Bitcoin price reclaims $35K — Will ATOM, UNI, NEAR and AXS rally next?
The S&P 500 Index soared 5.85% last week, its best performance since November 2022. A large part of the gains were fuelled by expectations that the Federal Reserve will not hike rates anymore.
In comparison, Bitcoin (BTC) had a much muted performance with a rise of approximately 2%. However, a positive sign for cryptocurrency investors is that a risk on sentiment is likely to benefit the crypto space.
Bitcoin’s rise attracted investments in several beaten-down altcoins, which are rising from their long-term slumber. If Bitcoin does not collapse, the recovery may spread to coins that have still not participated in the rise.
Even as Bitcoin enters a range, select altcoins are showing signs of moving higher. Let’s look at the charts of the top-5 cryptocurrencies that may extend their rally in the next few days.
Bitcoin continues to trade near the $35,000 resistance and the price action of the past few days has formed an ascending channel pattern. After a sharp rally, a tight ascending channel is generally considered a negative sign.
If the price turns down and skids below the channel, it may tempt several aggressive traders to book profits. That may pull the price to the 20-day exponential moving average ($33,033). A strong rebound off this level will suggest that the bulls remain in command. They will then again try to thrust the price above $36,000 and resume the uptrend.
On the contrary, if the price turns down and breaks below the 20-day EMA, the BTC/USDT pair could plunge to the strong support zone between $32,400 and $31,000. The bulls are expected to defend this zone with all their might because a break below it will tilt the advantage in favor of the bears.
The pair has been gradually rising inside the ascending channel
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