Bitcoin trading around $70,000 opens the way to upside for OP, TAO, STX and MNT

Bitcoin (BTC) has held on to gains this week, showing that traders are in no mood to take profits even as the price approaches $70,000. The number of Bitcoin whales, addresses holding more than 1,000 Bitcoins, has increased to 2,104 since March 7, indicating they predict the uptrend will continue.

Bitcoin's uptrend has improved sentiment across the cryptocurrency sector. Data from DefiLlama shows that total value locked (TVL) in decentralized finance (DeFi) protocols has skyrocketed above $100 billion for the first time in about two years. However, TVL remains well below the record of $189 billion set in November 2021, even after the increase.

In a bull market, traders throw caution out the window and chase higher prices. This usually doesn't end well. Bitwise Chief Investment Officer Matt Hougan warned investors to be careful, claiming on X that “shoddy projects” are “trading at crazy valuations.”

If Bitcoin rises to new highs, select altcoins are likely to join the party. Let's take a look at the top 5 cryptocurrencies that look strong on the chart.

BTC technical analysis

The bears are trying to stall Bitcoin's rally near $70,000, but a positive sign is that the bulls haven't given up much yet. This shows that every small dip is being bought.

The bulls will try to continue the uptrend by pushing the price above $70,000. If they do that, the BTC/USDT pair is likely to gain momentum and rally to $76,000. This level may act as a minor hurdle, but if surpassed, the upside could reach $80,000.

If the bears want to make a comeback, they will have to sell aggressively and drag the price below the 20-day exponential moving average ($61,422). That could trigger the stops of some short-term traders and start a deeper correction towards the 50-day simple moving average ($51,197).

Both moving averages are sloping up and the relative strength index (RSI) is in the positive zone on the 4-hour chart, which shows that the bulls have the upper hand. Buyers have kept the price above the 20 EMA, signaling buying on each slight dip. A close above $70,000 could start the next leg of the uptrend.

Conversely, if the price declines and breaks below the 20 EMA, the pair could slide to the 50 SMA. A close below this support would be the first sign that the bulls may be in a hurry to exit. The pair could then drop to $59.00.

OP technical analysis

Optimism has been trending up over the past few days. The break above the $4.20 resistance completed a bullish inverse head and shoulders pattern on March 5.

The 20-day EMA ($4.12) is sloping up and the RSI in positive territory suggests that the path of least resistance is to the upside. If the buyers push the price above $4.87, the OP/USDT pair could rally towards the pattern's target at $5.79.

Contrary to this assumption, if the price turns down sharply from the current levels and breaks below the 20-day EMA, it will signal that the breakout could be a bear trap. The pair could then drop to $3.42. A break below this level will tilt the advantage towards the bears.

The pair has held above the breakout level of $4.20, showing positive sentiment as bulls are buying on every slight dip. Buyers will attempt to overcome the barrier at $4.87 and establish their supremacy. If successful, the pair could rally to $5 where the bears could again mount a strong defense.

The first sign of weakness would be a breakout and close below the 50 SMA. That would increase the possibility of a retest of $4.20. The bears would have to drag the price below this support to suggest the start of a deep correction.

TAO technical analysis

Bittensor (TAO) has returned to the 20-day EMA ($646), which is an important short-term level to watch.

If the price bounces off the 20-day EMA, it will show that the bulls remain in control and enhance the prospects of a breakout above $757. The TAO/USDT pair could then resume the uptrend to $846.

Instead, if the price plummets below the 20-day EMA, it will show that the bulls are in a hurry to book profits. The pair could then slide to the 50-day SMA ($535). The bears would have to drag the price below the 50-day SMA to signal a potential trend change.

The 4-hour chart shows that the bulls are trying to maintain the price above $700. This shows that bears continue to sell during rallies. If the price sustains below the 50 SMA, the next stop could be $617. If this level fails to hold, the pair can drop to $550.

Conversely, if the price bounces back from the current levels, it will signal that the bulls are trying to turn $700 into support. If they succeed, the pair could retest $757, which is likely to be conquered. The pair could then surge to $850.

STX technical analysis

The bulls successfully defended the 20-day EMA ($2.77) during the Stacks (STX) correction. This shows positive sentiment as bulls continue to buy at lower prices.

The solid bounce on March 10 shows that the bulls have regained strength, but the long wick on the candle body shows that the bears have not given up yet. Buyers will have to push the price above $3.39 to signal a continuation of the uptrend. The STX/USDT pair could rally to $4.58 and eventually to the psychologically important level of $5.

The 20-day EMA remains an important level to watch out for in a downtrend. If the bears drag the price below this support, it will signal that the bulls are losing control. The pair could then drop to the 50-day SMA ($2.20).

The 4-hour chart shows that the price has rallied sharply after breaking above the downtrend line, but the failure to break above $3.39 has attracted profit-taking. The price has dropped to the downtrend line. If the price recovers strongly from current levels, it would enhance the prospects of a breakout above $3.39.

Conversely, if the price continues to decline and breaks below the moving averages, it shows that the bears are still active at higher levels. The pair could drop to $2.40 and then to $2.20.

MNT technical analysis

Mantle (MNT) has pushed higher, but the bears have not given up and are trying to stall the rally at $1.15, as seen from the long wick on the March 8 candlestick.

A slight advantage in favor of the buyers is that they do not allow the price to stay below the psychological level of $1. The rising moving averages and the RSI in the overbought zone show that the bulls have the upper hand.

If the buyers push the price above $1.15, the MNT/USDT pair could start the next leg up to $1.37 and then $1.50. This bullish view will be negated in the near term if the price turns down and breaks below the 20-day EMA ($0.91). The pair could drop to $0.85 and then $0.80.

The bulls are trying to turn the $1.01 breakout into support. If they do, it will signal strong buying at lower prices. If the buyers push the price above $1.07, the pair could reach $1.15. A break above this level could signal increasing momentum.

Alternatively, if the bears pull the price back below $1.01, it will indicate a lack of demand at higher levels. There is a minor support at the 50-SMA, but if this level gives way, the pair can drop to $0.85.