Bitcoin (BTC) has fallen to the lower end of its trading range, indicating that the bears are exerting selling pressure.
Experienced trader Peter Brandt recently mentioned that there is a possibility of Bitcoin dropping to $60,000 and even further to $48,000. Despite this, large Bitcoin holders, known as whales, are unfazed by the short-term uncertainty and are still actively buying. The number of whale entities holding at least 1,000 Bitcoin is approaching its peak.
Both small and large whales remain optimistic about the future. MicroStrategy, for instance, announced plans to offer $700 million in convertible senior notes due in 2032 to acquire more Bitcoin and for general corporate purposes. Currently, MicroStrategy holds 214,400 BTC.
The trend of buying extends beyond Bitcoin to other cryptocurrencies as well. Ether (ETH) saw substantial accumulation by long-term holders, with 298,000 Ether purchased on June 12 alone. This is close to the record purchase of 317,000 Ether on September 11, 2023.
Could the increased buying from whales lead to a recovery in Bitcoin towards $70,000? And will altcoins also follow suit? Let’s take a look at the top 10 cryptocurrencies to analyze the charts.
Bitcoin Price Analysis
The long wick on Bitcoin’s June 12 candlestick suggests that the bears are attempting to halt the relief rally at $70,000. The 20-day exponential moving average ($68,234) is trending downwards, and the relative strength index (RSI) is in negative territory, indicating an advantage for the bears. If the price falls below the 50-day simple moving average ($66,047), Bitcoin could see a deeper correction towards $60,000.
Time is running out for the bulls, who will need to push and maintain the price above the 20-day EMA to prevent further decline. If successful, the price could climb to $70,000 and then to $72,000.
Ether Price Analysis
Ether’s recovery stalled at the 20-day EMA ($3,618) on June 12, signaling a shift in sentiment with traders selling on rallies. The bulls must defend the 50-day SMA ($3,400) to avoid a deeper fall towards $2,850. Buyers are expected to step in near $2,850 to keep the price within the range.
To initiate a comeback, buyers must drive and sustain the price above the 20-day EMA. This could lead to increased buying and a potential rally to $3,887 and later to $3,977.
BNB Price Analysis
BNB has been trading within a narrow range between $591 and $635, indicating a fierce battle between bulls and bears. The 20-day EMA ($627) is trending downwards, and the RSI is in negative territory, giving a slight advantage to the bears. A break below $591 could see BNB falling to $536.
If the price reverses from the current level and breaks above $635, the bulls may push the price towards the resistance at $722.
Solana Price Analysis
Solana has been moving within a descending channel pattern, with the bears halting the relief rally at the 20-day EMA ($159). If the price breaks below the support line, the selling pressure could intensify, driving Solana towards the critical support at $116, which is likely to be defended by the bulls.
Alternatively, a rise from the current level and a break above the channel could signal the end of the short-term correction, with the potential for Solana to move towards $176 and then $189.
XRP Price Analysis
XRP has been fluctuating within a wide range between $0.46 and $0.57, indicating buying near support and selling near resistance. Moving averages sloping downwards and the RSI in negative territory suggest bearish control. A decline below $0.46 could see XRP falling to the key support at $0.41.
To prevent further downside, buyers must quickly push the price above the 50-day SMA ($0.51), leading to a potential rally towards the resistance at $0.57.
Dogecoin Price Analysis
Dogecoin is attempting to find support at $0.13, but the bulls are struggling to push the price above the 20-day EMA ($0.15). A failure to do so could result in a drop to $0.12, with $0.08 as the next critical support level.
On the upside, a break above the moving averages could pave the way for a rally to $0.18, although the bears are likely to defend this level. Continued range-bound action is possible if the price retreats from $0.18.
Toncoin Price Analysis
Toncoin broke above the strong resistance of $7.67 on June 13, completing a bullish ascending triangle pattern. Sustaining the price above $7.87 could signal the start of the next uptrend towards the target of $10.62, although bears may pose a challenge at $10.
A break below $7.67 could signal weakness and a potential downturn, with selling pressure increasing if the price drops below the uptrend line.
This article serves as an informative analysis and does not provide investment advice. Readers are advised to conduct their own research before making any investment decisions.