bitcoin sets a new weekly closing price high, it could "drive Bitcoin to start a new upward trend and reach new historical highs."

However, market liquidity is usually lower on weekends, so caution should be exercised regarding any breakout. Sellers are expected to return to the market on Monday and may attempt to keep the price within the range of 100,000 to 111,980.

The price trend of Bitcoin has triggered buying interest in some competitive coins (altcoins), which have rebounded from their respective support levels. If Bitcoin successfully sets a new historical high, some competitive coins may also attempt to break through the upper resistance levels, continuing their rebound momentum.

This article will analyze the chart performance of Bitcoin and four other cryptocurrencies (HYPE, BCH, LINK, SEI), and explore their key support and resistance levels.

1. Bitcoin Price Analysis

(Source: Trading View)

According to CoinTelegraph, Bitcoin is currently fluctuating between the moving average and the downward trend line. Buyers have attempted to push the price above the downward trend line, but sellers are still maintaining their defense.

The moving average line shows a gradually upward trend, and the Relative Strength Index (RSI) is in the positive zone, indicating that buyers have a slight advantage. If buyers can push the price to break through the downward trend line, the BTC/USDT trading pair may rise to $110,530, and could further increase to $111,980.

It is anticipated that sellers will pose a challenge in the area between the downward trend line and the neckline of the head and shoulders pattern. However, if buyers successfully break through, the trading pair may rise to 150,492 USD.

If the price falls back from the descending trend line and breaks below the moving average, the optimistic outlook mentioned above may fail in the short term. This could lead to the price dropping to $102,500, and then further down to $100,000.

The trading pair has rebounded from the 20-day exponential moving average, but buyers have failed to break through the upper resistance of the downward trend line. If the price continues to decline and falls below the 20-day moving average, it may indicate that buyers are losing control. The trading pair may subsequently drop to the 50-day simple moving average, which is a level to watch. A drop below the 50-day moving average could accelerate selling, driving the trading pair down towards $100,000.

To emit a strong signal, buyers need to push the price and maintain it above the downward trend line.

2. Hyperliquid (HYPE) Price Analysis

(Source: Trading View)

Hyperliquid (HYPE) broke below the 20-day moving average (37.14 USD) on Thursday, but sellers failed to hold the lows. This may indicate that there is buying interest when prices decline.

The buyers pushed the price back above the 20-day moving average on Saturday. The resistance level is at $39.12, and if the buyers break through this resistance level, the HYPE/USDT trading pair could rise to $42.50. It is expected that the buyers will face resistance in the range of $42.50 to $45.80.

On the contrary, if the price falls and breaks below the 20-day moving average, it may indicate that sellers are active at higher levels. The trading pair may subsequently drop to the 50-day moving average (34.42 USD). If it breaks below and closes under the 50-day moving average, it may drop to 30.69 USD.

The trading pair has found support at the 50 moving average (SMA), and buyers are trying to push the price up to the recent resistance level of 39.12. If the breakout is successful, the trading pair could rise to 41, followed by an increase to 42.50.

On the downside, the first support level is the 20-day moving average, followed by the 50-day moving average. A drop below the moving averages may indicate a weakening bullish momentum. The trading pair may fall to $33.25, followed by a drop to the support level of $30.69.

3. Bitcoin Cash (BCH) Price Analysis

(Source: Trading View)

Bitcoin Cash (BCH) is facing selling pressure at the $500 level, but buyers have not shown any significant concessions.

The upward-moving average and the RSI indicator located in the positive zone show that buyers are in control. This may increase the likelihood of breaking through the $500 mark. If it breaks, the BCH/USDT trading pair could rise to $550. Sellers may attempt to defend around $550, but if buyers maintain their advantage, the trading pair could reach $625.

On the downside, the first support level is at the 20-day moving average (464 USD), followed by the 50-day moving average (430 USD). A break below the 50-day moving average may indicate that sellers are regaining control of the market.

The buyers are trying to keep the price above the 20-day moving average on the 4-hour chart. If successful, the trading pair may break through the resistance level of 500 USD again. The upward momentum could further strengthen above 511 USD.

On the contrary, if the price falls below and remains under the 20-day moving average, it may indicate that buyers are taking profits. This could lead the trading pair to drop to the 50-day moving average, where buyers may enter.

4. Chainlink (LINK) Price Analysis

(Source: Trading View)

Chainlink has been holding the 20-day moving average ($13.27) for the past few days, indicating that buyers are maintaining pressure.

If the price breaks through and maintains above the 20-day moving average, the LINK/USDT trading pair may rise to the 50-day moving average (14.43 USD). It is expected that sellers will defend near the 50-day moving average, as breaking through that average may indicate a trend change. Subsequently, the trading pair may climb to 18 USD.

On the contrary, if the price drops significantly from the current level or the 50-day moving average, it may indicate that sellers are dumping at high prices. A drop below $12.73 may keep the trading pair within a downward channel for some time.

Buyers are trying to push the price to the resistance line, but sellers are actively defending the level of 13.50. If the price falls and breaks below the 20-day moving average, it may indicate insufficient demand at higher levels. The trading pair may subsequently drop to the 50-day moving average.

On the contrary, a significant Rebound of the 20-day moving average may indicate market sentiment. The trading pair may rise to the resistance line, which is a level to watch. If the price breaks through the resistance line, the trading pair may advance towards $15.50.

5. Sei (SEI) Price Analysis

(Source: Trading View)

SEI strengthened its momentum after breaking through the 50-day moving average (0.21 USD) on Monday and surpassed the 0.29 USD resistance level on Tuesday.

However, buyers failed to maintain high levels, and the price fell below $0.29 on Wednesday. A positive sign for buyers is that they pushed the price back above $0.29. The 20-day moving average ($0.23) has started to rise, and the RSI is in the positive territory, which may indicate that the path of least resistance is upward. The SEI/USDT trading pair may rise to $0.35, and then possibly to $0.43.

If the price drops and falls below the 20-day moving average, the above optimistic view may become invalid in the short term. This could pull the trading pair down to $0.19, followed by a further drop to $0.15.

Both moving averages are trending upward, and the RSI is in the positive zone, which may indicate favorable conditions for buyers. If the price remains above 0.30 USD, the trading pair may rise to 0.33 USD.

The sellers may attempt to pull the price down below the 20-day moving average. If successful, the trading pair could drop to $0.27, followed by a decline to the 50-day moving average. It is expected that buyers will defend the 50-day moving average, as further retracement may delay the rebound of the upward trend.

Conclusion:

Bitcoin is striving to set a new weekly closing high, and its price trend has an impact on the entire cryptocurrency market. Competing coins such as HYPE, BCH, LINK, and SEI are also showing their respective market dynamics, fluctuating around key support and resistance levels. Market participants will continue to pay attention to Bitcoin's performance and whether these competing coins can sustain their rebound momentum.