Bitcoin (BTC) price has fallen to its narrow range support, indicating that speculators are…
Bitcoin (BTC) price has fallen to its narrow range support, indicating that the bears are continuing the selling pressure.
Veteran trader Peter Brandt said in an article on X that Bitcoin was at risk of falling to $60,000 and possibly $48,000. However, Bitcoin whales did not seem concerned about the short-term uncertainty and continued to buy. The number of whale entities owning at least 1,000 Bitcoins is approaching an all-time high.
Smaller or even larger whales have a positive outlook on future prospects. MicroStrategy said in a press release that it intends to offer $700 million of convertible securities maturing in 2032, the proceeds of which will be used to acquire more bitcoin and for general corporate purposes. . MicroStrategy owns 214,400 BTC today.
The buying isn’t limited to just Bitcoin, as Ethereum (ETH) has seen one of its biggest days for long-term holder accumulation. Julio Moreno, head of research at CryptoQuant, said in an article on
Will Buying Whales Help Start Bitcoin’s Recovery Toward $70,000? Could altcoins also follow the rise? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
The long wick of the June 12 Bitcoin candlestick shows bears trying to stop a relief rally to $70,000.
The 20-day EMA ($68,234) has started to decline and the Relative Strength Index (RSI) has fallen into negative territory, indicating that the bears have an advantage. If the price falls below the 50-day SMA ($66,047), BTC/USDT price could begin a deeper correction to $60,000.
Time is running out for the bulls. To avoid a decline, they should increase the price and keep it above the 20-day EMA. The pair could then reach $70,000, then $72,000 thereafter.
Ethereum Price Analysis
Ether’s rally stalled at the 20-day EMA ($3,618) on June 12, indicating sentiment has turned negative and traders are selling on rallies.
Bulls should protect the 50-day SMA ($3,400) because if they fail in their efforts, the ETH/USDT pair could begin a deeper decline towards $2,850. Bulls are expected to buy near $2,850 and keep the price range-bound.
Buyers need to increase the price and maintain it above the 20-day EMA if they want to return. If they do, buying could resume and the pair could begin a comfortable rally to $3,887 and then to $3,977 later.
BNB Price Analysis
BNB Coin (BNB) has been trading in a tight range between $591 and $635 over the past few days, indicating an uphill battle between the bulls and bears.
The 20-day EMA ($627) has started to decline and the RSI is in negative territory, indicating a slight advantage for the bears. If the price falls below $591, BNB/USDT could fall to $536.
This negative opinion will soon be invalidated if the price rises from the current level and crosses the $635 level. The bulls will then attempt to push the price up to the upper resistance level of $722.
Solana Price Analysis
Solana (SOL) stock has been falling in a descending channel pattern for several days. Price rebounded from the support line on June 12, but the bears halted the relief rally at the 20-day EMA ($159).
The bears are once again trying to push the price below the support line. If they succeed, selling could resume and the SOL/USDT pair could decline towards the crucial support at $116. The bulls will likely defend this level aggressively.
Alternatively, if the price rises from the current level and breaks above the channel, it will indicate that the short-term correction may be over. The pair could rise to $176 and then to $189.
XRP Price Analysis
XRP (XRP) has been oscillating in a wide range between $0.46 and $0.57 over the past few days. This indicates buying near support and selling near resistance.
Bearish moving averages and the RSI in negative territory indicate that the bears are in control. If the price falls from the current level or the 20-day EMA ($0.50), it will increase the likelihood of a decline below $0.46. If this happens, the XRP/USDT pair could fall all the way to the pivotal support level at $0.41.
If buyers want to avoid a downtrend, they need to quickly push the price above the 50-day simple moving average ($0.51). The pair could then gradually begin its journey towards the general resistance level at $0.57.
Dogecoin price analysis
Dogecoin (DOGE) is trying to find support at $0.13, but the bulls have failed to push the price above the 20-day EMA ($0.15).
If the price falls from the current level or the 20-day EMA, the probability of a decline will increase to $0.12. This is an important level for bulls to defend because if it is broken, the DOGE/USDT pair could fall to $0.08.
On the upside, a breakout and close above the moving averages would pave the way for an increase to $0.18. The Bears are likely to form a strong defense at this level. If the price falls by $0.18, the limited action may continue for some time.
Toncoin price analysis
TON Coin (TON) broke and closed above strong overhead resistance at $7.67 on June 13, completing an ascending triangle pattern.
If buyers maintain the price above $7.87, TON/USDT is likely to initiate the next phase of the uptrend. The typical target for a bullish setup is $10.62, but declines should pose a significant challenge to $10.
The first sign of weakness would be a breakout and close below the $7.67 breakout level. Such a move would indicate that the markets have refused to break through. Selling may increase if the bears pull the price below the uptrend line.
about: Here’s what happened today in cryptocurrencies
Cardano Price Analysis
Cardano (ADA) was rejected at the 20-day EMA ($0.44) on June 12, suggesting that bears are selling at every comfortable rally.
Bearish moving averages and the RSI in negative territory indicate that a bearish move is under control. The $0.40 to $0.41 area will likely provide strong support, but if a bearish move prevails, the ADA/USDT pair could fall to $0.35.
Bulls must quickly push price above the moving averages if they want to avoid a downtrend. If they do, the pair could attempt to move up to the resistance line. This level may be a small hurdle, but the next stop could be $0.57 if breached.
Shiba Inu Price Analysis
Shiba Inu (SHIB) has gradually slipped towards the vital support at $0.000020, which is expected to lead to aggressive buying from the bulls.
If the price moves from $0.000020 and breaks above the moving averages, it will indicate that the range is still intact. The bulls will then attempt to push the SHIB/USDT pair towards the upper resistance at $0.000030.
Conversely, if the price falls from the moving averages, it will indicate that the bears are maintaining their pressure. A breakout and close below $0.000020 will signal the start of the next phase of downtrend up to the 78.6% Fibonacci retracement level at $0.000017.
Avalanche Price Analysis
Avalanche (AVAX) fell from the 20-day EMA ($34) on June 12, suggesting that bears are selling rallies at the moving averages.
The AVAX/USDT pair is likely to witness a tough battle between the bulls and bears at the $29 level. If the price rebounds strongly from the support level and breaks above the moving averages, it will indicate that the consolidation could continue for a few more days.
Conversely, if the price breaks and closes below $29, it will indicate that the range has been resolved in favor of the bears. This could start a decline to $25 and then to $20.
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.
