Bitcoin is About to Hit a New High, Will the Altcoin Season Arrive?

With the Iran-Israel ceasefire and new highs in US stocks, continuous institutional buying has led to a new high in Bitcoin's net inflow last week, which may drive Bitcoin to start a new upward trend and create a historical high.Bitcoin rose over 6% last week, indicating strong buying around $100,000. Bulls are trying to consolidate their advantage by maintaining prices above $108,000.

However, it is worth noting that weekend liquidity is usually low, and breakthroughs should be viewed cautiously. Sellers will return on Monday and try to keep the price within the range of $100,000 to $111,980.

Bitcoin's strength has triggered buying in several Altcoins, which have rebounded from their respective support levels. If Bitcoin creates a historical high, some Altcoins will try to break through their upper resistance levels and continue their rebound momentum.

However, buyers failed to maintain the high, and the price dropped below $0.29 on Wednesday. A bullish sign is that they pushed the price back above $0.29. The 20-day moving average ($0.23) has started to rise, and the RSI is in the positive zone, indicating that the path of least resistance is upward. The Sei/USDT pair may rise to $0.35, and then potentially to $0.43.

If the price falls and breaks below the 20-day moving average, this optimistic view will become invalid in the short term. This could pull the pair down to $0.19, and then further to $0.15.

Sei/USDT 4-hour chart. Source: TradingView

Both moving averages are trending upward, and the RSI is in the positive zone, indicating buyer advantage. If the price remains above $0.30, the pair may rise to $0.33.

Sellers may have other plans. They will try to pull the price below the 20-day moving average. If they succeed, the pair may drop to $0.27, and then to the 50-day moving average. Buyers are expected to defend the 50-day moving average decisively, as further pullback could delay the recovery of the upward trend.