Bitcoin (BTC) Price Analysis: Bulls Attempt to Reclaim $69.5K as Altcoins Season Beckons

BTC bulls held their ground after bears tried to pull Bitcoin below the 20-day exponential moving average ($66,201) on Oct. 25. This suggests that the sentiment remains positive.

Bitcoin (BTC) price analysis for Oct. 28 shows BTC holding above the crucial support of $65,000 after a positive week. Several analysts have been expecting an altcoins season to rally after Bitcoin’s dominance hits 60%.

Pseudonymous crypto trader Willy Woo said in a post on X that altcoin season will come, but the intensity “will be weaker each cycle on from the great 2017 alt bubble.”

Could Bitcoin’s rise above $70,000 present a short-term buying opportunity in altcoins? Let’s study the top 5 cryptocurrencies that look strong on the charts.

Bitcoin price analysis

Sellers tried to pull Bitcoin below the 20-day exponential moving average ($66,201) on Oct. 25, but the bulls held their ground. This suggests that the sentiment remains positive and traders are buying the dips.

BTC/USDT daily chart. Source: TradingView

Buyers will have to propel the price above $69,550 to signal the resumption of the up move toward the top of the range at $73,777. There is resistance at $70,000, but that is likely to be crossed. The BTC/USDT pair could reach $72,000, where the bulls are expected to face significant resistance from the bears.

On the downside, the bears will gain the upper hand on a break and close below $65,000. If that happens, the pair could slide to the 50-day simple moving average ($63,259) and later to the crucial support at $60,000.

BTC/USDT 4-hour chart. Source: TradingView

The moving averages have flattened out on the 4-hour chart, and the relative strength index (RSI) is just above the midpoint, indicating a balance between supply and demand.

Buyers will have to push the price above the downtrend line to signal strength. The pair could then rally to $70,000. Contrarily, a break and close below $66,500 will tilt the advantage in favor of the bears. The pair may then slump to $65,000, which remains the essential level to watch out for. If this support cracks, the pair may plummet to $62,000.