Bitcoin traders have been eagerly anticipating a breakout from its current range, but so far, it has not materialized. The longer the price remains within this range, the more force will be required for a breakout to occur. However, there is a bullish sign as spot Bitcoin exchange-traded funds have experienced net inflows for 19 consecutive days. This indicates strong buying activity in anticipation of a resumption of the uptrend.
In addition to Bitcoin ETFs, companies are also directly investing in Bitcoin. A recent S-3 filing on June 6 by the Nasdaq-listed medical manufacturer Semler Scientific revealed that the company now owns 828 Bitcoin, with its initial purchase of 581 Bitcoin made on May 28. The firm has expressed its intention to potentially raise an additional $150 million through debt securities, primarily for general corporate purposes, including further Bitcoin purchases.
Aside from the increasing demand for Bitcoin ETFs, institutions appear to be showing interest in investing in altcoins as well. According to a report from The Information on June 6, asset manager Franklin Templeton is contemplating a private fund that would expose institutional investors to altcoins.
The question now is whether buyers will be able to maintain the momentum and propel Bitcoin to a new all-time high, and whether this will in turn boost buying activity in select altcoins. Let’s delve into the analysis of the top 10 cryptocurrencies to gain insights.
Bitcoin Price Analysis
On June 6, bears attempted to push Bitcoin below the $70,000 psychological level, but the bulls were able to hold their ground. This suggests that buyers are working to turn the $70,000 level into a support level. The positive zone of the upsloping 20-day exponential moving average ($68,609) and the relative strength index (RSI) indicate that bulls currently have the advantage. The BTC/USDT pair could potentially rise to the strong overhead resistance at $73,777. If the price retreats from this level, it may find support at the 20-day EMA, with a bounce potentially leading to a break above $73,777 and a subsequent climb to $80,000 and then $88,000. On the other hand, a break below the 20-day EMA could signal continued range-bound action for a few more days.
Ether Price Analysis
Ether (ETH) has been struggling to initiate a strong recovery from the $3,730 support level, indicating a lack of demand at higher levels. However, the positive territory of the upsloping 20-day EMA ($3,684) and RSI suggest that bulls are still in control. If the price manages to rise above $3,900, the ETH/USDT pair could target $3,977 and eventually $4,094. Conversely, a move lower and below the 20-day EMA would indicate profit-taking by bulls, potentially pushing the pair down to the 50-day simple moving average ($3,342).
BNB Price Analysis
BNB is currently in an uptrend, but facing resistance near $722, possibly due to profit-taking by short-term traders. Bears may attempt to push the price down to the breakout level at $635. A strong rebound from this level would signal bullish activity, potentially leading to a rally towards the pattern target of $775. However, a break and close below $635 could indicate weakness, with further downside targets at $536.
Solana Price Analysis
Solana found support at the 20-day EMA on June 6, highlighting bullish sentiment as buyers view dips as buying opportunities. The path of least resistance appears to be to the upside, with buyers potentially aiming for $189 and $205 resistances. However, a move below the 50-day SMA could lead to a drop to $140 and $116 support levels.
XRP Price Analysis
XRP continues to trade near moving averages, indicating a lack of aggressive buying or selling. A break and close above $0.54 could signal bullish momentum, with a potential rise to $0.57. Conversely, a move lower and below the support line could negate the bullish pattern, potentially leading to a drop to $0.46.
Dogecoin Price Analysis
Dogecoin has been range-bound between $0.18 and the 50-day SMA ($0.15) in recent days. The flat moving averages and RSI near the midpoint suggest continued consolidation. A move above the moving averages could target $0.18, while a break below the 50-day SMA could lead to a drop to $0.14 and $0.12 support levels.
Toncoin Price Analysis
Toncoin broke above the $7.67 resistance on June 7, indicating a potential uptrend resumption. The path of least resistance appears to be to the upside, with buyers potentially targeting $10. However, a move below the 20-day EMA could signal weakness, potentially leading to a drop to the 50-day SMA.
Shiba Inu Price Analysis
Shiba Inu briefly breached moving averages on June 5 but struggled to maintain momentum. Bears may attempt to push the price lower, potentially invalidating the ascending triangle pattern. A move higher would indicate bullish support, potentially targeting $0.000030.
Cardano Price Analysis
Cardano has been trading within a symmetrical triangle pattern, signaling a battle between bulls and bears. A move above the moving averages could target $0.62, with resistance at $0.57. However, a sharp downturn could signal profit-taking and potential consolidation within the triangle.
Avalanche Price Analysis
Avalanche has been trading near moving averages, indicating a balance between supply and demand. A move above moving averages could target $42, while a move below $34 could signal bearish control. The next directional move may begin above $42 or below $29.
This analysis does not provide investment advice, and readers are encouraged to conduct their own research before making any financial decisions.