Bitcoin (BTC) has experienced a decline of more than 4% this week, indicating that bearish activity is prevalent near the $70,000 mark. Nevertheless, Bitcoin investors appear to view these downward trends as a chance to buy in. According to a post by market intelligence firm Santiment on X, the dip in Bitcoin’s price to $66,600 led to an increase in buying activity while selling interest remained low.
While Bitcoin struggles to establish a short-term bottom, Ether (ETH) is making efforts to rebound from its recent drop below $3,400 on June 14. The strong demand at lower levels could be attributed to the anticipated launch of spot Ether exchange-traded funds (ETFs). Bloomberg ETF analyst Eric Balchunas predicts that Ether ETFs could begin trading as early as July 2.
Bitcoin’s recent weakness has created selling pressure in various altcoins, causing them to drop near or below their immediate support levels. However, if Bitcoin manages to make a comeback, select altcoins are likely to see significant buying activity at lower levels.
Will Bitcoin’s relief rally push the entire cryptocurrency market higher? Let’s take a look at the top five cryptocurrencies showing strength on the charts.
Bitcoin Price Analysis
On June 14, Bitcoin slipped below the 50-day simple moving average ($66,147), but the bulls were unable to sustain these lower levels. This suggests that buyers are striving to defend the 50-day SMA.
The 20-day exponential moving average ($67,863) is beginning to trend downwards, and the relative strength index (RSI) is in negative territory, indicating that bears have the upper hand. If the BTC/USDT pair turns downwards from its current level or the 20-day EMA and breaks below the 50-day SMA, it could signal the beginning of a deeper correction towards $60,000.
To stage a comeback, buyers will need to quickly push the price above the 20-day EMA, paving the way for a potential rally to $72,000, where bears may pose a strong challenge once again.
Ether Price Analysis
Ether saw a sharp rebound from the 50-day SMA ($3,415) on June 14, indicating that buyers are attracted to these lower levels.
The crucial level to watch is the 20-day EMA ($3,612). If buyers manage to propel the price above this level, it could indicate that the correction has ended. The ETH/USDT pair may then aim for $3,730 and eventually $3,977.
However, if the price turns downwards from the 20-day EMA and breaks below the 50-day SMA, a decline to the critical support at $2,850 could be on the horizon.
Toncoin Price Analysis
Toncoin (TON) recently completed a bullish ascending triangle pattern after breaking out of $7.67 on June 13. The price retraced from $8.29 on June 15 to retest the breakout level of $7.67, setting the stage for a battle between bulls and bears.
If the price bounces off $7.67, it could indicate that the bulls have turned this level into support. Subsequently, buyers may attempt to push the price above $8.29, signaling a potential journey towards $10.
However, a slip below $7.67 could suggest rejection of the breakout, leading the pair to slide towards the uptrend line. This level is crucial for bulls to defend as a breakdown could intensify selling pressure, potentially causing the price to plummet to $6.
Uniswap Price Analysis
Uniswap (UNI) rebounded from the 50-day SMA ($9) on June 12 and reached the overhead resistance of $12 on June 15.
While bears are expected to defend the $12 level, the upward trend of the 20-day EMA ($10.24) and the positive RSI suggest that the path of least resistance is upwards. A breakthrough above $12 could propel the UNI/USDT pair to $13.34 and eventually to $15.
Conversely, a drop below the 20-day EMA could push the pair down to the 50-day SMA.
Monero Price Analysis
Monero (XMR) experienced a surge in buying after surpassing the $153 resistance level.
The bears are attempting to halt the rally at $180, but buyers are supporting the price above the 20-day EMA ($163), indicating a willingness to purchase on minor dips. A breakthrough above $180 could see the XMR/USDT pair rallying towards the tough resistance at $190.
However, a sharp downturn below the 20-day EMA could lead to a continuation of the fall, possibly finding support at $153.
This article does not offer investment advice. Readers are encouraged to conduct their own research before making any investment decisions.