Bitcoin has rebounded off its strong support, with bulls now aiming to push the price above the key $70,000 level. Analysts predict that the consolidation will result in a bullish breakout, propelling Bitcoin to a new all-time high.
Veteran trader Peter Brandt noted that historically, Bitcoin’s halving date falls in the middle of the bull cycle. Based on past patterns, Brandt anticipates a cycle peak in the range of $130,000 to $150,000.
Not just Bitcoin, but Ether also shows potential for an upward surprise. Traders have withdrawn a significant amount of Ether between May 23 and June 2, leading analysts to predict a supply squeeze and a new all-time high for Ether once exchange-traded funds are introduced.
Will Bitcoin and other altcoins overcome their respective resistance levels? Let’s delve into the charts to find out.
Regarding the S&P 500 Index, a recent dip below the breakout level suggests that bears will aim to halt the relief rally in the 5,265 to 5,342 range. A further drop below the 50-day SMA could result in a deeper correction towards 5,000, while a move above 5,342 could see the index reach 5,500.
The U.S. Dollar Index encountered resistance at the 50-day SMA and broke below the ascending channel. A sustained move below the channel could lead the index lower to 103.17 and 102.35, while a break above the 50-day SMA could trigger a short-covering rally towards 105.75 and 106.50.
In the realm of cryptocurrencies, Bitcoin has managed to stay above the support line, attracting buying interest from bulls. A breakout above the triangle could pave the way for a rally towards $73,777 and potentially $80,000, while a drop below the support line could lead to a decline to $59,600.
Ether has held above $3,730, indicating bullish intent. A move above $3,977 could set the stage for a challenge towards $4,100, while a drop below $3,730 might invite further selling pressure towards the 50-day SMA.
BNB surged on June 3, suggesting bullish momentum. Breaking above $635 could lead to a run towards $692 and potentially $775, while a sharp downturn could shift the focus to $536.
Solana is locked in a battle near $162, with a move above $174 opening the door to $189 and $205, while a drop below $162 may see a decline to $140.
XRP is hovering below the 20-day EMA, with a break above $0.57 potentially triggering a move towards $0.57. Conversely, a drop below the support line could lead to a slide towards $0.46.
Toncoin rallied above $6.73, but resistance near $7 could cap further gains. A move above $7.67 could pave the way for a rally towards $7.67, while a drop below the 20-day EMA might favor bears.
Dogecoin bounced off the 50-day SMA, aiming for $0.18. A break above this level could lead to a rally towards $0.21, while a drop below the 50-day SMA might shift momentum towards $0.14.
Cardano is holding the support line of a symmetrical triangle pattern, with buyers defending lower levels. A move above the moving averages could extend the consolidation period, while a failure to break above could lead to a drop towards $0.35.
This article serves as market analysis and does not offer investment advice. Readers are advised to conduct their research before making any financial decisions.