Bitcoin has slipped to the lower end of its trading range, indicating that selling pressure from bears continues. Experienced trader Peter Brandt has suggested that Bitcoin could drop to $60,000 and possibly even to $48,000. Despite this uncertainty, Bitcoin whales seem unfazed and have been increasing their purchases. The number of whale entities holding at least 1,000 Bitcoin is nearing its peak.
Both large and small whales are optimistic about future prospects. MicroStrategy has announced plans to offer $700 million in convertible senior notes due in 2032 to acquire more Bitcoin and for general business purposes. Currently, MicroStrategy holds 214,400 BTC.
The buying spree is not limited to Bitcoin alone. Ether has seen significant accumulation by long-term holders. CryptoQuant’s Julio Moreno reported that accumulation addresses bought 298,000 Ether on June 12, close to the record purchase of 317,000 Ether on September 11, 2023.
Will whale activity trigger a recovery in Bitcoin towards $70,000? Could altcoins also see an upward trend? Let’s delve into the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis:
The long upper wick on Bitcoin’s June 12 candlestick indicates resistance at $70,000. The 20-day exponential moving average has started to decline, with the relative strength index (RSI) entering negative territory. If the price falls below the 50-day moving average, a deeper correction to $60,000 could be on the cards.
Ether Price Analysis:
Ether’s recovery stalled at the 20-day EMA on June 12, suggesting a negative sentiment. Bulls need to defend the 50-day SMA to prevent a deeper fall towards $2,850. Buyers must maintain the price above the 20-day EMA to initiate a relief rally towards $3,887 and eventually $3,977.
BNB Price Analysis:
BNB has been trading in a tight range, with the 20-day EMA turning downwards. A break below $591 could lead to a drop to $536. Bulls need to push the price above $635 to aim for the resistance level at $722.
Solana Price Analysis:
Solana has been moving within a descending channel pattern, with bears testing support at $116. A break above the channel could signal the end of the correction, with targets at $176 and $189.
XRP Price Analysis:
XRP has been consolidating within a range, with bears in control. A break below $0.46 could lead to a drop to $0.41, while a move above the 50-day SMA could push the price towards $0.57.
Dogecoin Price Analysis:
Dogecoin is struggling to find support at $0.13, with resistance at the 20-day EMA. Bulls need to break above the moving averages for a rally towards $0.18.
Toncoin Price Analysis:
Toncoin broke above resistance at $7.67, signaling a bullish pattern. Sustaining above $7.87 could lead to a rally towards $10.62.
Cardano Price Analysis:
Cardano was rejected at the 20-day EMA, with support at $0.40. Bulls need to push the price above moving averages to aim for resistance at $0.57.
Shiba Inu Price Analysis:
Shiba Inu is approaching support at $0.000020, with bulls expected to defend this level. A break above moving averages could lead to a rally towards $0.000030.
Avalanche Price Analysis:
Avalanche turned down from the 20-day EMA, with a battle expected at $29. Bears could take control if the price breaks below $29, leading to a drop to $25 and $20.
This article does not provide investment advice. Readers are encouraged to conduct their own research before making any investment decisions.