Bitcoin (BTC) is encountering resistance above the psychological level of $70,000, but there is a positive indication that the bulls are holding their ground against the bears. Bitcoin has only experienced a slight decline of just under one percent this week.
Despite Bitcoin’s range-bound movement in recent days, investments into spot Bitcoin exchange-traded funds have not been affected. Data from Farside Investors shows that there have been more than $2.1 billion in net inflows into Bitcoin ETFs since May 14. This suggests that investors are accumulating Bitcoin in anticipation of a potential upward breakout.
Renowned trader Peter Brandt has a bullish outlook on Bitcoin compared to gold in the long term. Brandt predicts that the gold-to-Bitcoin ratio will remain volatile for another 12-18 months, but after that, there could be a significant rally where 100 ounces of gold will be needed to buy one Bitcoin. Currently, one Bitcoin is equivalent to approximately 29 ounces of gold.
Now let’s analyze the charts of the top five cryptocurrencies that could lead the market recovery.
Bitcoin Price Analysis:
Bitcoin briefly dropped below the support line of the symmetrical triangle pattern on May 31, but the bears were unable to sustain the lower levels. This suggests that the bulls are continuing to buy during dips.
The bulls will need to push and maintain the price above the triangle to gain an advantage. If they succeed, the BTC/USDT pair could rise to the overhead resistance of $73,777. However, overcoming this barrier may prove difficult for the bulls. If they do manage to break through, the pair could surge to $80,000.
On the flip side, if the bulls fail to achieve a strong rebound from the current level, it increases the likelihood of a break below the triangle. In that case, the pair could decline to the 50-day simple moving average ($64,956) and then to $61,000.
BNB Price Analysis:
BNB has been trading above the moving averages, indicating that the bulls are actively defending this level.
The bulls will attempt to drive the price to the overhead resistance of $635, which is a crucial level to monitor. A break and close above this resistance could initiate the next leg of the uptrend, with a pattern target of $775.
However, if the price turns down and breaks below the uptrend line, it will invalidate the ascending triangle pattern and may result in selling pressure, pushing the BNB/USDT pair down to $536.
Arweave Price Analysis:
Arweave rebounded strongly from the 50-day simple moving average ($37.58), indicating significant buying interest at lower levels.
The zone between $47.51 and $50 presents a strong resistance, but the rising 20-day exponential moving average ($41.84) and the positive relative strength index (RSI) suggest that the path of least resistance is to the upside. A break above $50 would complete an inverse head-and-shoulders pattern, signaling a new uptrend with a target of $72.
On the other hand, if the price turns down from the overhead zone, it would indicate that the bears are still active. The AR/USDT pair could then slide towards the moving averages, which should provide strong support. To gain control, the bears would need to push the price below $36.
Monero Price Analysis:
Monero has been steadily climbing higher in recent days, with the price breaking above the downtrend line on June 1, suggesting that the correction may be ending.
The up move may face strong selling near $153.44, but the bulls are expected to buy the dips to the 20-day exponential moving average ($140.90). If they succeed, the likelihood of a break above the overhead resistance increases, and the XMR/USDT pair could attempt a rally to $170.
However, a sharp downturn below the 20-day exponential moving average would indicate that the bulls are losing control. This could lead to a deeper correction towards the 50-day simple moving average ($130.80).
Celestia Price Analysis:
Celestia has been trading above the moving averages, indicating that the bulls are attempting a new upward move.
The bullish crossover of the moving averages and the positive relative strength index (RSI) suggest that the bulls have the upper hand. To confirm this, the price needs to rise above the overhead resistance zone of $12.02 to $12.90. If this level is breached, the TIA/USDT pair could rally to $15.50 and later to $18.50.
However, a failure to break above the overhead zone would indicate that the bears are active at higher levels. In that case, the pair may remain range-bound for some time, with the moving averages acting as key support levels.
Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should conduct their own research before making a decision.