Bitcoin Price: Unveiling the Next Surge as Altcoins Aim to Rally

The cryptocurrency market pulses with anticipation as the Bitcoin price firmly holds its ground above $118,000. Many investors are now watching closely. Can major altcoins like Ethereum, BNB, Chainlink, and Uniswap truly ignite an extended altcoin rally? Recent market dynamics show both caution and immense potential. This comprehensive analysis delves into the charts, offering insights into what lies ahead for these top digital assets.

Bitcoin Price: Navigating Key Resistance Levels

Sellers successfully thwarted buyers’ attempts to push Bitcoin (BTC) to a new all-time high. This rejection occurred near $123,218 on Monday. This indicates that bears are prepared to defend this crucial level. Consequently, some altcoins experienced a pullback. However, a few have rebounded sharply. Select analysts have turned cautious on BTC following Monday’s rejection. For instance, ZAYK Charts suggested a potential distribution phase for BTC. This could lead to a price drop toward $95,000. Despite this, Bitcoin shows resilience at lower support levels.

The flattish 20-day simple moving average ($116,779) points to a balance between supply and demand. Nevertheless, the Relative Strength Index (RSI) in positive territory suggests momentum favors the bulls. If the price remains above the 20-day SMA, buyers will likely try again. They will attempt to drive the BTC/USDT pair above $123,218. Success could propel Bitcoin toward $135,000. Conversely, a drop below the 20-day SMA signals profit-booking. This could sink the pair to the 50-day SMA ($114,366). Such a move indicates a possible range formation. Sellers must tug the price below $110,530 to seize control.

BTC/USDT daily chart. Source: Crypto News Insights/TradingView

On the 4-hour chart, the pair has bounced off the 20-SMA. The upsloping moving averages and positive RSI indicate a clear advantage for buyers. If the $123,218 resistance breaks, the pair could soar to $127,735. Further gains could reach $135,000. However, sellers have other plans. They will try to pull the price back below the downtrend line. If successful, Bitcoin’s price could range between $123,218 and $111,920 for some time.

BTC/USDT 4-hour chart. Source: Crypto News Insights/TradingView

Ethereum Price: Fueled by Record ETH ETF Inflows

In comparison to Bitcoin, the Ethereum price has remained remarkably strong. Ether (ETH) began its next leg of the uptrend on Tuesday. Buyers successfully pushed the price above $4,366. According to Farside Investors’ data, Spot ETH exchange-traded funds (ETFs) recorded their highest-ever net inflows. Monday saw an impressive $1.01 billion in inflows. This suggests solid institutional demand and confidence in Ethereum’s future. Such substantial ETH ETF inflows could significantly bolster the overall crypto market sentiment.

ETH/USDT daily chart. Source: Crypto News Insights/TradingView

The upsloping moving averages and the RSI in the overbought zone suggest the path of least resistance is upward. Buyers will try to strengthen their position. They aim to push the ETH/USDT pair toward $4,868. The $4,094 level is a crucial support to monitor on the downside. A break and close below $4,094 indicates profit-booking at higher levels. This could see Ether’s price plunge to the 20-day SMA ($3,833).

ETH/USDT 4-hour chart. Source: Crypto News Insights/TradingView

The pullback from $4,366 found support at the 20-SMA on the 4-hour chart. This indicates a positive sentiment among traders. The pair could rally to $4,500 and then to $4,868. Bears are expected to pose a substantial challenge at this level. A break and close below the 20-SMA could pull the pair to $4,094. A strong bounce off $4,094 suggests bulls are trying to flip the level into support. This increases the likelihood of continued uptrend. However, a deeper pullback could start if the $4,094 support cracks.

BNB’s Critical Juncture: Will it Join the Altcoin Rally?

BNB (BNB) has been trading in a tight range. It moved between $792 and $827 for the past three days. This indicates indecision between bulls and bears. If the price breaks above $827, the BNB/USDT pair could surge to $861. Sellers are expected to fiercely defend the $861 level. However, if buyers overcome this resistance, the BNB price could soar to $900. This move would significantly contribute to the broader altcoin rally. Buyers remain keen on pushing BNB higher.

BNB/USDT daily chart. Source: Crypto News Insights/TradingView

Bears will have to pull the price below the 20-day SMA ($787) to signal a deeper correction. This could lead to $761 and later to the solid support at $732. Buyers are expected to defend the $732 level with all their might. A break below it may signal a potential trend change. Both moving averages are sloping up on the 4-hour chart. However, the RSI shows signs of a bearish divergence in the near term. Sellers will gain the upper hand if they sink the BNB price below the 50-SMA.

BNB/USDT 4-hour chart. Source: Crypto News Insights/TradingView

On the contrary, a break and close above $827 signals the resumption of the uptrend. The pair could then climb to the overhead resistance of $861. Bears are expected to step in at this point. The short-term outlook remains cautiously optimistic, depending on the $827 breakout.

Chainlink Momentum: A Boost for Crypto Market Analysis

Chainlink (LINK) picked up significant momentum. It broke above the $18 overhead resistance on Thursday. This indicates aggressive buying by the bulls. Bears tried to stall the uptrend at $22.70. However, bulls surpassed this resistance on Tuesday. The LINK/USDT pair could surge to $27. Bears are expected to mount a strong defense there. However, if buyers overcome the barrier at $27, the rally could extend to $30. This positive outlook is critical for overall crypto market analysis.

LINK/USDT daily chart. Source: Crypto News Insights/TradingView

This optimistic view will be negated in the near term if the price turns down sharply. A tumble below $20.83 could sink the Chainlink price to $20. Below that, solid support sits at $18. The pullback bounced off the 20-SMA on the 4-hour chart. This indicates buying interest on every minor dip. Both moving averages are sloping up. The RSI is in the overbought zone. This suggests that buyers remain firmly in control.

LINK/USDT 4-hour chart. Source: Crypto News Insights/TradingView

The first support on the downside is the breakout level of $22.70. Next, $21 provides further support. A break and close below $21 suggests that bulls are rushing to the exit. The next stop on the downside would be the 50-SMA. Chainlink’s performance often reflects broader altcoin strength, making its movements keenly observed.

Uniswap’s Upside Potential: Contributing to the Altcoin Rally

Uniswap (UNI) bounced off the 50-day SMA ($9.05) on August 3. This indicates solid buying at lower levels. The up move is currently facing selling pressure at $12. A positive sign, however, is that bulls have not ceded much ground to bears. This suggests bulls anticipate the uptrend to continue. If buyers drive the price above $12, the UNI/USDT pair could surge toward $15. This would certainly contribute to the broader altcoin rally. Uniswap’s decentralized exchange model makes it a key player in the DeFi space.

UNI/USDT daily chart. Source: Crypto News Insights/TradingView

The first support on the downside is at the 20-day SMA ($10.19). If this level cracks, the Uniswap price could drop to the 50-day SMA. A short-term trend change will be signaled if bears tug the pair below the 50-day SMA. The pair turned down from the $12 overhead resistance. A positive sign is that bulls are trying to defend the 20-SMA on the 4-hour chart. Buyers will again try to drive the price above $12. If they succeed, the pair could rally to $14 and then to $15.

UNI/USDT 4-hour chart. Source: Crypto News Insights/TradingView

Sellers are likely to have other plans. They will try to pull Uniswap’s price below the 50-SMA. If they do that, the pair could descend to $10 and later to $9.50. This could signal a range formation between $8.50 and $12 for some time. The current market conditions suggest a pivotal moment for UNI. Investors watch closely for a definitive breakout or consolidation phase.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.