Bitcoin (BTC) has experienced a decline of over 4% this week, indicating that bears are active around the $70,000 mark. Nevertheless, Bitcoin investors appear to be seizing the opportunity presented by the dips. According to a post by market intelligence firm Santiment on X, the dip in Bitcoin to $66,600 saw a surge in buying activity while selling interest remained subdued.
While Bitcoin is striving to establish a short-term bottom, Ether (ETH) is making efforts to bounce back from its recent drop below $3,400 on June 14. The solid demand at lower levels could be attributed to the anticipated launch of spot Ether exchange-traded funds (ETFs). Bloomberg ETF analyst Eric Balchunas anticipates that Ether ETFs will commence trading as early as July 2.
Bitcoin’s recent weakness has led to increased selling pressure in various altcoins, causing them to fall near or below their immediate support levels. However, if Bitcoin manages to make a comeback, certain altcoins are expected to witness significant buying interest at lower levels.
Could Bitcoin’s relief rally propel the cryptocurrency markets higher? Let’s examine the top five cryptocurrencies showing strength on the charts.
Bitcoin Price Analysis
Bitcoin slipped below the 50-day simple moving average ($66,147) on June 14, yet the bulls struggled to maintain the lower levels. This suggests that buyers are making efforts to defend the 50-day SMA.
The 20-day exponential moving average ($67,863) is beginning to trend downwards, with the relative strength index (RSI) in negative territory, indicating that bears have the advantage. If the BTC/USDT pair reverses from the current level or the 20-day EMA and breaks below the 50-day SMA, it could signify the beginning of a deeper correction towards $60,000.
For a potential comeback, buyers will need to quickly push the price above the 20-day EMA, paving the way for a potential rally to $72,000, where bears may pose a strong challenge once again.
The pair has been trading within a range of $64,602 to $72,000 for some time. Buyers are attempting to initiate a recovery from the $65,000 level, likely facing selling pressure at the moving averages. Crossing this hurdle could see the pair surging to $70,000.
On the contrary, a downturn from the moving averages would indicate negative sentiment and bears selling on every rally. In this scenario, the pair could drop to $64,602, a crucial level to monitor as a break below it might trigger a decline to $60,000.
Ether Price Analysis
Ether bounced sharply from the 50-day SMA ($3,415) on June 14, hinting at buyers being drawn to the lower levels.
The 20-day EMA ($3,612) is a crucial level to observe. A move above this level would suggest that the correction may have ended. The ETH/USDT pair would then aim for $3,730 and later $3,977.
A near-term negative scenario would involve a downturn from the 20-day EMA and a break below the 50-day SMA, potentially leading to a decline to significant support at $2,850.
The pair has risen above the 50-SMA, indicating reduced selling pressure. Sustaining the price above the 50-SMA could signal the beginning of a strong recovery. The pair might climb to $3,730, acting as a resistance level. If the price rebounds from the overhead resistance and the 20-EMA, the likelihood of a break above $3,730 would increase, potentially leading to a rally to $3,887.
Conversely, a downturn below $3,362 would suggest aggressive selling by bears on the rally, potentially pushing ETH price down to $3,000.
Toncoin Price Analysis
Toncoin (TON) completed a bullish ascending triangle pattern after breaking out from $7.67 on June 13. The price retraced from $8.29 on June 15 to retest the breakout level of $7.67, likely becoming a battleground for bulls and bears.
A rebound from $7.67 would indicate that bulls have turned the level into support. Buyers would then aim to push the price above $8.29, signaling a potential journey towards $10.
However, a decline below $7.67 would suggest rejection of the breakout, potentially leading the pair to slide to the uptrend line. If the price rebounds from the uptrend line, bulls may aim to resume the uptrend. A breakdown below this level could intensify selling, dragging TON price down to $6.
The price bouncing off the 20-EMA indicates ongoing buying by bulls. Bulls may target the overhead resistance at $8.29, setting the stage for the next leg of the uptrend.
Uniswap Price Analysis
Uniswap (UNI) reversed from the 50-day SMA ($9) on June 12, reaching the overhead resistance of $12 on June 15.
Bears are likely to defend the $12 level, a formidable resistance in the recent past. However, with the 20-day EMA ($10.24) trending upwards and the RSI in positive territory, the path of least resistance appears to be upwards. Surpassing $12 could propel the UNI/USDT pair to $13.34 and eventually $15.
A retreat below the 20-day EMA might pull the pair down to the 50-day SMA.
The 4-hour chart indicates consolidation near the overhead resistance, suggesting bulls are not rushing to book profits. The upward slope of the 20-EMA and the positive RSI indicate bullish control. A move above $12 could pave the way for a rally to $13.34.
A downturn from $12 and a break below the 20-EMA could signal bearish sentiment, potentially dragging the price down to the 50-SMA.
Monero Price Analysis
Monero (XMR) saw an increase in buying momentum after surpassing the $153 resistance.
The rally may face resistance at $180, but bulls have managed to keep the price above the 20-day EMA ($163), indicating buying interest on minor dips. A break above $180 could lead the XMR/USDT pair to the strong overhead resistance at $190.
A sharp downturn below the 20-day EMA might lead to a continued fall before finding support at $153.
The 4-hour chart shows the pair trading within a descending channel pattern. Rising from the moving averages could prompt bulls to push the pair above the channel, potentially setting the stage for a rally above $180.
Conversely, a break below the moving averages might suggest bearish control, pulling the price down to $169 and potentially to the support line.
This article does not provide investment advice. Every investment decision carries risks, and readers are advised to conduct their own research before making any investment or trading decisions.