Bitcoin traders have been eagerly anticipating a breakout from its current range, but so far, it has not materialized. The longer the price remains within this range, the more force will be required for the breakout to occur. A positive sign is the consistent net inflows into spot Bitcoin exchange-traded funds for 19 consecutive days. This indicates strong buying activity in anticipation of a continuation of the upward trend.
Apart from Bitcoin ETFs, companies are also actively investing in Bitcoin directly. A recent S-3 filing on June 6 by Nasdaq-listed medical manufacturer Semler Scientific revealed that the company now holds 828 Bitcoin, with its initial purchase of 581 Bitcoin made on May 28. The company has expressed its intention to potentially raise an additional $150 million in debt securities for various corporate purposes, including further Bitcoin acquisitions.
In addition to the increasing demand for Bitcoin ETFs, institutions are now showing interest in investing in alternative coins. Asset manager Franklin Templeton is reportedly exploring the possibility of launching a private fund that would expose institutional investors to altcoins.
The question remains whether buyers can maintain the current momentum and drive Bitcoin to a new all-time high. Would this also lead to increased buying in select altcoins? Let’s delve into the analysis of the top 10 cryptocurrencies to gain more insights.
Bitcoin Price Analysis
On June 6, the bears attempted to push Bitcoin below the crucial $70,000 level, but the bulls managed to hold their ground. This suggests that buyers are working to establish $70,000 as a strong support level. The upward trend in the 20-day exponential moving average ($68,609) and the positive relative strength index (RSI) signal that the bulls have the upper hand. The BTC/USDT pair could potentially rise to face significant resistance at $73,777.
If the price is rejected at $73,777, it may find support at the 20-day EMA. A bounce from this level would increase the chances of a breakthrough above $73,777, with potential targets at $80,000 and $88,000. Conversely, a drop below the 20-day EMA would suggest a continuation of the range-bound action for the foreseeable future.
Ether Price Analysis
Ether has been struggling to recover decisively from the $3,730 support level, indicating weakening demand at higher price levels. However, the positive trend in the 20-day EMA ($3,684) and the RSI in the positive zone suggest that the bulls are still in control. If the price manages to surpass $3,900, the ETH/USDT pair could target $3,977 and eventually $4,094. Conversely, a break below the 20-day EMA could signal profit-taking from bulls, potentially leading to a decline towards the 50-day simple moving average ($3,342).
BNB Price Analysis
BNB is currently in an uptrend, but faces resistance around $722, indicating profit-taking by short-term traders. The key level to watch is the breakout level at $635. A bounce from this level would strengthen the bullish case, with potential targets at $775. However, a breakdown below $635 could lead to increased selling pressure, potentially pushing the price towards $536.
Solana Price Analysis
Solana recently found support at the 20-day EMA ($167), signaling strong buying interest on dips. The bulls will aim to push the price towards $189 and potentially $205. A failure to hold above the 50-day SMA ($156) could lead to further downside towards $140 and $116.
XRP Price Analysis
XRP continues to trade near the moving averages, indicating a lack of clear direction. A break above $0.54 could lead to a rally towards $0.57, while a drop below the support line could negate the bullish pattern, potentially pushing the price towards $0.46.
Dogecoin Price Analysis
Dogecoin remains range-bound between $0.18 and the 50-day SMA ($0.15). A break above $0.18 could signal a move towards higher levels, while a drop below the 50-day SMA could lead to a decline towards $0.14 and $0.12.
Toncoin Price Analysis
Toncoin broke above the overhead resistance at $7.67, suggesting a resumption of the uptrend. A move above $8 could pave the way for further gains towards $10, while a drop below the 20-day EMA could signal a shift in momentum towards the bears.
Shiba Inu Price Analysis
Shiba Inu briefly moved above the moving averages but faced resistance. A drop below the moving averages could invalidate the bullish pattern, potentially leading to a decline towards $0.000018.
Cardano Price Analysis
Cardano is trading within a symmetrical triangle pattern, with potential resistance at $0.62. A break above this level could signal further gains, while a failure to do so could result in continued consolidation within the triangle.
Avalanche Price Analysis
Avalanche is trading close to the moving averages, with potential resistance at $42 and support at $29. A move above $42 could signal further upside, while a drop below $29 could indicate a shift in momentum towards the bears.
This analysis does not constitute investment advice, and readers are encouraged to conduct their own research before making any financial decisions.