Bitcoin (BTC) continues to trade sideways, but there is a positive indication as investors have been consistently buying spot Bitcoin exchange-traded funds (ETFs) for the past 11 days, according to Farside Investors data. Last week, Bitcoin investment products saw inflows of over $1 billion, as reported by CoinShares. In addition to institutional investors, whales are also accumulating Bitcoin, as noted by Glassnode analysts in The Week On-chain report. They stated that long-term investors are starting to accumulate coins again for the first time since December 2023.
According to Securities and Exchange Commission filings, over 600 US investment firms have invested in spot Bitcoin ETFs since January. These ETFs have purchased 855,619 Bitcoin since their launch, averaging around 6,200 Bitcoin per day.
The question now is whether the buying in Bitcoin ETFs can push the price of Bitcoin above the overhead resistance and if altcoins will follow suit. To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin Price Analysis:
After failing to maintain a price above $70,000, Bitcoin has pulled back to the 20-day exponential moving average ($67,169). The recent price action has formed a symmetrical triangle pattern. If the price breaks below the triangle, it will signal a shift in favor of the bears, potentially leading to a drop to $64,600 and eventually $59,600. On the other hand, if the price bounces off the support line and breaks above the triangle, it will indicate that the bulls are still in control. In that case, the pair will attempt to move towards $73,777, and if successful, the rally could reach $80,000.
Ether Price Analysis:
Ether (ETH) faced resistance around the $4,000 to $4,100 range after turning down from $3,977 on May 27. The first support level is at $3,730, and if bulls manage to flip this level into support, the ETH/USDT pair may attempt to surge above the $4,100 resistance and rally to $4,868. However, if the price continues to decline and falls below $3,730, it will indicate a bearish comeback, potentially leading to a drop to the 20-day EMA ($3,537) and subsequently $3,050.
BNB Price Analysis:
BNB has been held above the moving averages by bulls, but they have struggled to push the price to the overhead resistance of $635. The first sign of weakness would be a break and close below the uptrend line, which would negate the ascending triangle pattern and potentially cause a slide to $536 and then $495. Conversely, if the price bounces off the moving averages and breaks above $635, it would complete the bullish setup and pave the way for a potential rally to $692 and later the pattern target of $775.
Solana Price Analysis:
Solana has been held above the breakout level of $162 by bulls, but they have yet to initiate a strong recovery. If the price fails to move higher, it may encourage bears to push it below $162, potentially leading to a tumble towards $140 and critical support near $116. However, if the price moves up from the current level, the SOL/USDT pair could reach $189. Although bears may try to stall the relief rally at $189, it is likely to be crossed, and the pair may face a strong barrier at $205.
XRP Price Analysis:
XRP has been hovering around the moving averages, indicating a lack of aggressive buying or selling. If the price dips below the moving averages, the XRP/USDT pair could slide to the support line. On the other hand, if the price rebounds off the support line, the bulls may attempt to push the pair above $0.57 and complete the ascending triangle pattern. However, a break below the support line would invalidate the triangle and open the door for a fall to the crucial support at $0.46.
Dogecoin Price Analysis:
Dogecoin has been supported by the 20-day EMA ($0.16), indicating that dips are being bought. The flattening 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. If buyers overcome the barrier at $0.18, the DOGE/USDT pair is likely to rise to $0.21. Conversely, if the price breaks below the moving averages, it would suggest a bearish scenario, potentially leading to a drop to $0.14 and keeping the pair within the $0.12 to $0.17 range for some time.
Toncoin Price Analysis:
Toncoin has found support at the moving averages, but the bulls are struggling to initiate a strong rebound. Buyers need to drive and sustain the price above $6.73 to gain the upper hand. If successful, the TON/USDT pair could rally to the overhead resistance of $7.67. On the other hand, if bears manage to quickly drag the price below $6, the pair could slide to $5.50 and subsequently $4.72.
Shiba Inu Price Analysis:
Shiba Inu surged above the symmetrical triangle pattern, indicating a bullish resolution. The 20-day EMA has started to turn up, and the RSI is in positive territory, suggesting that the bulls have the upper hand. There is a minor resistance at $0.000030, but it is likely to be crossed, and the SHIB/USDT pair could climb to $0.000033. However, if the price falls below the support line, it could decline towards the 78.6% retracement level of $0.000017.
Cardano Price Analysis:
Cardano remains within a symmetrical triangle pattern, indicating a balance between supply and demand. If the price rises above the moving averages, the bulls will attempt to push the ADA/USDT pair to the resistance line. A break and close above the triangle would signal a strong recovery, with potential targets at $0.57 and $0.63. On the other hand, if the price continues to decline, the bears will try to pull the pair to the support line. A break and close below the triangle would indicate a resumption of the downtrend, with the next level to watch at $0.35.
Avalanche Price Analysis:
Avalanche is trying to find support at the moving averages, indicating that bulls are buying on minor dips. The 20-day EMA and the RSI near the midpoint do not provide a clear advantage for either bulls or bears. Buyers need to push and maintain the price above $41.80 to start a rally towards $50. On the other hand, if the price breaks below the moving averages, bears could pull the AVAX/USDT pair to $29, with a potential range between $29 to $40 for some time.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make their own decisions when investing or trading.