Crypto Overview: Bitcoin eyes $75,000 breakout as Ethena and Pump.fun extend rally

Bitcoin (BTC) maintains its steady recovery toward $75,000 on Friday, following the US Treasury announcement of at least $4 billion of long-term bond buybacks. The broader crypto market risk-on sentiment has improved, evidenced by the Fear and Greed Index rising to 68 on Friday, indicating increased greed among investors. Ethena (ENA) and Pump.fun (PUMP) extend rally over the last 24 hours, emerging as the top performers with bulls eyeing a trend reversal. 

Technical outlook: Bitcoin eyes $75,000 breakout

Bitcoin trades around $74,735 on Friday, maintaining a clear bullish bias after surpassing both the 50-day Exponential Moving Average (EMA) near $65,287 and the 200-day EMA near $72,098.

From a technical perspective, BTC is advancing toward the 78.6% Fibonacci retracement level at $77,489 of the downswing from $82,850 to $57,800. A decisive close above this level would open the path toward the $82,850 swing high.

Momentum is regaining strength, as the Moving Average Convergence Divergence (MACD) steadily rises and the bullish histogram expands, hinting at strong upside momentum. However, the Relative Strength Index (RSI) near 82 signals overbought conditions, suggesting that while the broader trend remains constructive, the rally could be vulnerable to a near-term pause or corrective pullback.

On the downside, immediate support is seen at the 200-day EMA at $72,098 and the 50% retracement level at $70,325. Deeper setbacks would likely find buyers around the 50-day EMA at $65,287, while the 23.6% Fibonacci retracement level at $63,711.95 and the rising trendline area near $62,798.46 remain key structural floors if a more pronounced correction unfolds.

Altcoins outlook: Could ENA and PUMP prices continue to rise?

Ethena is up 6% on Friday, following a 25% rally the previous day. ENA holds a bullish near-term bias as price trades well above the 50-day EMA at $0.0888, while still capped below the longer-term 200-day EMA at $0.1239.

Momentum remains constructive, with the MACD maintaining a positive slope and the RSI hovering near 78, suggesting strong but overbought upside pressure.

A confirmed breakout above the 200-day EMA at $0.1239, which is reinforced by the February 6 high at $0.1304, could extend Ethena's rally toward the December 18 low at $0.1912.

On the downside, the 50-day EMA at $0.0888 offers the first significant support, guarding against a move toward the June 10 low at $0.0699.

Pump.fun has been in a steady bullish phase since early July, reclaiming both the 50-day EMA at $0.002337 and the 200-day EMA at $0.002258. The 50-day EMA crossing above the 200-day EMA marks a Golden Cross pattern, hinting at a bullish trend reversal.

The RSI at 77 indicates overbought conditions, suggesting elevated but stretched upside momentum.

Looking up, the path of least resistance for PUMP points to the September 27 low at $0.004917, near the $0.005000 psychological threshold, as a potential upside target.

On the downside, immediate support is seen at the reclaimed December 3 high at $0.003399, where dip-buying interest could emerge if the price pulls back. A deeper correction would bring the 50-day EMA around $0.002337 into focus ahead of the 200-period EMA at $0.002258.

(The technical analysis of this story was written with the help of an AI tool. Know more.)