Bitcoin (BTC) has seen a decrease from its high during the week of approximately $72,000, but there is a push from bulls to maintain the price above $69,000. The week is expected to end with Bitcoin gaining just over 2%. Despite failing to surpass the overhead resistance, buyers have continued to show interest.
According to Farside Investors data, there has been around $1.7 billion in inflows into spot Bitcoin exchange-traded funds this week, bringing the total investments into spot Bitcoin ETFs to $15.5 billion as of June 6. This strong buying activity indicates that traders are optimistic about a potential upward movement.
On June 7, Bitcoin experienced a decline which also caused several altcoins to drop. Trader Daan Crypto Trades mentioned in a post that Bitcoin’s open interest decreased by $1.3 billion and Ether’s by $800 million during this drop. However, this decline doesn’t seem to have unsettled investors. QCP Capital believes that Bitcoin and Ether may establish local lows as the future actions of the Federal Reserve could benefit risk assets.
The question remains whether Bitcoin can hold above $69,000 and initiate a recovery. Will other altcoins follow suit? Let’s take a look at the top 5 cryptocurrencies showing strength on the charts.
Bitcoin’s price analysis shows a sharp decline from the resistance level of $72,000 on June 7, indicating continued bearish activity at higher levels. The pullback is currently finding support at the 20-day exponential moving average ($68,603), suggesting that bulls still view dips as buying opportunities. A strong rebound off the 20-day EMA could lead to another attempt to break the overhead resistance of $73,777, potentially opening the doors for a rally towards $80,000 and then $88,000.
However, a break below the 20-day EMA would signal a weakening bullish stance, potentially pulling the price down to the 50-day simple moving average ($65,807).
BNB (BNB) saw a correction from $722 on June 6, indicating profit-taking by short-term traders. The key support level to watch is the 20-day EMA ($639). A bounce off this level could suggest a positive sentiment, leading to a possible uptrend targeting $775.
On the downside, a break below the breakout level of $635 could signal a shift in favor of bears. The price may then test the uptrend line.
Toncoin (TON) has struggled to sustain itself above the resistance of $7.67, leading to profit-taking by short-term traders. The pullback is currently finding support at the 20-day EMA ($6.80). A rebound from this level could lead to another attempt to break the resistance at $7.67, potentially pushing the price towards $10.
However, a break below the 20-day EMA could signal a bearish trend, potentially dragging the price down to $6.
Filecoin (FIL) has been consolidating between $5 and $6.77, with bulls attempting to build a base. A break above $6.77 could signal a new uptrend towards $8.54 and $9.35. On the other hand, a sharp decline from the overhead resistance may indicate a prolonged consolidation phase.
Injective (INJ) has formed an ascending triangle pattern, with a potential breakout above $29.93. The 20-day EMA ($26.15) and RSI in the positive zone suggest a slight advantage for bulls. A breakthrough above $29.93 could lead to a surge towards $36.50 and $41.74.
However, a drop below the support line could shift the advantage to bears, potentially pulling the price down to $18.
It’s important to note that this article does not provide investment advice. Every investment decision involves risk, and readers should conduct their own research before making any decisions.