Bitcoin (
BTC
) has rebounded from its strong support level, with bulls now aiming to push the price above the important psychological threshold of $70,000. Analysts are optimistic that the ongoing consolidation will result in an upward breakout, leading Bitcoin to reach a new all-time high.
Veteran trader Peter Brandt noted in a recent report that Bitcoin’s halving date typically falls in the middle of the bull cycle. Looking back at historical data, the 2020 bull market began 16 months prior to the halving and peaked 18 months after the event. If Bitcoin follows a similar pattern, Brandt predicts that the cycle peak could range from $130,000 to $150,000.
Not only Bitcoin, but Ether (
ETH
) also has the potential to surprise on the upside. Recent data from CryptoQuant shows that traders have withdrawn nearly 797,000 Ether between May 23 and June 2. Analysts anticipate a supply squeeze for Ether, leading to a new all-time high once Ether exchange-traded funds become available.
Can Bitcoin and other altcoins overcome their respective resistance levels? Let’s analyze the charts to find out.
S&P 500 Index Analysis:
The S&P 500 Index (SPX) recently fell below the breakout level of 5,265 but found support at the 50-day simple moving average (5,181). This rebound indicates positive sentiment among traders, who view dips as buying opportunities. However, bears are expected to attempt to halt any relief rally in the 5,265 to 5,342 range.
U.S. Dollar Index Analysis:
The U.S. Dollar Index (DXY) turned down from the 50-day SMA (105) on May 30 and broke below the ascending channel’s support line on June 3. The downsloping 20-day exponential moving average and negative RSI suggest a slight advantage for bears. If the index sustains below the channel, it could decline further.
Bitcoin Price Analysis:
Despite multiple attempts by bears to push Bitcoin below the support line of a triangle pattern, the cryptocurrency has held firm. This resilience may attract buying interest from bulls, with a potential rally towards the $73,777 resistance level.
Ether Price Analysis:
Ether has been maintaining above $3,730, indicating bullish intentions to establish this level as support. The upsloping 20-day EMA and positive RSI suggest that bulls are in control, aiming to clear the $3,977 hurdle and challenge the $4,100 resistance.
BNB Price Analysis:
After trading in a narrow range, BNB (
BNB
) surged on June 3, signaling bullish momentum. A breakout above the $635 resistance could lead to further gains towards $692 and potentially $775.
Solana Price Analysis:
Solana (
SOL
) faces a battle near the breakout level of $162. Bears could push the price lower towards the 50-day SMA at $153, while bulls aim for a rally towards $189 and $205.
XRP Price Analysis:
XRP (
XRP
) is trading below the 20-day EMA, but bears have failed to break below the support line. Bulls will seek to push the price above moving averages to target $0.57, while bears will target $0.46 if support breaks.
Toncoin Price Analysis:
Toncoin (TON) rallied above $6.73 resistance, but buyers struggle to sustain higher levels. Bulls need to defend $6.43 to maintain momentum towards $7.67.
Dogecoin Price Analysis:
Dogecoin (
DOGE
) bounced off the 50-day SMA, with bulls aiming for $0.18 resistance. A break above could lead to a rally towards $0.21, while a failure could result in a drop towards $0.14.
Cardano Price Analysis:
Cardano (
ADA
) is seeing buying interest at the support line of a symmetrical triangle pattern. Bulls will aim to push the price above moving averages to extend the consolidation phase, while bears could target $0.35 support if the triangle breaks.
This article provides analysis and insights into various cryptocurrencies but does not offer investment advice. Readers are encouraged to conduct their own research and analysis before making any investment decisions.