According to veteran crypto analyst Rakesh Upadhyay, Bitcoin’s range-bound price action may cause investors to focus on these 4 altcoin projects. Will Bitcoin and altcoins stay above their respective support levels and start a relief rally? The analyst assesses the technical picture of BTC and these 4 altcoins.

Bitcoin (BTC) price analysis

Bitcoin has been hovering between $59,600 and $73,777 for several days. This suggests indecision between bulls and bears about the next directional move. Generally, in a range, traders buy near support and sell near resistance. The bulls will try to aggressively defend the $59,600 level. Because a break below this level would deepen the correction to $54,298. Such a move would delay the start of the next leg of the bull trend.

On the contrary, if the price turns up from the current level or the $59,600 support, it will show that the bulls remain active at lower levels. A BTC bounce to $67,250 and then to the overhead resistance at $73,777 is possible. A break and close above this level would signal the start of the next leg of the uptrend to $84,000.

Near Protocol (NEAR): $9 on the table for the altcoin!

NEAR closed above the descending channel pattern on April 25, indicating the end of the bear trend. However, the bears have not given up and are selling near the nearest resistance at $7.70. If the price returns back to the channel, it would indicate that this breakout could be a bull trap. This is likely to push the altcoin price as low as $5.90. Instead, if the price breaks above $7.70, it will show that the bulls are taking charge. It is possible that NEAR will then try to rise to $9. However, it is likely that the bears will mount a strong defense.

Arweave (AR): Altcoin price rise to $47.52 possible!

Arweave (AR) broke above both moving averages on April 25. Thus, it signaled that the bulls were attempting a reversal. The bears tried to pull the price back. But the bulls bought the dip to the 20-day EMA ($32.19) on April 27. This signals a change in sentiment from selling on rallies to buying on dips. There is a minor resistance at $40. However, if it breaks through this resistance, it is possible for the altcoin price to rise up to the stiff overhead resistance at $47.52. If the bears want to prevent the rally, they will need to quickly drive the price below the 20-day EMA. If they do so, the altcoin price is likely to drop as low as $22.

Core (CORE): Back in the driver’s seat of the bulls!

CORE received support from the 20-day EMA ($2.23) twice in the last few days. Thus, it signaled a positive mood. If the price bounces off the current level and moves above $2.91, it will indicate that the bulls are back in the driver’s seat. Contrary to this assumption, if the price falls and breaks below the 20-day EMA, it will show that the bears are not willing to give up. This, in turn, is likely to open the doors for a drop to the 50-day SMA ($1.72).

Bonk (BONK): Will the altcoin complete an inverted H&S pattern?

Cryptocoin.comBONK rose above the moving averages on April 23rd. Thus, it signaled that the correction phase might be coming to an end. The bears tried to push the price below the moving averages. However, the bulls held their ground. This suggests that the bulls are trying to turn the moving averages into support. If the altcoin price bounces off the current level and breaks above $0.000030, BONK will complete an inverted H&S pattern. The target of this bullish pattern is $0.000048. However, the bears are likely to have other plans. The bears will try to push the altcoin price below the moving averages and gain the upper hand. If they succeed, BONK is likely to go down to $0.000019 and then to $0.000015.