Traders have been desperately waiting for Bitcoin (BTC) to break out of its range, but that hasn’t happened yet. The longer the price stays within the range, the more force is needed for a breakout. A positive sign is that Bitcoin spot exchange-traded funds have witnessed net inflows for 19 consecutive days. There is a solid buying trend in anticipation of a resumption of the upward trend.
In addition to Bitcoin ETFs, companies are also investing directly in Bitcoin. Nasdaq-listed medical manufacturer Semler Scientific’s June 6 S-3 filing shows it owns 828 bitcoins after purchasing its first 581 bitcoins on May 28. It happened. The company said it is keeping its option open to raise an additional $150 million. Debt securities primarily for general corporate purposes, including the purchase of Bitcoin.
In addition to the growing demand for Bitcoin ETFs, institutions also appear to be showing interest in investing in altcoins. Asset manager Franklin Templeton is considering a private equity fund that would expose institutional investors to altcoins, according to a June 6 report from The Information.
Can buyers maintain the momentum and push Bitcoin to new all-time highs? Will purchases of certain altcoins increase? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bears attempted to take Bitcoin back below the psychological level of $70,000 on June 6, but bulls held on. This means buyers are trying to turn the $70,000 level into support.
The rising 20-day exponential moving average ($68,609) and the relative strength index (RSI) are in positive territory, indicating the bulls have the upper hand. The BTC/USDT pair may rise to strong overhead resistance at $73,777.
If the price declines from $73,777, it is likely to find support at the 20-day EMA. A bounce from this level increases the likelihood of a breakout above $73,777. The pair could then rise to $80,000 and later to $88,000.
Conversely, a drop below the 20-day EMA would signal that range restrictions could be extended for a few more days.
Ether Price Analysis
Ethereum (ETH) is struggling to mount a strong recovery from support at $3,730, indicating demand is easing from higher levels.
However, the bullish 20-day EMA ($3,684) and RSI in positive territory suggest that the uptrend is under control. If the price rises above $3,900 from current levels, the ETH/USDT pair could move to $3,977 and eventually $4,094.
On the other hand, if the price continues lower and falls below the 20-day EMA, it means giving up the uptrend and taking profits. That could push it down to the 50-day simple moving average ($3,342).
BNB price analysis
BNB (BNB) is on the rise, but the rally is finding resistance near $722, so short-term traders are expected to book profits.
Bears will try to drive the price down to the breakout level of $635. If the BNB/USDT pair bounces strongly from this level, it would be a sign that bulls have turned $635 into support. This would improve the prospects for a bounce towards the pattern target of $775.
The first sign of weakness would be a break and close below the $635 support. The selling may intensify further after the bears push the price below the uptrend line. That could start a decline towards $536.
Solana Price Analysis
Solana (SOL) once again found support at the 20-day EMA ($167) on June 6, indicating that the bulls see the dip as a buying opportunity.
Buyers will try to maintain the advantage and raise the price to $189. This level may act as an obstacle, but it is likely to be overcome. The SOL/USDT pair could then attempt a bounce up to the formidable resistance of $205.
If bears want to stop the advance, they will need to pull the price below the 50-day SMA ($156) quickly. That could push the pair towards $140 and then the important support at $116.
XRP Price Analysis
XRP (XRP) continues to trade near its moving averages, indicating a lack of aggressive buying or selling from traders.
Flat moving averages and RSI near the midpoint suggest that the dull price action could persist for some time. If the price breaks out and closes above $0.54, it indicates that the bulls are attempting a bounce. The XRP/USDT pair may rise to the overhead resistance of $0.57.
Conversely, if the price declines and falls below the support line, the bullish ascending triangle pattern becomes invalid. The pair may fall to the $0.46 support level.
Dogecoin price analysis
Dogecoin (DOGE) has been stuck between $0.18 and its 50-day SMA ($0.15) over the past few days.
Flat moving averages and the RSI near the midpoint suggest that the range-limiting action may persist for some more time. If the price rises from the moving average, the bulls will try to push the DOGE/USDT pair towards $0.18.
On the downside, if the price closes below the 50-day SMA, it would be a sign that the uptrend has given up. This could start to decline towards $0.14 and then to the key support at $0.12. Bulls are expected to defend this level aggressively.
Toncoin price analysis
Toncoin (TON) broke above the $7.67 overhead resistance on June 7, indicating that bulls are trying to resume the uptrend.
The rising 20-day EMA ($6.77) and RSI near the overbought zone indicate that the path of least resistance is to the upside. If buyers manage to get the price above $8 and hold it there, the TON/USDT pair could rise to $10.
An important support level to watch during a downtrend is the 20-day EMA. A bounce above this support suggests that the uptrend is under control, but a drop below it signals that buyers are losing control. The pair could then fall to its 50-day SMA ($6.25).
Related: BTC price falls 1.8% as Bitcoin deals with ‘schizophrenic’ new US jobs data.
Shiba Inu price analysis
Bulls pushed Shiba Inu (SHIB) above its moving average on June 5, but were unable to sustain its strength.
Bearish trends try to pull the price below the moving averages and support lines. Doing so could invalidate the ascending triangle pattern and begin a slide towards $0.000018.
Instead, if the price rises from current levels, it would suggest that bulls are actively defending support. The SHIB/USDT pair may rise to the overhead resistance of $0.000030.
Cardano Price Analysis
Cardano (ADA) has been trading within a symmetrical triangle pattern for several days, signaling a scuffle between bulls and bears.
After hesitating for several days, traders pushed the price above the moving average on June 7. The ADA/USDT pair may reach the resistance line of the triangle where bears are expected to show strong defense. If buyers overcome the barrier, the pair could rise to $0.62. There is a small resistance at $0.57, but a crossover is likely.
Conversely, if the price falls sharply from the resistance level, it indicates that bulls are taking profits. The pair could then become trapped inside the triangle for some time.
Avalanche Price Analysis
Avalanche (AVAX) has been trading close to its moving average over the past few days, indicating a balance between supply and demand.
A flat moving average and RSI near the midpoint offer no discernible advantage to either bulls or bears. If the price remains above the moving average, the AVAX/USDT pair could rise to $42.
Alternatively, if the price declines and falls below $34, it means that the bears are trying to take control. The pair could then fall to $29, with buyers likely to intervene. The next directional move is expected to begin above $42 or below $29.
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.