Bitcoin (BTC) has fallen from its one-week high of around $72,000, but the bulls are trying to keep the price above $69,000. Bitcoin aims to end the week with marginal gains of just over 2%. Although Bitcoin failed to break above the general resistance level, buyers remained put.
Data from Farside Investors shows nearly $1.7 billion in inflows into Bitcoin ETFs this week. This brings total investments in spot Bitcoin ETFs to $15.5 billion as of June 6. Strong buying indicates that traders expect the upward movement to continue.
However, Bitcoin fell on June 7, sending many altcoins lower. Trader Daan Crypto Trades said in an article that open interest in Bitcoin fell by $1.3 billion and in Ethereum by $800 million during the fall. This drop does not seem to have worried investors. QCP Capital believes that Bitcoin and Ether are likely to form local lows as future Fed actions could benefit risky assets.
Can Bitcoin hold above $69,000 and start to recover? Will altcoins rally? Let’s take a look at the top 5 cryptocurrencies that look strong in the charts.
Bitcoin Price Analysis
Bitcoin fell sharply from the minor resistance at $72,000 on June 7, indicating that the bears are still active at higher levels.
The pullback finds support at the 20-day EMA ($68,603), suggesting that bulls continue to view declines as a buying opportunity. If the price rebounds strongly from the 20-day EMA, the bulls will once again try to push BTC/USDT towards the general resistance at $73,777. A breakout and close above this resistance could open the door for a potential rise to $80,000 and then to $88,000.
about: Bitcoin volatility hovers within 6% of its record low
Conversely, if the price breaks below the 20-day EMA, it will signal that the bulls have given up. This could push the price down to the 50-day simple moving average ($65,807).
Bitcoin has been trading between $66,500 and $72,000 for some time. The inability to push the price above the upper resistance level triggered a rebound, which attempts to find support near $69,000. Buyers will need to increase the price and sustain it above the 20 EMA to improve the chances of a rise to $72,000.
On the downside, a close below $68,420 would tilt the short-term advantage in favor of the bears. The pair could then fall to the strong support level at $66,500.
BNB Price Analysis
BNB (BNB) began a correction from $722 on June 6, indicating profit-taking by short-term traders. The crucial support to note on the downside is the 20-day EMA ($639).
If the price rebounds strongly off the 20-day EMA, it will indicate that sentiment is still positive and traders are buying on dips. This would increase the possibility of resuming the uptrend. The BNB/USDT pair could then reach the target trend at $775.
This positive sentiment will be invalidated in the short term if the price continues to decline and falls below the $635 breakout level. This could trap aggressive bulls and pull the pair towards the uptrend line.
The bears pulled the price below the 20 EMA but were unable to extend the decline to the 50 SMA. This suggests that sales are drying up at lower levels. The bulls will attempt to push the price back above the 20 EMA. If they do, the pair could rise to $695 and later to $722.
Alternatively, if the price falls from the 20 EMA, it will indicate that the bears are trying to reverse the level towards the resistance level. The pair could then fall all the way to the 50 SMA. This is an important support to pay attention to because if it breaks, the next breakpoint could be $635.
Toncoin price analysis
The bulls’ repeated failure to hold Toncoin (TON) above the overall resistance at $7.67 may have prompted short-term traders to take profits.
A positive sign is that the pullback finds support at the 20-day EMA ($6.80). If the price rises from the current level, the bulls will attempt to breach the $7.67 barrier again. If they succeed, the TON/USDT pair is likely to accelerate towards the psychological level of $10.
Conversely, if the price falls from the current level or the upper resistance level and breaks below the 20-day EMA, it will signal that the bulls are rushing towards the exit. This could lead the pair to fall to $6.
TON/USDT fell below 50 SMA, but lower levels attracted buying. The bulls will attempt to push the price towards the upper resistance level of $7.67. A breakout and close above this level could initiate the next phase of the uptrend.
The key level to watch on the downside is the uptrend line. If this support breaks, it will signal the start of a deeper correction. The pair will likely find support at the $6 to $6.26 area.
File currency price analysis
Filecoin (FIL) has been consolidating between $5 and $6.77 for several days, suggesting that the bulls are attempting to form a base.
The bulls attempted to push the price above the upper resistance level on June 7, but the long wick on the candlestick shows that the bears are aggressively defending this level. A positive sign in favor of buyers is that they have stopped the decline at the moving average level. If the price rises from the current level and crosses the $6.77 level, it will signal the start of a new upward move. The FIL/USDT pair could rise to $8.54 and then to $9.35.
Contrary to this assumption, if the price falls sharply from the upper resistance, it will indicate that the pair could spend some time inside the range.
The 4-hour chart shows that the decline from the general resistance level at $6.77 finds support at the 50 simple moving average. A bullish 20 EMA and RSI in positive territory indicate advantage for buyers. There is minor resistance at $6.50, but if this level is breached, the pair could retest the resistance at $6.77.
The Bears likely have other plans. They will attempt to lower the price below 50 SMA. If they do, the pair could fall to $5.60 and then $5.48 later.
Analysis of the price of injections
Injective (INJ) has formed an ascending triangle pattern, which will end with a breakout and close above the $29.93 level.
The 20-day moving average ($26.15) began to gradually increase and the RSI moved into positive territory, indicating that the bulls have a slight advantage. If buyers break through the $29.93 barrier, the INJ/USDT pair is expected to gain momentum and reach $36.50, eventually reaching the target pattern of $41.74.
This optimistic outlook will be invalidated in the short term if the price declines and crosses below the support line. The pair could then fall to $18.
The 4-hour chart shows that the bulls pushed the price above the upper resistance level at $29.93 but could not sustain the breakout. This indicates that the bears are selling aggressively above the $29.93 level. The price fell and fell below the 20 EMA but quickly rebounded from the 50 SMA.
The bulls will once again try to exceed the resistance zone located between $29.93 and $31. If they succeed, the pair will likely begin a new uptrend. The bears will have the upper hand on a break below the 50 SMA.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
