Bitcoin (BTC) has fallen to the lower end of its narrow trading range, indicating that selling pressure from bears persists.
Experienced trader Peter Brandt expressed concerns on X about Bitcoin potentially dropping to $60,000 and even further to $48,000. Despite this, Bitcoin whales remain unfazed by short-term uncertainties and have continued their buying activities. The number of whale entities holding at least 1,000 Bitcoin is approaching record levels.
Both smaller and larger whales are optimistic about the future outlook. MicroStrategy recently announced plans to issue $700 million in convertible senior notes due in 2032, with the proceeds earmarked for acquiring more Bitcoin and other corporate purposes. MicroStrategy currently holds 214,400 BTC.
Crypto market data from Coin360 shows that buying interest is not limited to Bitcoin, as Ether (ETH) saw significant accumulation by long-term holders. According to CryptoQuant’s head of research, Julio Moreno, accumulation addresses acquired 298,000 Ether on June 12, just short of the record purchase of 317,000 Ether on September 11, 2023.
Will whale activity help initiate a Bitcoin recovery towards $70,000? Could altcoins also see an upward trend? Let’s examine the charts of the top 10 cryptocurrencies for insights.
Bitcoin Price Analysis
Bitcoin’s June 12 candlestick’s long wick suggests bears are attempting to disrupt the relief rally at $70,000. The 20-day exponential moving average ($68,234) has begun to trend downwards, and the relative strength index (RSI) has entered negative territory, indicating a bearish advantage. A drop below the 50-day simple moving average ($66,047) could lead to a deeper correction towards $60,000. Bulls need to maintain the price above the 20-day EMA to prevent further declines, potentially pushing it to $70,000 and then $72,000.
Ether Price Analysis
Ether’s recovery stalled at the 20-day EMA ($3,618) on June 12, signaling a shift in sentiment and increased selling pressure on rallies. Bulls need to defend the 50-day SMA ($3,400) to prevent a deeper decline towards $2,850. Sustaining price above the 20-day EMA could trigger more buying, potentially leading to a rally towards $3,887 and $3,977.
BNB Price Analysis
BNB has been trading within a tight range of $591 to $635, reflecting a battle between bulls and bears. A downward trend in the 20-day EMA ($627) and negative RSI signal a slight advantage for bears. Breaking below $591 could push the BNB/USDT pair towards $536, but a reversal at current levels could lead to a rally towards $722.
Solana Price Analysis
Solana has been in a descending channel pattern, with a bounce off the support line on June 12. Bears halted the relief rally at the 20-day EMA ($159), aiming to push the price below the support line towards $116. Breaking above the channel could signal the end of the correction, potentially leading to a rise to $176 and $189.
XRP Price Analysis
XRP has been trading within a range of $0.46 to $0.57, with moving averages sloping downwards and RSI in negative territory, indicating bearish control. Failure to break above $0.50 could lead to a drop below $0.46 towards $0.41, while a move above the 50-day SMA ($0.51) could trigger a rally towards $0.57.
Dogecoin Price Analysis
Dogecoin is struggling to find support at $0.13, with resistance at the 20-day EMA ($0.15). Failure to break above the EMA could lead to a drop towards $0.12, while a breakthrough could pave the way for a rally towards $0.18.
Toncoin Price Analysis
Toncoin broke above the resistance at $7.67, completing a bullish ascending triangle pattern. Sustaining price above $7.87 could lead to further upside towards $10.62, but a break below $7.67 may signal a reversal.
Cardano Price Analysis
Cardano was rejected at the 20-day EMA ($0.44), with bears selling on rallies. Support at $0.40 to $0.41 may prevent further declines, but a break could lead to a drop towards $0.35. Bulls need to push price above moving averages for a potential rally towards $0.57.
Shiba Inu Price Analysis
Shiba Inu is nearing a vital support at $0.000020, likely to see strong buying. Maintaining price above this level could lead to a rally towards $0.000030, while a drop below could signal further downtrend.
Avalanche Price Analysis
Avalanche turned down from the 20-day EMA ($34), with a battle expected at $29. Break below could lead to a downward move towards $25 and $20, while a rebound could continue consolidation.
This article does not provide investment advice, and readers are advised to conduct their own research before making any decisions.