Will bitcoin dump below $70,000 after the latest rejection?

The primary cryptocurrency registered a renewed uptick over the past hours, with its price soaring past $74,000 before it faced an immediate rejection.

The broader outlook remains bearish, with BTC still trading far below its all-time high of over $126,000 reached last October. Analysts have highlighted several key resistance levels that must be reclaimed before bulls can regain full control.

More Gains Ahead?

The impressive revival comes on the back of Donald Trump’s recent remarks that Iran is “about to surrender” as well as the reports that the newly elected leader of the Asian country, Mojtaba Khamenei (who is the son of the late Ali Khamenei), is “likely disfigured.”

BTC’s pump has caught the attention of multiple market observers, and some expect the rally to go on in the short term. X user Ted noted that Coinbase Premium is rising, indicating solid spot demand. He believes that holding above the $70,000 zone could lead to further gains of around $76,000.

The analyst who goes by the moniker Ardi on X claimed that the leading digital asset needs to flip the $74,000 resistance into support to actually “start looking macro bullish again.” If it could achieve that, the valuation might surge to $85,000, he added. At the same time, he warned that anything below that mark is “just price setting a macro lower high in a downtrend.”

Certain indicators suggest the asset could continue marching north. Data from SoSoValue show that over the past few days, inflows into spot BTC ETFs have outpaced outflows. This is a clear bullish factor that displays that institutional investors, such as pension funds, hedge funds, and asset managers, have been increasing their exposure to cryptocurrency. As inflows rise, ETF issuers are required to purchase additional BTC to back the new shares, creating buying pressure that can further support the price.

Next on the list is the gradually declining amount of coins sitting on crypto exchanges. According to CryptoQuant, the figure slipped to roughly 2.74 million today, the lowest level since the end of 2020. This development signals that investors have been moving their holdings toward self-custody methods and are in no rush to cash out.

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Short-Term Pullback on the Horizon?

Other metrics, such as the Relative Strength Index (RSI), suggest that BTC’s substantial resurgence could soon be replaced by a correction. The technical analysis tool measures the speed and magnitude of recent price changes to give traders an idea about possible reversal points. It ranges from 0 to 100, and readings above 70 signal that the asset is overbought and gearing up for a decline. As of press time, the RSI stands at 81.

BTC’s Market Value to Realized Value (MVRV) is also worth analyzing. It compares the current value of all coins to the price at which people originally paid to acquire their holdings. Over the past months, the ratio has been decreasing, reaching around 1.3 today. According to CryptoQuant, readings below 1 typically signal a bottom, implying that the bear market may not have fully unfolded yet.

Earlier this week, numerous analysts warned that BTC’s price could drop to $50,000, and possibly lower, later this year.

Key points:

• Bitcoin turned down from the $74,000 level, indicating that the bears remain sellers on rallies.

• Several major altcoins are showing strength and are likely to break above their immediate resistance levels.

Bitcoin (BTC) turned down from the $74,000 level, indicating that the bears are vigorously defending the level. Glassnode said in its latest Week On-chain newsletter that BTC is stuck between the realized price (average acquisition cost of all circulating supply) at $54,400 and true market mean (the cost basis of actively transacted coins) at $78,000. Rally attempts are likely to witness rejection at the $78,000 level.

Historical data also does not support a sharp rally in BTC in 2026. Data from Binance Research shows that BTC has seen drawdowns of 56%, 73%, and 64% during the 2014, 2018 and 2022 US midterm election years. However, there is a ray of hope for the bulls as the two years following the midterm elections have seen massive gains in BTC.

Notwithstanding the uncertainty, a positive sign in favor of the bulls is that BTC has emerged as the best performing macro asset since the start of the US and Israel-Iran war. It shows investors are not panicking and dumping their BTC positions. That increases the likelihood of a bottom formation in BTC.

Could buyers propel BTC and select major altcoins above their overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC rallied toward the overhead resistance at $74,508, where the bears are mounting a strong defense.

The 20-day exponential moving average ($69,271) has flattened out, and the relative strength index (RSI) has jumped into the positive zone, signaling an advantage to buyers. That increases the possibility of a break above the $74,508 level, completing a bullish ascending triangle pattern. The BTC/USDT pair may then skyrocket to $84,000. 

Sellers will have to tug the Bitcoin price below the support line to signal a comeback. If they do that, the pair may collapse to the $62,500 to $60,000 support zone.

Ether price prediction

Sellers are attempting to halt Ether’s (ETH) relief rally at the 50-day simple moving average ($2,173), but the bulls continue to exert pressure.

If buyers do not allow the Ether price to slip back below the 20-day EMA ($2,036), it enhances the prospects of a rally to $2,600. Such a move suggests that the downtrend may be over.

Sellers are likely to have other plans. They will attempt to swiftly pull the price back below the 20-day EMA. If they can pull it off, it suggests that the ETH/USDT pair may extend its range-bound action between $1,750 and $2,200 for some more time.

BNB price prediction

BNB (BNB) reached the 50-day SMA ($680), where the bears are expected to mount a strong defense.

However, if buyers overcome the barrier at the 50-day SMA, the BNB price may ascend to $730 and subsequently to $790. Such a move suggests that the BNB/USDT pair may have bottomed out at $570.

Alternatively, if the price turns down from the 50-day SMA and breaks below the 20-day EMA, it suggests that the bears remain in command. The pair may drop to $607 and thereafter to $570.

XRP price prediction

XRP (XRP) has risen above the 20-day EMA ($1.39), indicating that the selling pressure is reducing.

The relief rally is expected to face selling at the 50-day SMA ($1.49) and then at the $1.61 level. If the XRP price turns down from the overhead resistance but rebounds off the 20-day EMA, it suggests a change in sentiment from selling on rallies to buying on dips. That increases the possibility of a rally to the downtrend line of the descending channel pattern.

This positive view will be negated in the near term if the price turns down from the 50-day SMA and breaks below $1.27. The XRP/USDT pair may then plummet to the support line.

Solana price prediction

Solana (SOL) has gradually risen to the top of the $76 to $95 range, indicating that selling pressure is reducing.

If buyers overcome the barrier at $95, the SOL/USDT pair might travel to the $117 level. Sellers are expected to fiercely defend the $117 level, but on the way down, if the Solana price does not dip below $95, it suggests that the pair may have bottomed out in the short term.

Contrarily, if the price turns down sharply from the $95 level, it signals that the bears remain in control. The pair may continue to oscillate between $95 and $76 for a few more days.

Dogecoin price prediction

Dogecoin (DOGE) has been trading between the 50-day SMA ($0.10) and the $0.09 level for the past few days.

The tightening range suggests a possible range expansion in the near term. A close above the 50-day SMA opens the gates for a rally to the breakdown level of $0.12. If the Dogecoin price turns down from the $0.12 level, it signals a possible range formation. The DOGE/USDT pair may consolidate between $0.09 and $0.12 for a while.

A close above the $0.12 resistance clears the path for a rally to the $0.16 level, while a break below the $0.09 support signals the resumption of the downtrend.

Hyperliquid price prediction

Hyperliquid (HYPE) closed above the $36.77 resistance on Thursday, indicating that the bulls are attempting to take charge.

There is minor resistance at $38.43, but it is likely to be crossed. The HYPE/USDT pair may march to $43 and later to $50.

The first sign of weakness will be a close below the $36.77 level. That suggests the bears are selling on rallies. The Hyperliquid price may descend to the 20-day EMA ($32.57), which is a critical support to watch out for. If the price rebounds off the 20-day EMA with force, the bulls will again attempt to resume the recovery. Sellers will be back in control on a close below the 50-day SMA ($30.65). 

Related: Here’s why XRP bulls see an ‘explosive run’ to $2.55 next

Cardano price prediction

Cardano (ADA) has risen above the 20-day EMA ($0.27), indicating aggressive buying by the bulls.

The 50-day SMA ($0.28) may act as a resistance, but it is likely to be crossed. The ADA/USDT pair may then rise to the downtrend line of the descending channel pattern. A close above the downtrend line signals a potential short-term trend change. That clears the path for a rally to $0.39 and subsequently to $0.44.

Instead, if the Cardano price turns down sharply from the downtrend line, it signals that the bears remain sellers on rallies. That might keep the pair inside the channel for some more time.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) has pierced the 20-day EMA ($471), indicating that the bulls are on a comeback. 

If the Bitcoin Cash price closes above the 20-day EMA, the BCH/USDT pair may surge to the 50-day SMA ($514). Sellers are expected to defend the 50-day SMA, as a close above it opens the doors for a rally to $600.

Contrary to this assumption, if the price turns down sharply from the moving averages, it indicates that the bears remain in control. That increases the likelihood of a break below the $443 level. The pair may then plunge to $375.

Monero price prediction

Buyers held Monero’s (XMR) pullback at the 20-day EMA ($348), indicating that the dips are being viewed as a buying opportunity.

That improves the prospects of a break above the 50-day SMA ($366). If that happens, the XMR/USDT pair may climb to the 61.8% Fibonacci retracement level of $414 and later to $452.

Time is running out for the bears. They will have to swiftly yank the Monero price below the $333 level to weaken the bulls. The pair may then tumble to $309, where the buyers are expected to step in.