Bitcoin (BTC) price holds the retest of the $95,000 level, several altcoins show bullish chart patterns

Bitcoin (BTC) has pulled back to the breakout level of $95,000 after giving back some of the gains over the weekend.

Bitcoin price prediction: Can bulls keep the 20-day EMA?

Bitcoin broke above the $95,000 resistance on May 1, but the bulls failed to sustain the momentum. The price apexed at $97,895 on May 2 and has since pulled back to the breakout level of $95,000.

The 20-day exponential moving average has been sloping up and is currently trading above the 50-day simple moving average, while the relative strength index is in the positive territory, which suggests that buyers have the edge.

If the price rebounds off the zone between $95,000 and the 20-day EMA, the bulls will make one more attempt to push the BTC/USDT pair to $100,000.

On the contrary, a break and close below the 20-day EMA suggests that the rally above $95,000 may have been a bull trap. That heightens the risk of a drop to the 50-day SMA.

The moving averages have flattened out, and the RSI has dropped close to the midpoint on the 4-hour chart, which indicates a loss of momentum. If the price drops below $95,000, the pair could descend to $92,800 and then to $91,660. A break below $91,660 clears the path for a fall to $86,000.

On the other hand, buyers will have to drive and sustain the price above $97,895 to regain control. The pair could then climb to $100,000 and later to $107,000.

The cryptocurrency markets may remain volatile in the near term as traders await the Federal Reserve’s upcoming interest rate decision next week.

While the CME Group’s FedWatch Tool projects a low probability of a rate cut on May 7, markets may make a decisive move after the event.

Key points:

Several altcoins show bullish chart patterns in the 4-hour and 1-day timeframes.

Bitcoin’s positive sentiment should remain intact if BTC price stays above the 20-day EMA.

Several altcoins are showing bullish chart patterns that could be exploited by opportunistic traders in the 4-hour and 1-day timeframes.

As the dust settles on Bitcoin’s (BTC) recent pullback, the bulls will be hoping that the world’s leading cryptocurrency can hold the retest of the $95,000 level.

If it does, let’s study the charts of the cryptocurrencies that may move higher in the near term.

The cryptocurrency markets may remain volatile in the coming days as traders await the Federal Reserve’s upcoming interest rate decision, which is currently scheduled for Monday, May 7.

While the CME Group’s FedWatch Tool projects a low probability of a rate cut, markets may make a decisive move after the event.

According to the latest readings, the probability of a 25 basis point interest rate cut at the May meeting is 0.1%, while the chances of keeping the rates unchanged stand at 99.9%.

The Fed’s monetary policy and interest rates are crucial macroeconomic factors that influence the cryptocurrency markets. A risk-off environment, driven by rising interest rates and inflation, usually leads to outflows from riskier assets like cryptocurrencies.

However, a risk-on environment, which may be triggered by a drop in the CBOE Volatility Index below 18, could favor Bitcoin, according to Bitcoin network economist Timothy Peterson.

In a recent post on X, formerly known as Twitter, Peterson stated that Bitcoin could surge to a new all-time high and reach a target of $135,000 in the next 100 days if certain conditions are met.

Apart from a risk-on environment, the other crucial points needed for the Bitcoin rally are a fall in interest rates and a solid performance in the above-average performing months of June and July.

If the price drops below the 20-day EMA, it suggests that the bulls are exiting their positions. In that case, the next level of support is seen at the 50-day SMA.

The moving averages have flattened out, and the RSI has dropped close to the midpoint on the 4-hour chart, which indicates a loss of momentum. If the price drops below $95,000, the pair could descend to $92,800 and then to $91,660. A break below $91,660 clears