Bitcoin and altcoins are facing a significant increase in supply pressure as the bears rule overnight. According to Coinglass, this resulted in a major liquidation of approximately $900 million this Friday.
During the crash, Bitcoin lost its grip above the critical $70,000 level, and a domino effect began to fall in the altcoin market. The market capitalization of cryptocurrencies excluding Bitcoin fell 8.13% overnight, briefly falling below $1 billion.
Currently, the market is recovering and the ratio of long and short accounts indicates an optimistic future. According to Coinglass, the long/short ratio on the largest exchange Binance favors bulls with 66% long accounts.
Bitcoin and altcoins could find a reversal spot over the weekend as market optimism returns.
Bitcoin price prediction
Despite falling below $70,000, BTC price maintains a bullish flag on the daily chart. Moreover, the market value is well above the 50D EMA average line, making the price rejection candle lower.
The intraday candlestick shows the Doji candle rising above the 23.60% Fibonacci level. This strengthens our view of a Morningstar pattern at a key support level that will ignite a bull market next week.
Therefore, buying pressure may increase above the indirect trend line next week. This could push BTC price to the $76,000 level next week.
Dogecoin (DOGE)
The largest meme coin has established itself with a functioning upward channel. A 10% overnight decline followed by a 2.65% intraday decline challenges the rising support trend line.
trading view
Additionally, the quick drop tests the dynamic average of the 50D EMA. Therefore, multiple bullish supports combine to halt a bearish crash.
If the largest meme coin makes a comeback on a bullish note next week, meme coins could rise further. Therefore, meme altcoins could rebound next week.
Binance (BNB)
Binance’s native token, BNB, fell just 1.49% overnight but has remained resilient despite the market-wide sell-off. BNB price movement maintains an ascending triangular pattern by avoiding a crash below the support trend line.
With a psychological barrier at $650, BNB price is looking ahead to a bull run next week. Long tail candlesticks reflect a high reversal potential, increasing the likelihood of a breakout.
According to trend-based Fibonacci levels, a breakout rally could easily usurp the $743 level.
Solana (SOL)
Solana's market price plummeted, dropping 11% as it wasn't as lucky as Binance. The altcoin has fallen 25% in the past two weeks, losing 61.80% of the Fibonacci level.
trading view
The decline brings SOL's price trend closer to the key support level at $130, the 50% Fibonacci level. Currently, the altcoin is at a psychological level of $150 and is at a pivotal stage.
If the uptrend somehow recovers next week, the altcoin could climb above $200 again. However, a bearish win at $130 would be fatal for the altcoin.
Bitcoin Cash (BCH)
The price of BCH, a popular Bitcoin alternative, has fallen by 21% of its market value this week and by 13% overnight. This decline has created an evening star pattern on the weekly chart, threatening Bitcoin Cash's recovery rally.
trading view
The Evening Star breaks the 38.20% Fibonacci level and even the $550 mark. Currently, BCH price is trading at $535 and is struggling to find a support zone. The downside risk for Bitcoin Cash is high as the next level is believed to be $500 or $410.
However, a rebound in Bitcoin could facilitate a reversal in BCH and reach the psychological mark of $1000.
