Bitcoin (BTC) is currently experiencing sideways price movement, but there is a positive indication as investors continue to buy spot Bitcoin exchange-traded funds. Data from Farside Investors shows that these ETFs have seen net positive inflows for the past 11 days.
According to data from CoinShares, Bitcoin investment products received over $1 billion in inflows last week. In addition to institutional investors, it seems that whales are also accumulating Bitcoin. Glassnode analysts stated in The Week On-chain report that long-term investors are beginning to accumulate coins for the first time since December 2023.
In Securities and Exchange Commission filings, it has been revealed that more than 600 investment firms in the United States have invested in spot Bitcoin ETFs since January. Since its launch, these ETFs have purchased a total of 855,619 Bitcoin, averaging around 6,200 Bitcoin per day.
Could the buying activity in Bitcoin ETFs potentially push Bitcoin’s price above the overhead resistance? And will altcoins follow suit? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis:
The failure of the bulls to sustain the price above $70,000 has caused Bitcoin to fall to the 20-day exponential moving average ($67,169).
The price action over the past few days has formed a symmetrical triangle pattern. If the price breaks below the triangle, it will indicate that the advantage has shifted in favor of the bears. In that case, the price could drop to $64,600 and eventually to $59,600.
On the other hand, if the price bounces off the support line and breaks above the triangle, it will signal that the bulls are still in control. The pair will then attempt to move towards $73,777. If the bulls manage to overcome this obstacle, the rally could extend to $80,000.
Ether Price Analysis:
Ether (ETH) faced rejection at $3,977 on May 27, suggesting that the bears are strongly defending the $4,000 to $4,100 resistance zone.
The initial support on the downside is the breakout level of $3,730. If the bulls can turn this level into support, the ETH/USDT pair may make another attempt at breaking above the $4,100 resistance. If successful, the pair could rally to $4,868.
However, if the price continues to decline and falls below $3,730, it will indicate that the bears are attempting a comeback. In that case, the pair could drop to the 20-day EMA ($3,537) and potentially to $3,050.
BNB Price Analysis:
The bulls have managed to keep BNB (BNB) above the moving averages in recent days but have been unsuccessful in pushing the price towards the overhead resistance at $635.
The first sign of weakness would be a break and close below the uptrend line. If this happens, the ascending triangle pattern will be invalidated, and the BNB/USDT pair could decline to $536 and then to $495.
However, if the price bounces off the moving averages and breaks above $635, it will complete the bullish setup. This could lead the pair to reach $692 and eventually the pattern target of $775.
Solana Price Analysis:
Solana (SOL) has managed to stay above the breakout level of $162, but a strong recovery has yet to be seen.
If the price fails to move higher, it could encourage the bears to push the price below $162. In that case, the SOL/USDT pair could decline towards $140 and subsequently to critical support near $116.
On the other hand, if the price moves up from the current level, the pair could reach $189. The bears may attempt to stall the relief rally at $189, but it is likely to be breached. This could then lead the pair to face strong resistance at $205.
XRP Price Analysis:
XRP (XRP) has been trading around the moving averages in recent days, indicating a lack of aggressive buying or selling pressure.
If the price dips and stays below the moving averages, the XRP/USDT pair could decline towards the support line. However, if the price rebounds strongly from the support line, the bulls will make another attempt to push the pair above $0.57. If successful, it would complete the ascending triangle pattern.
Conversely, a break and close below the support line would invalidate the triangle pattern and open the door for a decline towards the crucial support at $0.46.
Dogecoin Price Analysis:
Dogecoin (DOGE) has been supported by the 20-day EMA ($0.16), indicating that buyers are stepping in during dips.
The 20-day EMA is flattening out, and the RSI is near the midpoint, suggesting a balance between supply and demand. If buyers manage to break the barrier at $0.18, the DOGE/USDT pair could rise towards $0.21.
However, if the price turns down and falls below the moving averages, it would indicate a loss of bullish momentum. This could push the price towards $0.14 and keep the pair range-bound between $0.12 and $0.17 for a few more days.
Toncoin Price Analysis:
Toncoin (TON) has found support at the moving averages, but the bulls are struggling to initiate a strong rebound.
Buyers will gain an advantage if they can push and sustain the price above $6.73. If successful, the TON/USDT pair could rally towards the overhead resistance at $7.67. This is a crucial level for the bears to defend, as a breakout above it would signal a resumption of the uptrend.
On the other hand, if the bears want to prevent an upside move, they will need to quickly push the price below the $6 support. In that case, the pair could slide towards $5.50 and then to the strong support at $4.72.
Shiba Inu Price Analysis:
Shiba Inu (SHIB) broke above the symmetrical triangle pattern on May 27, indicating a bullish resolution of the uncertainty.
The 20-day EMA ($0.000025) has started to turn upwards, and the RSI is in positive territory, indicating that the bulls have the upper hand. Although there is minor resistance at $0.000030, it is likely to be surpassed. The SHIB/USDT pair could then climb towards $0.000033.
If the price turns down from the current level, it is likely to find support at the moving averages. To initiate a decline towards the 78.6% retracement level of $0.000017, the bears would need to push the price below the support line.
Cardano Price Analysis:
Cardano (ADA) remains within a symmetrical triangle pattern, indicating a balance between supply and demand.
If the price rises above the moving averages, the bulls will attempt to push the ADA/USDT pair towards the resistance line. A breakout above the triangle would signal the start of a strong recovery, with potential targets at $0.57 and $0.63.
On the other hand, if the price continues to decline, the bears will try to push the pair towards the support line. A break and close below the triangle would indicate a resumption of the downtrend, with the next level to watch on the downside at $0.35.
Avalanche Price Analysis:
Avalanche (AVAX) is currently finding support at the moving averages, indicating that buyers are stepping in during minor dips.
The flattening 20-day EMA ($36.97) and the RSI near the midpoint suggest a lack of clear advantage for either the bulls or the bears. To gain an advantage, buyers will need to push and sustain the price above $41.80, which could lead to a rally towards $50.
On the other hand, if the price breaks below the moving averages, the bears will try to push the AVAX/USDT pair towards $29. A strong bounce off this support would indicate that the pair may remain range-bound between $29 and $40 for some time.
Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.