Bitcoin (BTC) is currently attempting to strengthen its position above the key psychological level of $70,000. The market sentiment received a boost following the news that spot Bitcoin exchange-traded funds saw the second-highest inflows of $887 million on June 4, as reported by Farside Investors.
Analysts are keeping a close eye on the upcoming United States Consumer Price Index (CPI) data for next week. After a 0.1% drop in the CPI data on May 15, Bitcoin experienced a 7% rally over the subsequent five days. Markus Thielen, the head of research at 10x Research, believes that if the year-on-year CPI remains at 3.3% or lower, it could potentially drive Bitcoin to reach a new all-time high.
In a report on June 4 by CNBC, Fidelity Investments’ head of digital asset strategies, Matt Horne, suggested that investors should consider allocating 1-5% of their portfolio to Bitcoin. This strategic investment could help mitigate risks even if Bitcoin were to plummet to zero, while also benefiting the portfolio if Bitcoin continues its upward trend.
The question now is whether buyers will be able to push Bitcoin and other selected altcoins above their respective resistance levels. Let’s delve into the charts of the top 10 cryptocurrencies to uncover more insights.
Bitcoin Price Analysis
On June 4, Bitcoin successfully broke and closed above the symmetrical triangle pattern, indicating a bullish bias. The 20-day exponential moving average ($68,135) is gradually turning upwards, and the relative strength index (RSI) is in the positive zone, favoring the bulls. The BTC/USDT pair is likely to target $73,777, a significant resistance level.
If the price faces a sharp rejection at $73,777, it may signal a continuation of the range-bound action for a few more days. Conversely, a breakthrough above $73,777 could pave the way for a rally towards $80,000 and potentially $88,000.
Ether Price Analysis
Ether (ETH) has been trading near the critical support level of $3,730, indicating a strong defense by the bulls but a lack of upward momentum. A downside break below the 20-day EMA ($3,652) could mark a shift in sentiment, leading to a potential decline towards the 50-day simple moving average ($3,310) and possibly $2,850. On the other hand, a decisive move above $4,100 could signal a resumption of the uptrend, with a target of $4,868 for the ETH/USDT pair.
BNB Price Analysis
BNB surged above the $635 resistance on June 4, completing an ascending triangle pattern. The bulls further pushed the price above the $692 overhead resistance on June 5. Sustained buying pressure could help the BNB/USDT pair extend its rally towards the pattern target of $775.
After breaking above a strong resistance level, a retest of the breakout level is common. Buyers need to defend $635 to keep the uptrend intact, while a breakdown below this level could bring the bears back into play.
Solana Price Analysis
Solana (SOL) surged above the breakout level of $162 on June 3, signaling bullish intent. The 20-day EMA ($166) is sloping up, and the RSI is positive, indicating control by the bulls. The SOL/USDT pair could target $189 and then $205 as the next resistance levels.
A swift decline below the 50-day SMA ($155) could invalidate the bullish view, leading to a potential drop towards $140. However, a strong bounce from current levels would support the bullish scenario for SOL.
XRP Price Analysis
XRP has been hovering around the moving averages, reflecting uncertainty in the market. A move above the overhead resistance of $0.57 could trigger an upsurge towards $0.68, completing an ascending triangle pattern. Conversely, a breakdown below the support line could lead to a drop towards $0.46.
Dogecoin Price Analysis
Dogecoin found strong support at the 50-day SMA ($0.15) on June 3, indicating demand at lower levels. A move above the overhead resistance of $0.18 could propel the DOGE/USDT pair towards $0.21 and $0.23. However, a failure to breach the resistance could signal bearish pressure, with a potential drop towards $0.14.
Toncoin Price Analysis
Toncoin (TON) surged above the $7.67 resistance on June 5 but faced resistance from bears. A bounce off the 20-day EMA ($6.60) could signal continued buying interest, potentially leading to a rally towards $10. However, a sharp decline below the 20-day EMA might result in a consolidation phase between $6 and $7.67.
Shiba Inu Price Analysis
Shiba Inu (SHIB) witnessed solid buying at lower levels, preventing a breakdown below the support line on June 4. A move above the overhead resistance of $0.000030 could trigger further upside towards $0.000039. Conversely, a close below the support line could lead to a drop towards $0.000018.
Cardano Price Analysis
Cardano (ADA) bounced off the support line of the symmetrical triangle on June 3, signaling bullish defense. A move above the moving averages could pave the way for a gradual uptrend towards the resistance line. However, a breakdown below the triangle might lead to a drop towards $0.35.
Avalanche Price Analysis
Avalanche (AVAX) has been trading below the moving averages but is showing signs of stabilization. A move above the moving averages could push the AVAX/USDT pair towards the resistance at $42. However, a sharp decline below the $34 support could lead to a drop towards $29.
This article serves as informational content and does not constitute investment advice. Readers are advised to conduct their own research and analysis before making any investment decisions.