Traders were eagerly waiting for Bitcoin (BTC) to break out of its range, but that is not the case.
Traders have been eagerly waiting for Bitcoin (BTC) to break out of its range, but that has not happened yet. The longer the price stays in the range, the more strength is needed for a breakout. The bullish sign is that Bitcoin ETFs have seen net inflows for 19 consecutive days. This shows strong buying in anticipation of the uptrend resuming.
Besides Bitcoin ETFs, companies also invest directly in Bitcoin. An S-3 filing dated June 6 from Nasdaq-listed medical manufacturer Semler Scientific shows it owns 828 BTC, having purchased its first batch of 581 BTC on May 28. The company said it is keeping its options open to raise an additional $150 million in debt securities, primarily for general corporate purposes, including bitcoin purchases.
Besides the growing demand for Bitcoin ETFs, institutions appear to be showing interest in investing in altcoins. According to a June 6 report from The Information, asset manager Franklin Templeton is considering creating a private fund that would expose institutional investors to altcoins.
Can buyers maintain the momentum and push Bitcoin to a new all-time high? Will this stimulate the purchase of certain altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
The bears attempted to take Bitcoin back below the psychological $70,000 level on June 6, but the bulls held firm. This indicates that buyers are trying to turn the $70,000 level into a support level.
The bullish 20-day EMA ($68,609) and the Relative Strength Index (RSI) are in positive territory, indicating that the bulls have the advantage. BTC/USDT may reach the strong overall resistance at $73,777.
If the price drops from $73,777, it will likely find support at the 20-day EMA. A bounce from this level will increase the possibility of a breakout above $73,777. The pair could then rise to $80,000 and then to $88,000 later.
Conversely, a break below the 20-day EMA will indicate that the range-bound move could extend for a few more days.
Ethereum Price Analysis
Ethereum (ETH) is struggling to initiate a strong recovery from the $3,730 support level, suggesting demand is drying up at higher levels.
However, the 20-day EMA ($3,684) and the RSI in positive territory suggest that the bulls are in control. If the price rises from the current level and exceeds $3,900, the ETH/USDT pair could rise to $3,977 and eventually $4,094.
On the other hand, if the price continues to decline and breaks below the 20-day EMA, it will indicate that the bulls have given up and are taking profits. This could lead the pair to fall to the 50-day simple moving average ($3,342).
BNB Price Analysis
BNB Coin (BNB) is on an uptrend, but the rally is running into resistance near $722, indicating profit-taking by short-term traders.
The bears will attempt to bring the price back up to the $635 breakout level. If BNB/USDT rebounds strongly from this level, it will indicate that the bulls have turned $635 into support. This will improve the chances of a rally towards the $775 target setup.
The first sign of weakness will be a breakout and close below the $635 support level. The selling could intensify once the bears bring the price back below the uptrend line. This could start a decline to $536.
Solana Price Analysis
Solana (SOL) once again found support at the 20-day EMA ($167) on June 6, suggesting that bulls view declines as a buying opportunity.
Buyers will attempt to maintain their advantage and push the price to $189. This level may be an obstacle, but it will probably be exceeded. The SOL/USDT pair could then attempt to reach the massive resistance level at $205.
If the bears want to prevent an upward move, they will need to quickly bring the price back below the 50-day SMA ($156). If they do, the pair could fall to $140 and then to the critical support level at $116.
XRP Price Analysis
XRP (XRP) continues to trade near the moving averages, indicating that there is no aggressive buying or selling by traders.
Flat moving averages and an RSI near the midpoint indicate that lackluster price action could continue for some time. If the price breaks and closes above $0.54, it will indicate that the bulls are trying to make a comeback. The XRP/USDT pair may reach the general resistance level at $0.57.
Conversely, if the price declines and falls below the support line, the ascending triangle pattern will be canceled. The pair could fall to the $0.46 support level.
Dogecoin price analysis
Dogecoin (DOGE) has been stuck between $0.18 and the 50-day simple moving average ($0.15) over the past few days.
The flat moving averages and the RSI near the midpoint indicate that the range-bound move could continue for some time. If the price rises from the moving averages, the bulls will attempt to push the DOGE/USDT pair to $0.18.
On the downside, a breakout and close below the 50-day simple moving average would signal that the bulls have given up. This could start falling to $0.14 and then to the pivot support at $0.12. Bulls are expected to vigorously defend this level.
Toncoin price analysis
Toncoin (TON) broke above the general resistance level of $7.67 on June 7, indicating that the bulls are trying to resume the uptrend.
The 20-day EMA ($6.77) and RSI near the overbought zone indicate that the path of least resistance is to the upside. If buyers push the price and hold it above $8, TON/USDT could reach $10.
The crucial support to watch on the downside is the 20-day EMA. A bounce off this support will indicate that the bulls are in control, but a break below will signal that the bulls are losing their grip. The pair could then slide to the 50-day simple moving average ($6.25).
about: BTC Price Falls 1.8% as Bitcoin Handles New “Schizophrenic” US Jobs Data
Shiba Inu Price Analysis
The bulls pushed Shiba Inu (SHIB) above the moving averages on June 5, but were unable to build on this strength.
The bears attempt to push the price below the moving averages and support line. If they succeed, the ascending triangle pattern will be invalidated, which could initiate a fall to $0.000018.
Alternatively, if the price rises from the current level, it will indicate that the bulls are aggressively defending the support line. The SHIB/USDT pair may reach the general resistance level at $0.000030.
Cardano Price Analysis
Cardano (ADA) has been trading in a symmetrical triangle pattern for several days, indicating a struggle between the bulls and bears.
After hesitating for a few days, traders pushed the price above the moving averages on June 7. ADA/USDT could reach the triangle resistance line, where the bears should provide a strong defense. If buyers overcome the barrier, the pair could reach $0.62. There is minor resistance at $0.57, but it will likely be cleared.
Conversely, if the price falls sharply from the resistance line, it will indicate that the bulls are taking profits. This may keep the pair stuck inside the triangle for a while.
Avalanche Price Analysis
Avalanche (AVAX) has been trading near the moving averages over the past few days, indicating a balance between supply and demand.
Flat moving averages and an RSI near the midpoint give neither bulls nor bears a clear advantage. If the price remains above the moving averages, the AVAX/USDT pair could rise as high as $42.
Alternatively, if the price declines and falls below $34, it will indicate that the bears are trying to take control. The pair could then slide to $29, where buyers are likely to step in. The next trend move is expected to start above $42 or below $29.
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.
