Bitcoin has shown a glimmer of strength, giving rise to the question: Can BNB, LTC, OKB, and QNT keep pace?

Bitcoin, currently trading at $26,447, escaped a potential plunge below $25,000 this week, attracting renewed interest from bullish investors. This recovery seems to have sparked hope in a selection of altcoins as well.

Bullish sentiments have been further bolstered by BlackRock’s move to initiate a Bitcoin spot price ETF and robust performance in the U.S. equities market. Bitcoin has shown a slight weekly gain of 2% while reduced institutional purchases in the Grayscale Bitcoin Trust led to a drop in Bitcoin spot discount from 44% to 36.6%, as per CoinGlass data.

Although Bitcoin and some altcoins are attempting to instigate a relief rally, it’s worth noting that the overarching market trend remains bearish. Hence, short-term investors looking to capitalize on this pullback might want to set profit targets or tighten their stop losses when prices grapple with substantial resistance levels.

In contrast, long-term investors might view these dips as a prime opportunity to purchase their preferred cryptocurrencies. Staggered buying is advisable, given the unlikelihood of a rapid rally.

We’re turning our attention to five key cryptocurrencies which are showing signs of recovery.

Bitcoin Stirs the Market

On June 15, Bitcoin made an abrupt recovery, thwarting short-sellers who had bet on it breaking below $25,250. This rapid rise could have instigated a short-term short squeeze, pushing the price up to the 20-day exponential moving average of $26,403.

Despite bearish attempts to cap the relief rally at the 20-day EMA, the persistent bulls haven’t conceded much ground. This indicates that buyers are clinging onto their positions, expecting a higher surge.

However, the bears might be plotting to exert heavy resistance between the 20-day EMA and the descending channel’s resistance line. If the price recoils from this zone, the BTC/USDT pair could stay within the channel for an extended period.

But, if the bulls push the price beyond the channel, it could be an early signal of a short-term trend reversal, possibly driving the price towards $31,000.

On the four-hour chart, the 20-EMA is trending upward and the relative strength index (RSI) remains in a favorable zone, indicating short-term bullish dominance. Minor resistance stands at $26,850, but breaking this could push the pair to the channel’s resistance line at around $27,600. This will likely be a tough barrier for the bulls to cross, but if achieved, the pair could rally to $28,500.

This optimistic view will be short-lived if the price drops and breaks below the 20-EMA, which might pull the price down to the 50-simple moving average and, eventually, to the significant support zone between $25,250 and $24,800. A break below this zone could trigger intensified selling.

BNB in the Spotlight

BNB, trading at $244, has been under the microscope recently. However, it’s encouraging that the bulls have prevented the price from breaking the $220 support, suggesting demand at lower levels.

The first hurdle on the upside is the 38.2% Fibonacci retracement level at $252.50. If the BNB/USDT pair surpasses this, it could reach the 20-day EMA ($261). At this level, bearish traders will likely attempt to halt the recovery. If successful, the pair may retract towards $220.

On the other hand, if bulls push the price above the 20-day EMA, the pair could reach the 61.8% Fibonacci retracement level at $272.50. This is a critical level for bears to defend, as surpassing this could send the pair soaring towards $305.

Litecoin’s Power Struggle

Litecoin, trading at $77.47, broke below a symmetrical triangle pattern on June 10, signaling bearish control. The price dipped below immediate support at $75 on June 14 but was unable to maintain the downward momentum.

The rapid recovery in the past few days has pushed the LTC/USDT pair back above $75, demonstrating strong buying at lower levels. Bulls will likely try to push the price to the 20-day EMA ($82), a crucial level to watch.

OKB’s Fight for Control

OKB broke below its symmetrical triangle pattern on June 10, suggesting a potential deeper correction. However, bulls managed to defend the $30.50 support level, signaling demand at lower prices.

Quant’s Upward Battle

Quant, trading at $99.39, demonstrated a strong rebound off the $95 level on June 16, indicating aggressive buying. Despite this, the bears are still holding on and are staunchly defending the downtrend line. Sellers will attempt to drive the price below $95, while bulls aim to keep the QNT/USDT pair above it.

If the price rebounds from $95 once more, the likelihood of a rally above the downtrend line increases. In this scenario, the pair might initiate a strong recovery, potentially propelling the price to $135.

Conversely, if the price continues to fall and breaks below $95, the pair could slip to $87 and potentially as low as $80.