Bitcoin’s price surged following the release of the United States Consumer Price Index (CPI) data, which was lower than expected. The CPI figures remained unchanged from the previous month, with a year-on-year rate of 3.3%, showing a slight slowdown from the previous 3.4% pace, both 0.1% below forecasts.
The swift rebound from the $66,000 mark indicates that bullish investors are still active, purchasing near robust support levels. Traders should anticipate the next significant move either above $73,777 or below $56,552. Until then, the market is likely to remain range-bound.
Metaplanet, a Japanese company, has been leveraging Bitcoin’s sideways movement to enhance its treasury. The company recently revealed that it acquired 23.25 Bitcoin, bringing its total holdings to 141.07 Bitcoin, obtained at an average price of $65,365.
The question remains whether buyers can sustain the upward momentum in Bitcoin and other alternative coins. Let’s delve into the charts of the top 10 cryptocurrencies to gain insight.
Bitcoin saw a drop below the 20-day exponential moving average ($68,700) on June 11, but found support at the 50-day simple moving average ($65,982).
The bulls quickly bought back at the 50-day SMA, pushing the price above the 20-day EMA. This suggests that the BTC/USDT pair may trade within a narrow range between $66,500 and $72,000 in the near term.
To regain control, buyers will need to surpass the $72,000 to $73,777 resistance zone, opening the door for a potential rally towards $80,000 and eventually $88,000. Conversely, a drop below the 50-day SMA could lead to a decline to $60,000.
Ether struggled to break above $3,730, leading to a decline below the 20-day EMA ($3,655) on June 11.
The bulls stepped in near the 50-day SMA ($3,388), indicating strong demand at lower levels. Buyers will aim to overcome the $3,730 hurdle, potentially driving the ETH/USDT pair towards $3,887 and later to $3,977.
On the flip side, a rejection at $3,730 could signal bearish pressure, potentially pushing the pair back towards the 50-day SMA. A break below this level could result in a drop towards $2,850.
BNB slipped below the 50-day SMA ($605) on June 11 but managed to bounce back, suggesting buying interest on dips.
The bulls are now eyeing a break above the $635 resistance level, indicating a potential end to the correction. If successful, the BNB/USDT pair could target $722. However, a failure at the overhead resistance followed by a drop below $591 may signify continued selling pressure. Support is seen at $560, with a potential drop to $536.
Solana dipped below the 50-day SMA ($157) on June 11 but swiftly rebounded from the support line of a descending channel pattern on June 12.
Buyers are expected to push the price above the resistance line, signaling the end of a short-term corrective phase. The SOL/USDT pair could then aim for $176 and eventually $189. However, a sharp reversal from the 20-day EMA ($162) or the resistance line could lead to a drop towards $116.
In conclusion, the cryptocurrency market remains dynamic, with various coins showing different price actions and potential directions. It is essential for investors to conduct their research and analysis before making any investment decisions.