Bitcoin and Altcoins Face Bearish Woes, But Bullish Gleams Emerge

Bearish pressures surged overnight, leading to a massive $900 million liquidation, with Bitcoin losing its critical $70,000 level. The altcoin market suffered, with a total crypto market cap excluding Bitcoin plummeting 8.13% before recovering slightly. Long-to-short ratios on Binance remain optimistic, suggesting potential for a weekend reversal.

Amidst the relentless onslaught of a bearish surge, Bitcoin and its altcoin counterparts have been confronted with an overwhelming increase in supply pressure. This formidable force has precipitated a staggering liquidation of nearly $900 million, as per the latest data from Coinglass, an esteemed platform for tracking crypto-related metrics.

In the wake of this tumultuous market downturn, Bitcoin relinquished its stronghold over the critical $70,000 resistance level, triggering a chain reaction that sent shockwaves through the altcoin ecosystem. The total market capitalization of all cryptocurrencies, excluding Bitcoin, plummeted by a significant 8.13% overnight, briefly dipping below the $1 trillion threshold.

However, as the dust settles and the markets begin to exhibit signs of recovery, there are glimmers of optimism emerging. The long-to-short accounts ratio, an indicator of market sentiment, paints a hopeful picture. According to Coinglass, the long/short ratio on Binance, the world's largest cryptocurrency exchange, favors the bulls, with 66% of accounts holding long positions.

This newfound optimism has the potential to catalyze a market reversal over the weekend, as traders and investors alike anticipate a potential upswing in Bitcoin and altcoin prices.

Bitcoin Price Prediction: Bulls Regain Footing

Despite the recent dip below $70,000, Bitcoin's daily chart reveals the formation of a bullish flag pattern. Notably, the market value remains well above the 50-day exponential moving average (EMA) with a lower price rejection candle.

Furthermore, the intraday candle displays a Doji candle rising above the 23.60% Fibonacci level, bolstering speculation of a morning star pattern at a crucial support level. This technical formation often signals a potential reversal and the ignition of a bull run.

Therefore, the coming week holds the promise of a surge in buying pressure that could propel Bitcoin beyond the overhead trendline. With this momentum, the BTC price could potentially rally towards the $76,000 mark next week.

Dogecoin: Meme King Stands Firm

Dogecoin, the undisputed king of meme coins, has maintained its position within a rising channel pattern. Despite a 10% overnight decline followed by a 2.65% intraday drop, the ascending support trendline has remained intact.

Additionally, the dynamic 50-day EMA has effectively tested and held the price action, providing multiple layers of bullish support to counter the bearish pressure.

If Dogecoin can stage a bullish comeback next week, it could provide a significant boost to the entire meme coin sector. As such, meme altcoins may experience a collective rebound in the coming week.

Binance Coin: Resilience in the Face of Adversity

With a mere 1.49% decline overnight, Binance's native token, BNB, has demonstrated remarkable resilience amidst the market-wide crash. The BNB price action has maintained an ascending triangle pattern by steadfastly avoiding a breakdown below the support trendline.

With the overhead resistance at the psychological barrier of $650, BNB is poised for a breakout rally next week. The formation of long-tail candles suggests a high probability of a reversal, further strengthening the breakout scenario.

Based on trend-based Fibonacci levels, the breakout rally could potentially propel BNB towards the $743 level.

Solana: A Pivotal Battleground

Solana's market price experienced a more challenging day than Binance, with an 11% decline during the crash. The altcoin has lost 25% of its value over the past two weeks, falling below the 61.80% Fibonacci level.

As a result, SOL's price trend has approached the 50% Fibonacci level, a critical support level at $130. Currently, the altcoin stands at a pivotal juncture, hovering around the psychological mark of $150.

If the uptrend can regain momentum next week, Solana could potentially reclaim the $200 level. However, a bearish breakdown below $130 would signal further weakness for the altcoin.

Bitcoin Cash: Recovery Rally in Jeopardy

Bitcoin Cash, a prominent Bitcoin alternative, has suffered a 21% loss in its market value this week, including a 13% drop overnight. This downturn has resulted in the formation of an evening star pattern on the weekly chart, casting doubt over the sustainability of the recovery rally in Bitcoin Cash.

The evening star pattern has broken through the 38.20% Fibonacci level and the $550 mark. Currently, BCH trades at $535 and faces difficulties in establishing a support zone. With the next potential support levels at $500 and $410, downside risks remain elevated for Bitcoin Cash.

Nevertheless, a rebound in Bitcoin could provide the impetus for a reversal in BCH, potentially driving it towards the psychological milestone of $1000.