- Bitcoin surged past $100K this week, fueled by strong spot ETF inflows of over $1 billion.
- With Bitcoin nearing its all-time high, key support is now eyed around the $100,000 level.
- Ether experienced a dramatic price jump, breaking $2,600 and targeting $3,000.
Bitcoin has decisively reclaimed ground above the psychologically crucial $100,000 mark this week, signaling a resurgence of bullish momentum in the cryptocurrency market.
Supported by substantial inflows into spot Bitcoin ETFs, particularly BlackRock’s IBIT fund, buyers are now attempting to consolidate these gains and potentially push towards new all-time highs.
This renewed strength in the market leader is also igniting interest in several altcoins, prompting discussions about the potential onset of an “altseason.”
The past week saw Bitcoin climb over 10%, with buyers successfully pushing the price through significant resistance levels.
This rally has been notably backed by consistent institutional demand, exemplified by BlackRock’s IBIT spot Bitcoin ETF extending its inflow streak to 19 days, attracting $1.03 billion in the latest trading week alone, according to Farside Investors data.
Technically, Bitcoin is gradually inching towards its all-time high of $109,588, indicating a measured but confident advance by the bulls who seem reluctant to book profits prematurely.
While this strong rally has pushed the Relative Strength Index (RSI) into overbought territory – often a precursor to a short-term correction or consolidation – any pullback is anticipated to find robust support between the $100,000 level and the 20-day exponential moving average (EMA), currently around $96,626.
A successful rebound from this support zone would significantly increase the probability of a breakout above $109,588, potentially targeting $130,000.
However, bears still have a window to regain control.
A swift and decisive break below the 20-day EMA could trigger a sharper decline towards the 50-day simple moving average (SMA) near $88,962.
On shorter timeframes, strong selling pressure is expected in the $107,000 to $109,588 zone.
A successful defense of the 4-hour 20-EMA on any dip would signal continued bullish strength, while a break below $100,000 could open the door for a deeper correction towards $93,000 or even $83,000.
Ether (ETH) skyrockets, eyes further upside
Ether (ETH) experienced a dramatic surge, catapulting from $1,808 on May 8 to $2,600 by May 10, showcasing aggressive buying pressure.
This rapid ascent also pushed its RSI into overbought territory, suggesting a potential near-term consolidation or minor pullback.
Key support levels to watch on the downside are $2,320 and then $2,111.
If Ether finds support at these levels and turns higher, the ETH/USDT pair could extend its rally towards $2,850 and subsequently aim for the $3,000 mark.
However, a break below the $2,111 support would invalidate the immediate bullish outlook, potentially leading to a period of range-bound trading between $1,754 and $2,600.
On the 4-hour chart, bulls managed to push above the $2,550 resistance but struggled to sustain those higher levels.
A positive sign is that buyers haven’t conceded much ground, suggesting they anticipate further upside.
A break above $2,609 could trigger the rally towards $3,000, while a drop below the 4-hour 20-EMA might initiate a deeper correction towards the $2,111 support.
Dogecoin (DOGE) breaks resistance, signals trend change
Dogecoin (DOGE) showed a significant short-term trend change by soaring above the $0.21 overhead resistance on May 10.
The rally is currently facing selling pressure near $0.26, which could lead to a retest of the $0.21 breakout level.
If DOGE rebounds strongly from $0.21, it would indicate a shift in market sentiment from “sell the rally” to “buy the dip,” increasing the likelihood of a continued advance towards $0.31.
To negate this bullish momentum, sellers would need to pull the price back below the 20-day EMA (around $0.19).
Such a move could trap DOGE within a larger trading range between $0.14 and $0.26 for an extended period.
Immediate support on any pullback from $0.26 is seen at $0.22 and then $0.21.
Pepe (PEPE) rallies sharply, tests key levels
Meme coin Pepe (PEPE) staged a sharp rally from its 50-day SMA (around $0.000008), breaking above the $0.000011 overhead resistance on May 8.
This aggressive move has also pushed its RSI into overbought territory, signaling a potential pullback. The PEPE/USDT pair might drop to retest the $0.000011 breakout level.
If this level holds as support, it would strengthen the bullish case for a rally towards $0.000017 and then $0.000020.
Conversely, a break below the 20-day EMA (around $0.000009) would invalidate this optimistic outlook.
On the 4-hour chart, bears are aggressively defending the $0.000014 level.
A pullback to the 4-hour 20-EMA is a critical support to watch; a bounce could lead to another attempt to break $0.000014, while a failure could see PEPE slide back to $0.000011 or even the 50-SMA.
Cosmos (ATOM) breaks out of base, targets higher levels
Cosmos (ATOM) signaled a potential trend change by closing above the $5.15 resistance on May 10, breaking out of a large basing pattern.
However, bears are expected to defend this level strongly.
If they succeed in pushing the price back below $5.15, aggressive bulls could be trapped, leading to a pullback towards the moving averages.
If buyers can sustain the price above $5.15, the ATOM/USDT pair could gain significant momentum and rally towards $6.50.
While sellers will likely attempt to halt the advance there, a successful break above $6.50 could open the path towards $7.50.
The sharp rally has pushed the 4-hour RSI into overbought territory, suggesting a short-term correction or consolidation.
Bulls must defend the $5.15 level to maintain momentum towards $6.60. A break below $5.15 could lead to a deeper correction towards the 20-EMA or even $4.70.
While some analysts debate whether a full-blown “altseason” has truly begun, given the modest recovery of many altcoins from their significant drawdowns, the recent price action across several key cryptocurrencies suggests a renewed bullish appetite in the market.
The post Crypto news today: Bitcoin nears all-time high; ETH, DOGE, PEPE, ATOM show bullish signs appeared first on CoinJournal.
