Bitcoin (BTC) is down from its intra-week high of about $72,000, but the bulls are trying to hold the price above $69,000. Bitcoin is on target to end the week with marginal gains of just over 2%. Although Bitcoin has failed to rise above the overhead resistance, buyers have remained in place.
Farside Investors data shows roughly $1.7 billion in inflows into spot Bitcoin exchange-traded funds this week. That takes the total investments into spot Bitcoin ETFs to $15.5 billion as of June 6. The strong buying suggests traders anticipate the up move will continue.
However, Bitcoin fell on June 7, which pulled several altcoins lower. Trader Daan Crypto Trades said in X post that Bitcoin’s open interest dropped by $1.3 billion and Ether’s by $800 million during the fall. The decline does not seem to have unnerved investors. QCP Capital believes that Bitcoin and Ether will likely form local lows as the Federal Reserve’s future actions may benefit risk assets.
Could Bitcoin maintain above $69,000 and start a recovery? Will the altcoins follow higher? Let’s study the top 5 cryptocurrencies which look strong on the charts.
Bitcoin price analysis
Bitcoin turned down sharply from the minor resistance of $72,000 on June 7, signaling that the bears remain active at higher levels.
The pullback is finding support at the 20-day exponential moving average ($68,603), suggesting that the bulls continue to view the dips as a buying opportunity. If the price rebounds off the 20-day EMA with strength, the bulls will again try to drive the BTC/USDT pair to the overhead resistance of $73,777. A break and close above this resistance could open the doors for a potential rally to $80,000 and then to $88,000.
Related: Bitcoin volatility hovering within 6% of record low levels
Conversely, if the price breaks below the 20-day EMA, it will signal that the bulls have given up. That may pull the price to the 50-day simple moving average ($65,807).
Bitcoin has been trading between $66,500 and $72,000 for some time. The failure to push the price above the overhead resistance has started a retracement, which is trying to find support near $69,000. Buyers will have to push and maintain the price above the 20-EMA to improve the prospects of a rally to $72,000.
On the downside, a close below $68,420 will tilt the short-term advantage in favor of the bears. The pair may then plummet to the strong support at $66,500.
BNB price analysis
BNB (BNB) started a correction from $722 on June 6, indicating profit-booking by short-term traders. The crucial support to observe on the downside is the 20-day EMA ($639).
If the price rebounds off the 20-day EMA with strength, it will suggest that the sentiment remains positive and traders are buying on dips. That will increase the likelihood of the resumption of the uptrend. The BNB/USDT pair may then climb to the pattern target of $775.
This positive view will be invalidated in the near term if the price continues lower and plunges below the breakout level of $635. That may trap the aggressive bulls and tug the pair to the uptrend line.
The bears pulled the price below the 20-EMA but could not extend the decline to the 50-SMA. This suggests that selling dries up at lower levels. The bulls will try to push the price back above the 20-EMA. If they do that, the pair could rally to $695 and thereafter to $722.
Alternatively, if the price turns down from the 20-EMA, it will signal that the bears are trying to flip the level into resistance. The pair may then drop to the 50-SMA. This is an important support to watch out for because if it cracks, the next stop could be $635.
Toncoin price analysis
The repeated failure of the bulls to sustain Toncoin (TON) above the overhead resistance of $7.67 may have tempted short-term traders to book profits.
A positive sign is that the pullback is finding support at the 20-day EMA ($6.80). If the price turns up from the current level, the bulls will again attempt to overcome the barrier at $7.67. If they can pull it off, the TON/USDT pair is likely to accelerate toward the psychological level of $10.
On the contrary, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that the bulls are rushing to the exit. That could sink the pair to $6.
TON/USDT slipped below the 50-SMA, but the lower levels attracted buying. The bulls will try to push the price toward the overhead resistance of $7.67. A break and close above this level could start…
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