Bitcoin Tests $79K; Major Altcoins Face Support Tests

Bitcoin briefly climbed above $77,900 and tested $79,000 on Wednesday before sellers pushed the price lower. The daily candlestick showed a long upper wick, indicating selling on rallies. On-chain analyst Willy Woo assigned roughly a 30% probability that Bitcoin will clear $79,000 on this attempt and noted the asset needs a close above that roughly $79,000 cost basis to strengthen recovery.

Bitcoin found support near the 20-day exponential moving average, around $75,478, on Wednesday. Traders will watch whether a rebound leads to a move above $80,000, which could put $76,000 into support and open a path toward $84,000. If the price breaks below the 20-day EMA, technical support could drop to the 50-day simple moving average near $72,086 and then to the longer-term support line.

A trading account, CRYPTOWZRD, pointed to historical patterns of multi-month corrections after a change in Federal Reserve leadership and asked whether Bitcoin could ‘break the curse’ with Kevin Warsh expected to assume the Fed chair in May. Market participants are monitoring that calendar event for clues on macro pressure.

Ether has been trading near its 20-day EMA, about $2,291. Buyers tried to hold that level but selling pressure persisted. A failure to stay above the moving averages could send Ether down to the lower support line of its ascending channel; a rebound might target $2,465 and the channel’s upper resistance.

Several large altcoins are trading near key technical thresholds. XRP slipped below its moving averages and faces a potential slide to $1.27, where buyers may defend the price; a break below $1.27 would put the Feb. 6 low of $1.11 at risk and could expose prices toward $1.00. BNB remained range-bound between about $570 and $687, with flat moving averages and a neutral relative strength index suggesting further consolidation; a move below $570 could open a path toward $500, while a push above $687 would target resistance near $730 and $790.

Solana traded in a tight $82.65–$90.73 range. A break below $82.65 could send SOL to support at $76 and potentially to $67 if that level fails, while a move above $90.73 would point to resistance at $98 and the prospect of a rally toward $117. Dogecoin bounced off its 20-day EMA around $0.10 but faced overhead selling; if DOGE falls below the EMA it may trade between $0.09 and $0.12, while a sustained push above $0.12 could indicate a short-term bottom.

Smaller tokens also showed mixed technical signals. Hyperliquid’s HYPE turned down from resistance near $43.76 and fell to its 50-day SMA around $39.70; a close below that moving average could see tests of $37.77 and $34.45. Cardano has remained under a downtrend line; a break above that line could lift ADA toward $0.32 and $0.37, while a close below $0.22 would indicate a resumption of the downtrend. Bitcoin Cash bounced at $443 but has stalled under its moving averages; a close below $443 could drag BCH toward $419. Monero briefly exceeded $390 before sellers returned; a renewed breakout above $406 could target $500, while continued weakness could keep XMR in a $302–$390 range.

Analysts remain divided on Bitcoin’s near-term path, with some projecting multi-year upside and others warning of deeper corrections. Traders and investors are focused on immediate support and resistance levels and are monitoring the upcoming Federal Reserve leadership change for potential market impact.