Bitcoin (BTC) is gradually declining towards the support range of $56,552 to $73,777 where it has been trading for several months. Glassnode lead analyst James Check warned traders in a post on June 19 to avoid falling victim to a “combination of boredom, mini-pumps and mini-dumps” and getting shaken out of their positions.
Despite the uncertain short-term price action of Bitcoin, analysts are optimistic about its long-term outlook. Researchers and brokers at Bernstein expect significant inflows into US Bitcoin exchange-traded funds to drive Bitcoin’s price to $200,000 by the end of next year, a revision from their previous target of $150,000.
Some analysts anticipate a correction in the near future, but this has not deterred MicroStrategy from increasing its Bitcoin holdings. The company announced on June 20 that it had acquired 11,931 Bitcoin at an average price of $65,883 per Bitcoin, bringing its total holdings to 226,331 Bitcoin. This purchase was funded by the recently completed $800 million convertible note offering.
Could Bitcoin make a strong recovery in the coming days and lead the cryptocurrency markets higher? Let’s examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis:
Bitcoin made an attempt to recover on June 20, but strong selling pressure near the moving averages resulted in a long wick on the candlestick.
The bears pushed the price below the key support level of $64,602 on June 21, indicating the beginning of a deeper pullback. If the bears maintain the price below $64,602, selling pressure may increase, potentially causing the BTC/USDT pair to drop to the next major support at $60,000.
On the other hand, a price reversal above $64,602 could signal aggressive buying at lower levels. This could lead the pair to rise towards the 20-day exponential moving average ($66,736), which is likely to act as a strong resistance. Breaking above this level could pave the way for a rally towards $70,000 and then $72,000.
Ether Price Analysis:
Ether (ETH) faced resistance near the 20-day EMA ($3,575) on June 20, indicating that bears are still active on relief rallies.
The bears will look to strengthen their position by pushing the price below the 50-day simple moving average ($3,458). If successful, this could accelerate selling pressure and drive the pair towards $3,000.
To prevent a downside move, bulls need to push and sustain the price above the 20-day EMA. This could trigger a rally towards $3,730 and eventually $3,977.
BNB Price Analysis:
BNB has been trading below the moving averages, suggesting that bears are in control.
The initial support level is at $560, and a bounce from this level could indicate a range-bound movement between $560 and $635. A breakout above $635 would signal bullish momentum.
Conversely, a break below $560 could lead to a deeper correction, with the pair potentially dropping to $536 and then $495. Bulls are expected to defend this level.
Solana Price Analysis:
Bears have prevented Solana from re-entering the descending channel pattern in recent days.
A break below $128 could push the pair towards the solid support at $116, which is likely to be fiercely defended by buyers.
Breaking and closing above the 20-day EMA ($148) is crucial for bulls to gain momentum. This could lead to a rally towards $176 and $188.
XRP Price Analysis:
XRP has been trading between the 50-day SMA ($0.51) and the support at $0.46 for some time.
An attempt to move above the 20-day EMA ($0.50) could signal a potential rally towards $0.57. However, a breakdown below $0.46 may lead to a drop towards $0.41.
Buyers are expected to step in between $0.46 and $0.41 to defend against further downside.
Dogecoin Price Analysis:
Dogecoin has held above the crucial support level of $0.12, but a lack of strong rebound indicates bearish pressure.
A breakdown below $0.12 could trigger a decline towards $0.08. On the other hand, a move above the 20-day EMA could signal consolidation before a potential uptrend.
Toncoin Price Analysis:
Toncoin is rebounding off the 50-day SMA ($6.76), showing bullish defense at this level.
Breaking above the 20-day EMA ($7.23) could lead to a relief rally towards $7.67 and potentially $8.29. However, a breakdown below the 50-day SMA could signal a deeper correction towards $6 and then $5.50.
Cardano Price Analysis:
Cardano has been trading near the breakdown level of $0.40, with potential resistance at the moving averages.
A breakout above $0.40 could signal a strong recovery towards $0.50, while a breakdown below $0.35 may lead to a drop towards $0.28.
Shiba Inu Price Analysis:
Shiba Inu is struggling to rebound above the $0.000017 level, indicating bearish pressure.
A break above the 20-day EMA could signal a rejection of the breakdown and a potential rally towards the 50-day SMA. However, a breakdown below $0.000017 could lead to a drop towards $0.000014.
Avalanche Price Analysis:
Avalanche is facing selling pressure near the breakdown level of $29.
A move above the 20-day EMA could signal a rally towards the 50-day SMA, while a breakdown below $25 may lead to a drop towards $20.
This article is for informational purposes only and does not constitute investment advice. Readers are advised to conduct their own research before making any investment decisions.