Bitcoin (BTC) traders are eagerly anticipating a breakout from its current range, but so far, it has not occurred. The longer the price remains within this range, the more force will be required for a breakout. A positive indicator is the consistent net inflows into spot Bitcoin exchange-traded funds for 19 consecutive days. This demonstrates strong buying activity in anticipation of an uptrend resumption.
Apart from Bitcoin ETFs, companies are also directly investing in Bitcoin. A recent S-3 filing on June 6 by Nasdaq-listed medical manufacturer Semler Scientific revealed that the company now owns 828 Bitcoin, with the initial purchase of 581 Bitcoin made on May 28. Semler Scientific mentioned keeping its options open to potentially raise an additional $150 million for general corporate purposes, including further Bitcoin acquisitions.
In addition to the growing demand for Bitcoin ETFs, institutions are showing interest in investing in altcoins. Asset manager Franklin Templeton is reportedly considering a private fund that would expose institutional investors to altcoins.
The big question remains: can buyers sustain the momentum to push Bitcoin to a new all-time high? And will this boost buying interest in select altcoins? Let’s delve into the charts of the top 10 cryptocurrencies for further analysis.
Bitcoin Price Analysis:
On June 6, bears attempted to push Bitcoin below the psychological $70,000 level, but bulls successfully defended it. This suggests that buyers are working to turn $70,000 into a support level. The upsloping 20-day exponential moving average ($68,609) and positive relative strength index (RSI) indicate bullish control. The BTC/USDT pair could potentially rise to strong resistance at $73,777. If the price rejects at $73,777, it may find support at the 20-day EMA before attempting to break above $73,777 and target $80,000 and $88,000 levels. Conversely, a break below the 20-day EMA could prolong range-bound action.
Ether Price Analysis:
Ether (ETH) struggles to recover strongly from the $3,730 support, signaling a lack of demand at higher levels. The upsloping 20-day EMA ($3,684) and positive RSI suggest bullish dominance. If the price surpasses $3,900, the ETH/USDT pair could aim for $3,977 and eventually $4,094. Conversely, a break below the 20-day EMA could indicate profit booking by bulls, potentially leading to a drop to the 50-day simple moving average ($3,342).
BNB Price Analysis:
BNB faces resistance near $722 amidst an uptrend, indicating profit-taking by short-term traders. If the BNB/USDT pair rebounds off $635, it could signal bullish support at that level, potentially leading to a rally to $775. However, a close below $635 could initiate a downtrend towards $536.
Solana Price Analysis:
Solana finds support at the 20-day EMA on June 6, suggesting buyers view dips as buying opportunities. A push towards $189 may face resistance, but a breach could lead to a rally towards $205. Bears must drag the price below the 50-day SMA to prevent an up move, potentially dropping the pair to $140 and then $116.
XRP Price Analysis:
XRP remains near moving averages, indicating neutral trading activity. A break above $0.54 could lead to a rise towards $0.57, while a drop below support may push the pair towards $0.46.
Dogecoin Price Analysis:
Dogecoin trades within a range between $0.18 and the 50-day SMA ($0.15). A bounce off the moving averages could target $0.18, while a close below the 50-day SMA may lead to a drop towards $0.14 and $0.12 support levels.
Toncoin Price Analysis:
Toncoin breaks above $7.67 resistance, suggesting a bullish trend. A move above $8 could rally towards $10, while a drop below the 20-day EMA may lead to a slide towards the 50-day SMA.
Shiba Inu Price Analysis:
Shiba Inu struggles to build upon strength above moving averages. A break below support could invalidate the ascending triangle pattern, potentially dropping the pair to $0.000018. Conversely, a rise above could target $0.000030 resistance.
Cardano Price Analysis:
Cardano trades within a symmetrical triangle pattern, with a potential rally to $0.62 if resistance is overcome. A sharp downturn could indicate profit booking by bulls, keeping the pair within the triangle.
Avalanche Price Analysis:
Avalanche trades close to moving averages, with potential for a rally to $42 if above moving averages. A drop below $34 may signal bearish control, potentially leading to a slide towards $29.
This article does not offer investment advice. As with any investment decision, readers should conduct their research and evaluation of risks before making any decisions.