Market Analysis on June 17 SPX DXY BTC ETH BNB SOL XRP TON DOGE ADA Prices Evaluated

The S&P 500 Index (SPX) has been hovering near its peak, while Bitcoin (
BTC
) has been losing ground gradually in recent days, indicating an excess of supply over demand in the Bitcoin market. As per Farside Investors
data
, there have been outflows from spot Bitcoin exchange-traded funds for four out of the last five days since June 10.
Nevertheless, analysts note that long-term investors have remained calm and are continuing to make purchases. Market intelligence from Santiment reveals that the
number of wallets holding 10 BTC or more
has reached 16.6 million, the highest level since June 2022.


Daily cryptocurrency market performance. Source:
Coin360
Despite Bitcoin’s short-term weakness, it remains range-bound and is expected to see buying interest at the support level. The longer Bitcoin stays within this range, the more force it will require for the price to break out.
Can Bitcoin and certain altcoins maintain their support levels? Let’s delve into the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index is currently on an uptrend. Although the upward movement is facing resistance near 5,450, the fact that the bulls have not given up much ground to the bears is a positive sign.


SPX daily chart. Source:
TradingView
The 20-day exponential moving average (5,340) is trending upwards, and the relative strength index (RSI) is in the overbought zone, indicating that the bulls are in control. If buyers manage to push the price above 5,450, the index could target 5,600. While this level may act as a resistance, a breakthrough could propel the index towards 6,000.
The first sign of weakness would be a break below and subsequent close below the 20-day EMA, suggesting that bulls might be taking profits. This could lead to a drop to 5,265 and potentially to the 50-day simple moving average at 5,214.
U.S. Dollar Index price analysis
On June 12, the bears attempted to keep the U.S. Dollar Index (DXY) below the support line of the ascending channel, but the bulls did not back down.


DXY daily chart. Source:
TradingView
On June 13, the price rebounded sharply from the support line and reached the resistance at 105.74 on June 14. The 20-day EMA (104.92) is on the rise, and the RSI is in positive territory, indicating that the path of least resistance is upwards. If buyers push the price beyond $105.74, the index could aim for 106.50.
This bullish outlook could be invalidated if the price turns downwards from the current level and breaks below the support line. This could potentially bring the price down to the strong support at 104.
Bitcoin price analysis
Bitcoin struggled to bounce back from the 50-day SMA ($66,189), indicating that bears are maintaining selling pressure.


BTC/USDT daily chart. Source:
TradingView
The
key support level
to watch now is $64,602. A breach of this level could see the BTC/USDT pair drop to $60,000, with potential strong support at this level. However, if bears dominate, the pair might plummet to $56,552.
Time is running out for Bitcoin bulls, who need to swiftly push the price above the 20-day EMA ($67,612) to stage a comeback. If successful, the pair could target $70,000 and further up to $72,000.
Ether price analysis
Ether (
ETH
) bounced off the 50-day SMA ($3,421) on June 14 but is facing tough resistance at the 20-day EMA ($3,604).


ETH/USDT daily chart. Source:
TradingView
A drop below the 50-day SMA could tilt the advantage towards the bears. The ETH/USDT pair might decline to the psychological level of $3,000 and then to the crucial support at $2,850, where bulls are expected to step in.
Conversely, a rebound from the current level or the 50-day SMA would indicate bullish buying interest, increasing the chances of a rally above the 20-day EMA. This could lead the pair to $3,730.
BNB price analysis
BNB (
BNB
) is currently witnessing a battle between bulls and bears near the 50-day SMA ($605).


BNB/USDT daily chart. Source:
TradingView
The 20-day EMA ($621) is beginning to trend downwards, and the RSI is slightly below the midpoint, giving a slight edge to the bears. A drop below $590 could see the BNB/USDT pair fall to $560.
However, a bounce from the current level and a break above $635 would indicate that the correction might be over. Bulls would then aim to push the pair towards the critical resistance level at $722.
Solana price analysis
Solana (
SOL
) rebounded from the support line of the channel on June 14, but failed to reach the moving averages, signaling bearish pressure on relief rallies.


SOL/USDT daily chart. Source:
TradingView
Bears might try to push the price below the channel, aiming for a decline to the strong support at $116. This level has held as a sturdy support previously, and bulls are likely to defend it once again.
A positive scenario would involve the price turning upwards and breaking above the channel’s resistance line. This could prompt the SOL/USDT pair to target $175, where bears could provide a strong defense.
XRP price analysis
XRP (
XRP
) bounced off the $0.46 support on June 14, indicating strong buying interest from the bulls. The bears attempted to halt the recovery at the 20-day EMA ($0.50), but bulls managed to break through on June 17.


XRP/USDT daily chart. Source:
TradingView
With the flattening 20-day EMA and the RSI moving into positive territory, bears seem to be losing control. If buyers can sustain the price above the 50-day SMA ($0.51), the XRP/USDT pair could surge to $0.57.
Conversely, a drop from the 50-day SMA and a break below the 20-day EMA would suggest that bears are selling during minor rallies. This could lead the pair to retest the crucial support at $0.46.
Disclaimer: This article does not offer investment advice or recommendations. Trading and investing in financial markets involve risks, and readers should conduct their own research before making any decisions.