Bitcoin (BTC) is trying to capitalize on its gains above the psychological support of $70,000.
Bitcoin (BTC) is trying to capitalize on its gains above the psychological support of $70,000. Sentiment was boosted after Bitcoin exchange-traded funds recorded the second-highest inflow of $887 million on June 4, according to data from Farside Investors.
Analysts are closely watching next week’s U.S. Consumer Price Index (CPI) data. After the CPI data fell by 0.1% on May 15, Bitcoin began to rise by 7% over the next five days. Markus Thelen, head of research at 10x, believes that if the CPI on an annual basis is 3.3% or lower, this could push Bitcoin to a new all-time high.
Investors should consider a 1-5% allocation to Bitcoin, said Matt Horn, head of digital asset strategies at Fidelity Investments, in a report published by CNBC on June 4. Such an investment will reduce risk even if Bitcoin reaches zero, but will benefit the portfolio if Bitcoin continues its upward trend.
Can buyers lead Bitcoin and pick altcoins above their general resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin broke and closed above the symmetrical triangle on June 4, indicating that the uncertainty resolved in favor of buyers.
The 20-day EMA ($68,135) is gradually starting to rise and the relative strength index (RSI) is in positive territory, indicating an advantage for the bulls. BTC/USDT is expected to reach $73,777, which will likely be massive resistance.
If the price falls sharply from $73,777, it will indicate that the range-bound movement could extend for a few more days. On the other hand, a break above $73,777 would pave the way for an increase to $80,000 and then to $88,000.
Ethereum Price Analysis
Ethereum (ETH) is trading in a tight range near critical support at $3,730, suggesting that bulls are defending the level but have failed to initiate a strong rebound.
If the price declines and falls below the 20-day EMA ($3,652), it will indicate that the bulls have given up. This could begin a decline towards the 50-day simple moving average ($3,310) and possibly as low as $2,850.
Alternatively, if the price jumps sharply from the current level, it will indicate strong buying from the bulls. A breakout and close above $4,100 indicates a resumption of the uptrend. ETH/USDT could then rise to $4,868.
BNB Price Analysis
BNB (BNB) surged above the $635 resistance level on June 4, completing an ascending triangle pattern.
The bulls maintained their buying and pushed the price above the overall resistance at $692 on June 5. If buyers maintain higher levels, BNB/USDT could extend the rise to the target trend at $775.
Typically, after breaking above a strong upper resistance level, the price pulls back and retests the breakout level. The bears will attempt to push the price to $635. If buyers turn the level into support, the uptrend could resume. The bears will return to the game if they drop the pair below the uptrend line.
Solana Price Analysis
Solana (SOL) rose from the June 3 breakout level of $162, suggesting that bulls are attempting to reverse the level toward support.
The 20-day moving average ($166) is gradually decreasing and the RSI is in positive territory, indicating that the bulls are in control. SOL/USDT could reach $189, then general resistance at $205.
This bullish view will be invalidated in the short term if the price declines and crosses below the 50-day simple moving average ($155). The pair could then fall to $140, where the bulls will attempt to stop the decline.
XRP Price Analysis
XRP (XRP) holds on to moving averages for several days, indicating uncertainty over the next trend move.
The bulls will attempt to push the price up to the general resistance level at $0.57. A breakout and close above this barrier will complete the ascending triangle pattern, which could begin an upward move toward the pattern’s target at $0.68.
Contrary to this assumption, if the price falls and crosses below the support line, it will invalidate the bullish setup. This could send the XRP/USDT pair down to the crucial support level at $0.46. A bounce from this level could keep the pair in the $0.46 to $0.57 range for some time.
Dogecoin price analysis
Dogecoin (DOGE) rebounded from the 50-day simple moving average ($0.15) on June 3, indicating strong demand at lower levels.
The DOGE/USDT pair may reach the general resistance level at $0.18, which is an important level to pay attention to. If buyers break this resistance, the pair could rise to $0.21 and then to $0.23.
Conversely, if the price falls from the current level or above resistance, it will indicate that the bears are active at higher levels. The short-term trend will turn negative in the event of a break below the 50-day simple moving average. The pair could then fall to $0.14.
Toncoin price analysis
Toncoin (TON) broke above the upper resistance level of $7.67 on June 5, but the long candlestick wick shows that the bears are aggressively defending this level.
If the price declines from the current level, it will likely find support at the 20-day EMA ($6.60). A strong rebound from this support will indicate that sentiment remains positive and traders are buying on dips. This will improve the chances of a rally above $7.67. The TON/USDT pair could then rise to $10.
Conversely, if the price falls sharply and breaks below the 20-day EMA, it will indicate that the pair could fluctuate between $6 and $7.67 for some time.
about: Why has the price of BNB increased today?
Shiba Inu Price Analysis
The bears attempted to sink Shiba Inu (SHIB) below the support line on June 4, but the long tail of the candlestick shows strong buying at lower levels.
The bulls will attempt to push the price above the upper resistance level of $0.000030. If they succeed, the SHIB/USDT pair will complete the ascending triangle pattern. This could start an upward trend towards the general resistance level of $0.000039. There is slight resistance at $0.000033, but it will likely be cleared.
The support line remains the key level to pay attention to on the downside, as a close below could see the pair fall to $0.000018.
Cardano Price Analysis
Cardano (ADA) bounced off the symmetrical triangle support line on June 3, indicating that bulls continue to defend the level.
If the price rises and stays above the moving averages, the ADA/USDT pair may attempt to gradually move towards the resistance line. The bulls might struggle to push the price above the triangle, but if they do, the pair could gain momentum and advance towards the target setup at $0.62.
If the bears want to prevent the uptrend, they will need to bring the price back below the triangle. If they succeed, the pair could fall to $0.35.
Avalanche Price Analysis
Avalanche (AVAX) has been trading below the moving averages over the past few days, but the bears failed to extend the decline. This indicates that sales are drying up at lower levels.
Flat moving averages and the RSI near the midpoint indicate a balance between supply and demand. If the bulls push the price above the moving averages, the AVAX/USDT pair could reach the overall resistance at $42.
This optimistic outlook will be invalidated if the price declines sharply and falls below the $34 support level. The pair could then reach the strong support level at $29. A bounce from this level indicates that the pair may stay within a specific range for a longer period.
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.
