Bitcoin near $79K; key levels for top altcoins

Bitcoin pulled back near $79,000 on Friday after trading as high as roughly $82,850 earlier in the week. The price was near the 20-day exponential moving average at about $77,929 and market participants are watching whether it can stay above the $78,000 area.

Technical levels to watch include support at the 20-day EMA near $77,929 and resistance at $84,000. A move above $84,000 would put higher targets near $92,000 and about $97,924. On the downside, a break below $74,937 would point to the 50-day simple moving average at roughly $73,448 as the next floor.

Analysts differ on what will confirm a durable bottom. CryptoQuant analyst IT Tech wrote that Bitcoin would need to rally above and hold $88,880 to confirm a bottom and warned that the $85,000–$88,000 range may see selling from investors exiting positions ‘flat’. John Bollinger posted that his trend model turned positive and he had taken a position.

Bitcoin exchange-traded funds recorded $277.5 million in net outflows on Thursday, the first net withdrawal for May by the available market data. Traders attributed the outflows to profit-taking near overhead resistance and more selective allocation into risk assets.

Ether closed below its 20-day EMA at about $2,304 and faces the 50-day SMA near $2,225. A break and close above $2,465 would be the first technical sign of strength for Ether and could open a path toward roughly $3,050 if buying resumes.

BNB pulled back toward its moving averages after earlier gains; a strong bounce could reach $687 and potentially $730 to $790 if buyers return. XRP traded close to its moving averages; a drop below $1.27 would likely keep it inside a descending channel, while a break above the downtrend line and $1.61 would be needed to suggest a trend change.

Solana saw selling pressure at about $90.73, with a move above $98 potentially clearing the way to roughly $117. Dogecoin retreated from $0.12 and is testing the 20-day EMA near $0.10 for support. Hyperliquid pulled back to its 20-day EMA near $41.69; a break below its 50-day SMA at about $40.29 would indicate a loss of bullish momentum.

Cardano continued trading between about $0.22 and $0.31, with its 20-day EMA near $0.25 beginning to tilt upward. Zcash cleared $560 but stalled at $607; a sustained move past $607 would put a next target around $750. Bitcoin Cash remained rangebound between $419 and $486, with a decisive trend expected only after a close above or below that band.

Market participants described current price action as a balance between buyers stepping in on dips and sellers trimming positions near resistance. Technical indicators and ETF flows are expected to influence near-term moves as traders monitor whether Bitcoin can hold the $78,000 area to keep the recent upward trend intact.