Bitcoin (
BTC
) has retraced from its recent high of around $72,000, but the bulls are making efforts to keep the price above $69,000. Bitcoin is expected to close the week with a modest gain of just over 2%. Despite failing to break through the resistance levels, buyers are holding their ground.
Data from Farside Investors reveals that approximately $1.7 billion has flowed into spot Bitcoin exchange-traded funds this week, bringing the total investment in these funds to $15.5 billion as of June 6. This strong buying activity indicates that traders are optimistic about the ongoing upward trajectory.
Although Bitcoin experienced a decline on June 7, dragging down several altcoins with it, investor sentiment remains steady. Bitcoin’s open interest dropped by $1.3 billion and Ether’s by $800 million during this pullback, yet investors seem undeterred. QCP Capital predicts that Bitcoin and Ether are likely to establish local lows as the Federal Reserve’s future policies could benefit risk assets.
The question now is whether Bitcoin can maintain its position above $69,000 and initiate a recovery. What about the altcoins? Let’s delve into the top 5 cryptocurrencies showing strength in the charts.
Bitcoin Price Analysis
Bitcoin faced a sharp decline from the minor resistance at $72,000 on June 7, indicating continued bearish activity at higher levels. The pullback found support at the 20-day exponential moving average ($68,603), suggesting that buyers still view dips as buying opportunities. If the price bounces off the 20-day EMA convincingly, bulls will attempt to push the BTC/USDT pair towards the overhead resistance at $73,777. A breakout and close above this level could pave the way for further gains towards $80,000 and $88,000.
Conversely, a breach below the 20-day EMA would signal a weakening bullish sentiment, potentially leading to a drop to the 50-day simple moving average ($65,807).
BNB Price Analysis
BNB (
BNB
) began a correction from $722 on June 6, indicating profit-taking by short-term traders. The critical support to watch on the downside is the 20-day EMA ($639). A strong rebound from this level would indicate positive sentiment and may lead to a resumption of the uptrend, pushing the BNB/USDT pair towards the pattern target of $775.
On the other hand, a sustained decline below the breakout level of $635 could turn the short-term outlook bearish, dragging the pair towards the uptrend line.
Toncoin Price Analysis
Toncoin (TON) struggled to stay above the key resistance at $7.67, prompting short-term traders to take profits. The pullback found support at the 20-day EMA ($6.80), with buyers likely to attempt another breakthrough above $7.67. A successful move above this level could propel the TON/USDT pair towards $10. However, a failure to hold above the 20-day EMA may result in a drop to $6.
Filecoin Price Analysis
Filecoin (
FIL
) has been consolidating between $5 and $6.77, with bulls attempting to form a base. While the bulls faced resistance at $6.77 on June 7, a bounce off the moving average suggests buyers are still active. A break above $6.77 could signal a new uptrend, with potential targets at $8.54 and $9.35.
On the downside, a sharp rejection at the overhead resistance may indicate a prolonged consolidation phase.
Injective Price Analysis
Injective (INJ) has formed an ascending triangle pattern, awaiting confirmation above $29.93. The 20-day EMA ($26.15) turning upwards and RSI in the positive zone suggest bullish momentum. A successful breakout could lead the INJ/USDT pair towards $36.50 and eventually $41.74.
However, a breakdown below the support line may result in a retreat towards $18.
This analysis is not financial advice. Readers should conduct their own research and exercise caution when making investment decisions.