Bitcoin (
BTC
) is currently attempting to solidify its gains above the key psychological level of $70,000. The mood received a boost following the news that spot Bitcoin exchange-traded funds saw the second-highest inflows of $887 million on June 4, according to Farside Investors data.
Market analysts are keeping a close eye on the upcoming United States Consumer Price Index (CPI) data for next week. After a 0.1% decrease in the CPI data on May 15, Bitcoin initiated a 7% rally over the subsequent five days. Markus Thielen, head of research at 10x Research, believes that if the year-on-year CPI remains at 3.3% or lower, it has the potential to push Bitcoin to a new all-time high.
Fidelity Investments’ head of digital asset strategies, Matt Horne, suggested in a report on CNBC on June 4 that investors should consider allocating 1-5% of their portfolio to Bitcoin. This strategic investment could help mitigate risk even in the event of Bitcoin’s value dropping to zero, while also benefiting the overall portfolio if Bitcoin continues on its upward trajectory.
Will buyers be able to push Bitcoin and select altcoins above their respective resistance levels? Let’s delve into the charts of the top 10 cryptocurrencies for a closer look.
Bitcoin Price Analysis
On June 4, Bitcoin broke out and closed above the symmetrical triangle pattern, signaling a favorable outcome for the buyers. The 20-day exponential moving average ($68,135) is gradually trending upwards, and the relative strength index (RSI) is in positive territory, indicating an advantage for the bulls. The BTC/USDT pair is anticipated to rally towards $73,777, a level that may pose a strong resistance.
If the price experiences a sharp decline from $73,777, it could suggest a continuation of range-bound trading for a few more days. Conversely, a breakout above $73,777 could pave the way for a further rally towards $80,000 and potentially up to $88,000.
Ether Price Analysis
Ether (
ETH
) has been trading within a narrow range near the critical support level of $3,730, indicating that the bulls are defending this level but have not yet initiated a strong rebound. If the price falls and breaks below the 20-day EMA ($3,652), it may signal a shift in momentum towards the bears. This could lead to a downward move towards the 50-day simple moving average ($3,310) and potentially down to $2,850.
Alternatively, a strong upward movement from the current level could indicate aggressive buying by the bulls. A breakout and close above $4,100 could signal a resumption of the uptrend, potentially propelling the ETH/USDT pair towards $4,868.
BNB Price Analysis
BNB (
BNB
) surged above the $635 resistance level on June 4, completing an ascending triangle pattern. The bulls maintained their momentum, pushing the price above the $692 overhead resistance on June 5. If buyers continue to support these higher levels, the BNB/USDT pair could extend its upward movement towards the pattern target of $775.
Typically, after surpassing a strong resistance level, prices may retest the breakout level before continuing the uptrend. Bears may attempt to pull the price back to $635, but if buyers manage to turn this level into support, the uptrend could resume. However, if the pair falls below the uptrend line, bears may regain control.
Solana Price Analysis
Solana (
SOL
) rose from the breakout level of $162 on June 3, indicating bullish efforts to establish this level as support. The 20-day EMA ($166) is gradually rising, and the RSI in positive territory suggests bullish dominance. The SOL/USDT pair could target $189 and then aim for the overhead resistance at $205.
This bullish scenario may be invalidated if the price falls sharply below the 50-day SMA ($155), potentially leading to a drop towards $140. Bulls will likely attempt to halt this decline at that level.
XRP Price Analysis
XRP (
XRP
) has been hovering around the moving averages for several days, indicating uncertainty regarding the next price direction. Bulls may push the price towards the overhead resistance level of $0.57, with a breakout potentially completing an ascending triangle pattern and initiating a move towards $0.68.
On the contrary, if the price falls below the support line, it could negate the bullish setup, leading to a decline towards the crucial support at $0.46. A bounce from this level could result in further consolidation within the $0.46 to $0.57 range.
Dogecoin Price Analysis
Dogecoin (
DOGE
) rebounded from the 50-day SMA ($0.15) on June 3, indicating strong demand at lower levels. The DOGE/USDT pair may target the overhead resistance at $0.18, which is a key level to monitor. A successful breach of this resistance could lead to further gains towards $0.21 and potentially $0.23.
Conversely, a rejection at the current level or the overhead resistance would suggest bearish activity at higher levels. A break below the 50-day SMA could signal a short-term downtrend, with the pair potentially dropping to $0.14.
Toncoin Price Analysis
Toncoin (TON) surged above the $7.67 overhead resistance on June 5, but a long wick on the candlestick indicates strong resistance from bears. A potential retreat from the current level could find support at the 20-day EMA ($6.60). A robust rebound from this level would reinforce positive sentiment and indicate buying interest on dips, potentially leading to a rally above $7.67 towards $10.
However, a sharp decline below the 20-day EMA could signal a period of consolidation between $6 and $7.67.
Shiba Inu Price Analysis
On June 4, bears attempted to push Shiba Inu (
SHIB
) below the support line, but solid buying at lower levels was evident from the long tail on the candlestick. Bulls may aim to surpass the overhead resistance at $0.000030, potentially completing a bullish ascending triangle pattern. This could trigger a move towards the next resistance level at $0.000039, with a minor hurdle at $0.000033.
The support line remains crucial, as a breach could lead to a decline towards $0.000018.
Cardano Price Analysis
Cardano (
ADA
) bounced from the support line of the symmetrical triangle pattern on June 3, indicating continued defense by bulls. If the price sustains above the moving averages, the ADA/USDT pair might gradually challenge the resistance line. A successful breach could lead to further gains towards the pattern target of $0.62.
However, bears aiming to prevent an uptrend may push the price below the triangle, potentially causing a drop towards $0.35.
Avalanche Price Analysis
Avalanche (
AVAX
) has been trading below the moving averages recently, but the lack of further decline suggests diminishing selling pressure. If bulls manage to push the price above the moving averages, the AVAX/USDT pair could target the overhead resistance at $42.
A sharp downturn below the $34 support level could invalidate the positive outlook, potentially leading to a decline towards the strong support at $29. A rebound from this level might indicate a prolonged period of consolidation.
This article is for informational purposes only and does not constitute investment advice. Readers are advised to conduct their own research before making any investment decisions.