Bitcoin (BTC) is trying to build an uptrend above the psychological support of $70,000. This sentiment grew further after the spot Bitcoin exchange-traded fund recorded its second-highest inflows of $887 million on June 4, according to Farside Investors data.
Analysts are closely watching US Consumer Price Index (CPI) data next week. After CPI data fell 0.1% on May 15, Bitcoin began a 7% rally over the next five days. Markus Thielen, head of research at 10x Research, believes that Bitcoin could hit a new all-time high if the CPI is below 3.3% year-on-year.
Matt Horne, head of digital asset strategy at Fidelity Investments, said in a June 4 CNBC report that investors should consider a 1-5% allocation to Bitcoin. These investments minimize risk even if Bitcoin goes to zero, but will benefit your portfolio if Bitcoin continues its upward trend.
Can buyers push Bitcoin and pick altcoins above their respective overhead resistance levels? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin broke and closed above a symmetrical triangle pattern on June 4, indicating that uncertainty was resolved in favor of buyers.
The 20-day exponential moving average ($68,135) has started to rise gradually and the Relative Strength Index (RSI) is in positive territory, indicating that it is in favor of the bulls. The BTC/USDT pair is likely to rise to $73,777, which will be a huge resistance.
A sharp decline in the price from $73,777 suggests the range restrictions could be extended for a few more days. On the other hand, if it breaks above $73,777, it will pave the way for an increase to $80,000 and then $88,000.
Ether Price Analysis
Ethereum (ETH) is trading in a narrow range near the important support at $3,730, a sign that the bulls are defending this level but are yet to begin a strong rebound.
If the price declines and falls below the 20-day EMA ($3,652), it means that the uptrend has been abandoned. It may start to decline toward the 50-day simple moving average ($3,310) and eventually reach $2,850.
Alternatively, a forced surge in price from current levels would be an aggressive buying signal for the bulls. A breakout and close above $4,100 would signal a resumption of the uptrend. That could cause the ETH/USDT pair to surge to $4,868.
BNB price analysis
BNB (BNB) broke above the June 4 resistance level of $635, completing an ascending triangle pattern.
Bulls continued their buying, pushing the price above the indirect resistance level of $692 on June 5. If buyers hold higher levels, the BNB/USDT pair could extend its uptrend towards the pattern target of $775.
Typically, after rising above a strong overhead resistance level, the price declines and retests the breakout level. Bears will try to push the price down to $635. The uptrend may resume if buyers turn that level into support. Bears get back in the game when they fall below the uptrend line.
Solana Price Analysis
Solana (SOL) is rising from the June 3 breakout level of $162, signaling that bulls are trying to move towards a support level.
The 20-day EMA ($166) is gradually rising and the RSI is in positive territory, indicating that bulls dominate. The SOL/USDT pair could reach $189 and the overhead resistance could reach $205.
This bullish outlook will be invalidated in the near term if the price declines and falls below the 50-day SMA ($155). The pair could then fall to $140, where the bulls will try to stop the decline.
XRP Price Analysis
XRP (XRP) has been hanging on its moving averages for several days, indicating uncertainty about its next directional move.
The bulls will try to push the price up to the $0.57 resistance level. A break above this barrier and a closing price would complete the ascending triangle pattern, allowing the price to rise to the pattern target of $0.68.
Contrary to this assumption, if the price declines and falls below the support line, the bullish setup will be invalidated. The XRP/USDT pair could then fall to the important support level of $0.46. A bounce from this level could keep the pair within the $0.46-$0.57 range for some time.
Dogecoin price analysis
Dogecoin (DOGE) rebounded from its 50-day SMA ($0.15) on June 3, indicating strong demand at lower levels.
The DOGE/USDT pair may rise to the overhead resistance of $0.18, which is an important level to watch out for. If buyers break this resistance level, the pair could rebound to $0.21 and then to $0.23.
Conversely, if the price declines from current levels or overhead resistance, the bears indicate activity at higher levels. The short-term trend will turn negative if it falls below the 50-day SMA. The pair could then fall to $0.14.
Toncoin price analysis
Toncoin (TON) surged above the $7.67 resistance level on June 5, but the long wick of the candlestick shows that bears are aggressively defending the level.
If the price declines from current levels, it is likely to find support at the 20-day EMA ($6.60). A strong bounce from this support suggests that sentiment remains positive and traders are buying on dips. This would improve the prospects for a rally above $7.67. The TON/USDT pair could then rise to $10.
Conversely, if the price declines sharply and falls below the 20-day EMA, it would be a signal that it could fluctuate between $6 and $7.67 for some time.
Related: Why did BNB price rise today?
Shiba Inu price analysis
Bears attempted to sink Shiba Inu (SHIB) below support on June 4, but the long tail of the candlestick shows solid buying at lower levels.
Bulls will try to push the price above the overhead resistance of $0.000030. Doing so will cause the SHIB/USDT pair to complete a bullish ascending triangle pattern. This could initiate an upward move towards the overhead resistance level of $0.000039. There is a small resistance at $0.000033 but it will most likely be crossed.
Support remains a key level to watch on the downside. If the price closes below the support line, the price may fall to $0.000018.
Cardano Price Analysis
Cardano (ADA) broke out of the support line of the symmetrical triangle pattern on June 3, signaling that bulls continue to defend the level.
If the price rises above the moving average and remains there, the ADA/USDT pair may gradually try to move towards the resistance level. It may be difficult for the bulls to push the price above the triangle, but if they do, the pair could gain momentum and surge towards the pattern target of $0.62.
If the bears want to stop the advance, they need to pull the price below the triangle. If successful, the pair could fall to $0.35.
Avalanche Price Analysis
Avalanche (AVAX) has been trading below its moving averages for the past few days but has failed to sustain its decline. This means the sale will close at a lower level.
A flat moving average and RSI near the midpoint indicate a balance between supply and demand. If the bulls push the price above the moving average, the AVAX/USDT pair could rise to the overhead resistance of $42.
This bullish view will be invalidated if the price declines sharply and falls below the $34 support level. The pair could then reach strong support at $29. A bounce from this level suggests that the pair may remain range-bound for longer.
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.