Bitcoin (BTC) has experienced a decline of over 4% this week, indicating that the bears are active around the $70,000 mark. Despite this, Bitcoin investors are seizing the opportunity to buy during these dips. Market intelligence firm Santiment noted in a post on X that the drop in Bitcoin’s price to $66,600 led to a surge in buying activity, while selling interest remained low.
While Bitcoin is attempting to establish a short-term bottom, Ether (ETH) is also trying to bounce back from its recent drop below $3,400 on June 14. The strong demand at lower levels could be attributed to the anticipated launch of spot Ether exchange-traded funds (ETFs). Bloomberg ETF analyst Eric Balchunas predicts that Ether ETFs could start trading as early as July 2.
Bitcoin’s recent weakness has resulted in increased selling pressure in various altcoins, causing some to fall near or below their immediate support levels. However, if Bitcoin manages to make a comeback, certain altcoins are likely to see significant buying interest at lower levels.
Could Bitcoin’s relief rally lift the entire cryptocurrency market? Let’s examine the top five cryptocurrencies showing strength on the charts.
Bitcoin Price Analysis
Bitcoin slipped below the 50-day simple moving average ($66,147) on June 14, but buyers have been defending this level, suggesting a potential reversal. The 20-day exponential moving average ($67,863) is turning downwards, and the relative strength index (RSI) is in negative territory, giving bears an edge. A break below the 50-day SMA could signal a deeper correction towards $60,000.
To initiate a comeback, buyers need to push the price above the 20-day EMA to pave the way for a possible rally to $72,000, where strong resistance is expected.
The BTC/USDT pair has been trading in a range between $64,602 and $72,000, with buyers attempting to recover from the $65,000 level. If buyers can surpass the moving averages, the pair may rally to $70,000. However, a failure to break above these levels could result in a drop to $64,602, a crucial support level that could lead to a further decline to $60,000.
Ether Price Analysis
Ether bounced sharply off the 50-day SMA ($3,415) on June 14, suggesting that buyers are active at lower levels. The critical level to watch is the 20-day EMA ($3,612), as a break above this level could signal the end of the correction. The ETH/USDT pair may target $3,730 and $3,977 if buyers maintain control.
On the flip side, a failure to sustain above the 20-day EMA and a drop below the 50-day SMA could lead to a decline towards $2,850.
TONCoin Price Analysis
TONCoin (TON) formed a bullish ascending triangle pattern after breaking out of $7.67 on June 13. The battle between bulls and bears around the breakout level is crucial, with a potential move towards $10 if buyers succeed in pushing the price above $8.29.
A drop below $7.67 could indicate rejection of the breakout, potentially leading to a decline to $6. Buyers will aim to defend the uptrend line to resume the upward trend.
Uniswap Price Analysis
Uniswap (UNI) bounced off the 50-day SMA ($9) on June 12 and reached resistance at $12 on June 15. Buyers need to push above $12 to target $13.34 and $15, while a drop below the 20-day EMA could lead to a decline to the 50-day SMA.
Monero Price Analysis
Monero (XMR) broke above the $153 resistance, with buyers aiming for $180. A break above $180 could lead to a rally towards $190, but a drop below the 20-day EMA may result in a decline to $153.
This article serves as information and does not provide investment advice. Readers are advised to conduct their own research before making any financial decisions.