Bitcoin Is About to Hit New Highs – Is Altcoin Season Starting?
With the ceasefire between Iran and Israel and the US stock market hitting new highs, institutional buying has pushed net Capital into Bitcoin to a weekly high. This could spur Bitcoin to start a new uptrend and make it to a new all-time high. Bitcoin has gained more than 6% this week, showing strong buying interest around the $100,000 mark. Bulls are trying to consolidate their advantage by holding prices above $108,000.
However, it should be noted that liquidation is usually low during weekends, so resistance breakouts should be viewed with caution. Sellers will return on Monday and try to keep the price within the $100,000 – $111,980 range.
Bitcoin’s strength has triggered buying in many altcoins, causing them to bounce from support levels. If Bitcoin can make a new all-time high, some altcoins could potentially break above the resistance zone and continue their recovery.
Sei (Sei) Price Analysis
However, buyers failed to hold the highs, and the price fell below $0.29 on Wednesday. A positive sign is that they pushed the price back above $0.29. The 20-day moving Medium ($0.23) has started to slope up, and the RSI is also in the positive zone, suggesting that the path of least resistance is to the upside. The Sei/ USDT pair could rise to $0.35, followed by $0.43.
If the price declines and breaks below the 20-day Medium , this bullish view will be invalidated in the short term. The price could then drop to $0.19, and further to $0.15.
Sei/ USDT 4-hour chart (Source: TradingView)
Both Medium are sloping up and the RSI is in the positive zone, suggesting that the advantage is with the buyers. If the price holds above $0.30, the pair could rise to $0.33.
However, the bears may have other plans. They will try to push the price below the 20-day Medium . If successful, the price could drop to $0.27, and then the 50-day Medium . The bulls are expected to defend the 50-day Medium strongly, as losing this level could delay the recovery.
