The S&P 500 Index (SPX) has been hovering near its record high, while Bitcoin (BTC) has been steadily losing ground in recent days. This indicates that there is more supply than demand for Bitcoin. According to Farside Investors data, spot Bitcoin exchange-traded funds have experienced outflows for four out of the last five days since June 10. Nevertheless, analysts note that long-term investors remain calm and continue to buy. Market intelligence firm Santiment reveals that the number of wallets holding 10 BTC or more has reached 16.6 million, the highest level since June 2022.
While Bitcoin may seem vulnerable in the short term, it remains within a range and is expected to attract buyers at the support level. The longer it stays within this range, the more force will be needed for the price to break out of it.
Will Bitcoin and certain altcoins manage to hold above their respective support levels? Let’s examine the charts to find out.
S&P 500 Index Analysis
The S&P 500 Index is currently in an uptrend, facing selling pressure near 5,450. However, there is a positive sign as the bulls have not given up much ground to the bears. The 20-day exponential moving average (5,340) is trending upwards, and the relative strength index (RSI) is in the overbought zone, indicating that the bulls are in control. If buyers push the price above 5,450, the index could climb to 5,600, with potential resistance at this level. If the bulls manage to surpass this resistance, the index could rally towards 6,000.
On the other hand, a breakdown and close below the 20-day EMA would be the first sign of weakness, suggesting that the bulls might be taking profits. This could lead to a drop to 5,265 and then to the 50-day simple moving average at 5,214.
U.S. Dollar Index Analysis
The U.S. Dollar Index (DXY) saw an attempt by bears to keep it below the support line of the ascending channel on June 12, but the bulls fought back. The price bounced strongly from the support line on June 13 and reached the resistance at 105.74 on June 14. The 20-day EMA (104.92) is on the rise, and the RSI is in positive territory, indicating a bullish bias. If buyers drive the price above $105.74, the index could target 106.50.
A reversal from the current level, breaking below the support line, could push the price down to the strong support at 104.
Bitcoin Analysis
Bitcoin failed to initiate a rebound from the 50-day SMA ($66,189), showing that bears are maintaining their selling pressure. The critical support to monitor now is $64,602. If this level is breached, the BTC/USDT pair is likely to drop to $60,000, with potential strong support at this level. However, if bears dominate, the pair could plummet to $56,552.
Time is running out for Bitcoin bulls. To stage a comeback, they must quickly push the price above the 20-day EMA ($67,612). Achieving this could lead the pair to move towards $70,000 and then to $72,000.
Ether Analysis
Ether (ETH) bounced off the 50-day SMA ($3,421) on June 14 but is facing tough resistance at the 20-day EMA ($3,604). A drop below the 50-day SMA could shift the advantage towards the bears, potentially leading to a decline to $3,000 and then to the strong support at $2,850. Conversely, a rebound from the current level or the 50-day SMA would indicate bullish momentum, increasing the chances of a rally above the 20-day EMA and a move towards $3,730.
BNB Analysis
BNB (BNB) is currently experiencing a battle between buyers and sellers near the 50-day SMA ($605). The 20-day EMA ($621) is trending downwards, and the RSI is slightly below the midpoint, giving a minor advantage to the bears. If the price falls below $590, the BNB/USDT pair could decline to $560. However, a move above $635 would suggest that the correction may be over, with the potential for a push towards the critical resistance at $722.
Solana Analysis
Solana (SOL) saw a rebound from the channel’s support line on June 14, but the bulls were unable to push the price towards the moving averages. This indicates that bears are selling during relief rallies. If the price drops below the channel, it could head towards the crucial support at $116, where bulls are likely to defend. A breakout above the channel’s resistance line could lead to a rally towards $175.
XRP Analysis
XRP bounced off the $0.46 support on June 14, with bulls showing aggressive buying. The price broke above the 20-day EMA ($0.50) on June 17, indicating weakening bearish control. Sustaining the price above the 50-day SMA ($0.51) could lead the XRP/USDT pair to rally towards $0.57. However, a failure to maintain this level could result in a retest of the key support at $0.46.
Toncoin Analysis
Toncoin (TON) rebounded from the $7.67 level on June 16 but struggled to reach $8.29. Bears are attempting to keep the price below $7.67, which could lead to a decline to the uptrend line. However, rising moving averages and positive RSI suggest that bulls have the advantage. A breakout above $8.29 could signal a new uptrend leg towards $10.
Dogecoin Analysis
Dogecoin continues to approach the critical support at $0.12, where buyers are expected to step in. A bounce from this level could face resistance at the 20-day EMA ($0.14). Breaking below $0.12 might trigger a downtrend towards $0.08. On the other hand, a breakout above the moving averages could indicate strong support at $0.12, keeping the price range-bound between $0.12 and $0.18.
Cardano Analysis
Cardano turned up from $0.40 on June 14 but struggled to reach the moving averages, signaling weak demand at higher levels. Bears are attempting to push the price below the crucial support at $0.40, with the next support at $0.35. Breaking above the moving averages could lead to a rally towards $0.49.
This article does not provide investment advice. Readers should conduct their research before making any investment decisions as all trading moves carry risks.