Bitcoin (BTC) is still trading sideways, but it is a positive sign that investors have continued to buy spot Bitcoin exchange-traded funds. Farside Investors data shows net positive inflows into ETFs over the past 11 days.
CoinShares data shows that Bitcoin investment products saw inflows of more than $1 billion last week. Along with institutional investors, whales also appear to be accumulating Bitcoin. Long-term investors “have begun to re-accumulate coins for the first time since December 2023,” Glassnode analysts said in The Week On-chain report.
More than 600 U.S. investment firms have invested in physical Bitcoin ETFs since January, according to Securities and Exchange Commission (SEC) filings. The ETF has purchased 855,619 Bitcoins since launch, averaging 6,200 Bitcoins per day.
Can buying a Bitcoin ETF push Bitcoin price above indirect resistance? Will altcoins follow suit? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin fell to its 20-day exponential moving average ($67,169) as the bulls failed to get and hold the price above $70,000.
The price action over the past few days has formed a symmetrical triangle. When the price falls below the triangle, it signals a favorable downward trend. The pair could fall to $64,600 and eventually fall to $59,600.
Conversely, if the price rises from support and breaks beyond the triangle, it indicates that the uptrend is continuing. The pair will then attempt a move up to $73,777. If the bulls overcome this hurdle, the rally could reach $80,000.
Ether Price Analysis
Ethereum (ETH) fell from $3,977 on May 27, indicating that bears are fiercely defending the $4,000-$4,100 resistance zone.
The first support on the downside is the breakout level of $3,730. If the bulls turn this level into support, the ETH/USDT pair will make one more attempt to surge above the $4,100 resistance. If this level is cleared, the pair could rise to $4,868.
Conversely, if the price continues lower and plunges below $3,730, it would be a sign that the bears are attempting a rebound. The pair may then fall to the 20-day EMA ($3.,537) and then down to $3.050.
BNB price analysis
Bulls have kept BNB (BNB) above its moving averages over the past few days, but have failed to push the price up to the indirect resistance of $635.
The first sign of weakness is a breakout and close below the uptrend line. If that happens, the ascending triangle pattern is invalidated and the BNB/USDT pair could fall to $536 and then to $495.
Contrary to this assumption, a bullish setup is completed if the price breaks away from the moving average and goes above $635. The pair could then move to $692 and then later to $775, which is the pattern target.
Solana Price Analysis
Bulls succeeded in holding Solana (SOL) above the breakout level of $162, but were unable to initiate a strong recovery.
Failure to move higher will likely push the price down below $162. If that happens, the SOL/USDT pair could fall to $140 and then to the important support near $116.
Alternatively, if the price rises from current levels, the SOL/USDT pair could reach $189. The bears will try to stop the relief rally at $189, but a move above that level is likely. The pair could then reach the massive barrier of $205.
XRP Price Analysis
XRP (XRP) has been sticking to its moving averages for the past few days, indicating a lack of aggressive buying or selling by traders.
If the price falls below the moving average and stays there, the XRP/USDT pair may slide towards the support line. If the price bounces strongly from the support line, the bulls will make one more attempt to push the pair above $0.57. If successful, the ascending triangle pattern is completed.
On the other hand, a close below the support line invalidates the triangle and opens the door for a decline towards the important support level at $0.46.
Dogecoin price analysis
Bulls are not allowing Dogecoin (DOGE) to slip below the 20-day EMA ($0.16), indicating that bears are being bought.
The 20-day EMA has flattened and the RSI is near its midpoint, indicating a balance in supply and demand. If buyers overcome the $0.18 barrier, the DOGE/USDT pair is likely to go up to $0.21.
Conversely, if the price declines and falls below the moving average, it means that the uptrend has been abandoned. The price could then fall to $0.14 and keep the pair within the $0.12 to $0.17 range for several days.
Toncoin price analysis
Toncoin (TON) has found support at its moving averages, but bulls are struggling to mount a strong rally.
If buyers can get the price above $6.73 and keep it there, they will have the upper hand. If that happens, the TON/USDT pair could begin a bounce up to the overhead resistance at $7.67. A break above this level signals a resumption of the uptrend, making it an important level for bears to defend.
If we want to stop the downtrend, we need to get the price below the $6 support level quickly. The pair could fall to $5.50 before finding strong support at $4.72.
Related: Bitcoin ‘Diamond Hand’ sells for $73,800, down nearly 50%
Shiba Inu price analysis
Shiba Inu (SHIB) surged above a symmetrical triangle pattern on May 27, indicating uncertainty has resolved towards the bulls.
The 20-day EMA ($0.000025) is starting to rise and the RSI is in positive territory, indicating that the bulls have the upper hand. There is a small resistance at $0.000030 but a crossover is likely. The SHIB/USDT pair may go up to $0.000033.
If the price declines from current levels, it will likely find support at the moving averages. Bears would need to pull the price below the support line to start a decline towards $0.000017, which is the 78.6% retracement level.
Cardano Price Analysis
Cardano (ADA) is trapped within a symmetrical triangle pattern, indicating a balance between supply and demand.
If the price rises above the moving average, bulls will try to push the ADA/USDT pair towards the resistance level. A breakout and close above the triangle signals the start of a strong recovery. The pair may rise to $0.57 and then to $0.63.
Instead, if the price continues lower, bears will try to pull the pair down to support. A breakout and close below the triangle indicates a resumption of the downtrend. The next level to watch for downside is $0.35.
Avalanche Price Analysis
Avalanche (AVAX) is trying to find support at the moving average, which indicates that bulls are buying on a slight dip.
The flat 20-day EMA ($36.97) and RSI near the midpoint do not give a clear advantage to either bulls or bears. Buyers would need to keep the price above $41.80 to begin an uptrend towards $50.
Conversely, if the price falls below the moving average, bears will try to pull the AVAX/USDT pair down to $29. A strong bounce from this support is a sign that the pair could remain within the $29-$40 range for some time.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.