The S&P 500 Index (SPX) has been hovering close to its highest level ever, while Bitcoin (BTC) has been steadily losing ground in recent days, indicating an imbalance between supply and demand in the cryptocurrency market. Farside Investors data reveals that Bitcoin exchange-traded funds have experienced outflows on four out of the last five days starting from June 10.
Despite this, analysts note that long-term investors remain unfazed and are continuing to buy. Santiment, a market intelligence firm, reports that the number of wallets holding 10 BTC or more has reached 16.6 million, the highest level since June 2022.
While Bitcoin may appear weak in the short term, it is currently range-bound and is expected to see buying activity at support levels. The longer the consolidation period, the more forceful a price breakout is likely to be.
Will Bitcoin and other cryptocurrencies manage to hold above their support levels? Let’s delve into the charts to find out.
S&P 500 Index Price Analysis
The S&P 500 Index is in an uptrend, with resistance near 5,450. Despite this, bulls have not surrendered much ground to bears.
The 20-day exponential moving average (5,340) is trending upward, and the relative strength index (RSI) is in the overbought territory, indicating bullish control. A breakthrough above 5,450 could propel the index to 5,600, with possible resistance at this level before a potential rally towards 6,000.
A breach and close below the 20-day EMA would be a first sign of weakness, potentially leading to a decline to 5,265 and subsequently to the 50-day simple moving average (5,214).
U.S. Dollar Index Price Analysis
The U.S. Dollar Index (DXY) saw support at the ascending channel line on June 12, with a subsequent bounce towards resistance at 105.74 on June 14.
A rising 20-day EMA (104.92) and positive RSI suggest a bullish bias. A move above $105.74 could propel the index to 106.50. Conversely, a downturn below the support line might lead to a test of strong support at 104.
Bitcoin Price Analysis
Bitcoin struggled to rebound from the 50-day SMA ($66,189), indicating sustained selling pressure from bears.
Key support to monitor is $64,602, with a potential drop to $60,000 if breached. Further downside could target $56,552.
For a bullish reversal, Bitcoin must swiftly surpass the 20-day EMA ($67,612) to aim for $70,000 and beyond to $72,000.
Ether Price Analysis
Ether (ETH) bounced off the 50-day SMA ($3,421) on June 14 but faces resistance at the 20-day EMA ($3,604).
A break below the 50-day SMA could favor bears, potentially leading to a decline to $3,000 and $2,850. On the contrary, a bounce from the current level could signal bullish momentum towards $3,730.
BNB Price Analysis
BNB is locked in a battle near the 50-day SMA ($605), with a slightly bearish bias indicated by the downward trending 20-day EMA ($621) and RSI below the midpoint.
A drop below $590 could trigger a decline to $560, while a breakout above $635 might signal the end of the correction, with a target of $722.
Solana Price Analysis
Solana rebounded from the channel’s support line on June 14 but struggled to move higher, possibly due to selling pressure from bears.
A break below the channel could lead to a test of crucial support at $116, while a breakout above the resistance line might target $175.
XRP Price Analysis
XRP bounced off $0.46 support on June 14, with bulls showing strength by overcoming resistance at the 20-day EMA ($0.50).
Sustained trading above the 50-day SMA ($0.51) could push XRP to $0.57, while a drop below the 20-day EMA might lead to a retest of $0.46 support.
Toncoin Price Analysis
Toncoin bounced from $7.67 on June 16 but faces resistance at $8.29.
A break below $7.67 could lead to a decline to $6, while a move above $8.29 might signal a bullish trend towards $10.
Dogecoin Price Analysis
Dogecoin is edging towards crucial support at $0.12, where bulls could intervene.
A reversal from $0.12 could face resistance at the 20-day EMA ($0.14), with a breakdown potentially targeting $0.08.
Cardano Price Analysis
Cardano rebounded from $0.40 on June 14 but stalled at moving averages, indicating weak demand.
A break below $0.40 might trigger a downtrend towards $0.35, while a move above the moving averages could lead to a rally to $0.49.
This article does not offer investment advice. Readers are encouraged to conduct their own research before making any investment decisions.