Bitcoin (BTC) continues to trade sideways, but there is a positive indication that investors are still buying spot Bitcoin exchange-traded funds (ETFs). Data from Farside Investors shows that there have been net positive inflows into the ETFs for the past 11 days.
According to CoinShares data, Bitcoin investment products received over $1 billion in inflows last week. In addition to institutional investors, whales are also accumulating Bitcoin. Glassnode analysts stated in The Week On-chain report that long-term investors are starting to accumulate coins again for the first time since December 2023.
More than 600 investment firms in the United States have invested in spot Bitcoin ETFs since January, according to Securities and Exchange Commission filings. Since its launch, the ETFs have bought a total of 855,619 Bitcoin, averaging around 6,200 Bitcoin per day.
Could the buying in Bitcoin ETFs push the price of Bitcoin above the overhead resistance? Will altcoins follow suit? Let’s examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis:
The failure of the bulls to sustain the price above $70,000 has caused Bitcoin to drop to the 20-day exponential moving average ($67,169). The recent price action has formed a symmetrical triangle pattern. A break below the triangle would suggest that the advantage has shifted in favor of the bears, potentially leading to a drop to $64,600 and eventually $59,600. On the other hand, if the price bounces off the support line and breaks above the triangle, it would indicate that the bulls are still in control. The pair could then attempt a move to $73,777, and if that level is surpassed, the rally could extend to $80,000.
Ether Price Analysis:
Ether (ETH) faced resistance at $3,977 on May 27, indicating that the bears are strongly defending the $4,000 to $4,100 resistance zone. The first support on the downside is the breakout level of $3,730. If this level holds, the ETH/USDT pair may make another attempt to break above the $4,100 resistance and rally to $4,868. However, if the price drops below $3,730, it would signal that the bears are attempting a comeback. The pair could then fall to the 20-day EMA ($3,537) and subsequently to $3,050.
BNB Price Analysis:
BNB has remained above the moving averages, but the bulls have been unable to push the price above the overhead resistance of $635. A break and close below the uptrend line would signal weakness and invalidate the ascending triangle pattern. In that case, the BNB/USDT pair could slide to $536 and then $495. On the other hand, if the price bounces off the moving averages and breaks above $635, it would complete the bullish setup. The pair could then rally to $692 and later to the pattern target of $775.
Solana Price Analysis:
Solana (SOL) has held above the breakout level of $162 but has struggled to start a strong recovery. If the price fails to move higher, the bears could push it below $162, leading to a drop towards $140 and then critical support near $116. However, if the price moves up from the current level, the SOL/USDT pair could reach $189. The bears may attempt to stall the relief rally at $189, but it is likely to be broken. The pair could then face significant resistance at $205.
XRP Price Analysis:
XRP has been trading near the moving averages, indicating a lack of aggressive buying or selling. If the price dips below the moving averages, the XRP/USDT pair could slide to the support line. However, if the price rebounds off the support line with strength, the bulls will likely make another attempt to push the pair above $0.57, completing the ascending triangle pattern. Conversely, a break below the support line would invalidate the triangle pattern and open the door for a fall to the crucial support at $0.46.
Dogecoin Price Analysis:
Dogecoin has been supported by the 20-day EMA, suggesting that buyers are stepping in on dips. If buyers can push the price above the barrier at $0.18, the DOGE/USDT pair could rise to $0.21. On the other hand, a break below the moving averages would indicate that the bulls have given up. In that case, the price could drop to $0.14 and remain range-bound between $0.12 and $0.17 for some time.
Toncoin Price Analysis:
Toncoin (TON) has found support at the moving averages but has struggled to start a strong rebound. If buyers can sustain the price above $6.73, the TON/USDT pair could rally to the overhead resistance of $7.67. This level is crucial for the bears to defend as a break above it would signal a resumption of the uptrend. However, if the bears push the price below $6 support, the pair could slide to $5.50 and then to strong support at $4.72.
Shiba Inu Price Analysis:
Shiba Inu surged above the symmetrical triangle pattern on May 27, indicating a bullish resolution. The 20-day EMA has turned up, and the RSI is in positive territory, indicating that the bulls have the upper hand. There is a minor resistance at $0.000030, but it is likely to be crossed, leading the SHIB/USDT pair to climb to $0.000033. On the downside, the bears would need to push the price below the support line to initiate a decline towards the 78.6% retracement level of $0.000017.
Cardano Price Analysis:
Cardano remains within a symmetrical triangle pattern, suggesting a balance between supply and demand. If the price rises above the moving averages, the bulls will aim to push the ADA/USDT pair to the resistance line. A break above the triangle would signal a strong recovery, with the pair potentially reaching $0.57 and then $0.63. Conversely, if the price continues lower, the bears will try to pull the pair to the support line. A break below the triangle would indicate a resumption of the downtrend, with the next level to watch being $0.35.
Avalanche Price Analysis:
Avalanche is finding support at the moving averages, indicating buying interest on minor dips. The 20-day EMA and the RSI near the midpoint do not provide a clear advantage to either the bulls or the bears. Buyers will need to push and maintain the price above $41.80 to start a rally toward $50. Conversely, if the price breaks below the moving averages, the bears may try to pull the AVAX/USDT pair to $29. A strong bounce off this support would suggest that the pair could remain range-bound between $29 and $40 for some time.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.