Key points:Bitcoin ETPs continue to witness solid buying, signaling that the bulls expect the uptrend to continue.Several major altcoins witnessed a p
Key points:
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Bitcoin ETPs continue to witness solid buying, signaling that the bulls expect the uptrend to continue.
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Several major altcoins witnessed a pullback, but lower levels continue to attract buyers.
Bitcoin (BTC) is attempting to sustain above $109,588, indicating buying on every minor dip. Bitcoin has risen for seven consecutive weeks, and if buyers can extend the streak to eight weeks, it clears the path for further upside. Crypto analyst and trader Carpe Noctom said in a post on X that Bitcoin has only seen three instances of eight consecutive weekly positive closes, and every time, Bitcoin has been higher in the following 6 and 12 month time period.
Institutional investors sense a long-term opportunity and, hence, have continued to pump money into Bitcoin exchange-traded products (ETPs). CoinShares reported on May 26 that Bitcoin ETPs witnessed $2.9 billion in inflows last week, which is a quarter of the total inflows for 2024.
Although most analysts remain bullish over the long term, some are warning of a possible short-term pullback in Bitcoin. CryptoQuant contributor Crazzyblockk wrote in a QuickTake blog post that the data shows buyer exhaustion and increasing volatility, which could start a short-term correction toward $105,000.
Could buyers catapult Bitcoin to a new all-time high, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) turned down from 5,968 and reached the 20-day exponential moving average (5,759).
If the price rebounds off the 20-day EMA, the index could gradually climb toward the overhead resistance of 6,000. Sellers are expected to pose a strong challenge in the 6,000 to 6,147 zone.
The short-term advantage will favor the bears on a break and close below the 20-day EMA. The index could then plummet to the 50-day simple moving average (5,584), which is likely to attract buyers.
US Dollar Index price prediction
The bulls tried to push the US Dollar Index (DXY) above the 20-day EMA (100.15) on May 22, but the bears held their ground.
Sellers are trying to strengthen their position by pulling the price below the 99 support. If they manage to do that, the index could continue its slide to the solid support at 97.92. Buyers are expected to defend the 97.92 level with all their might because a break below it may sink the index to 95.67.
Buyers will have to drive and maintain the price above the 50-day SMA (101.26) to indicate that the corrective phase may be over.
Bitcoin price prediction
Bitcoin bulls are trying to push and sustain the price above $109,588, indicating that every minor dip is being purchased.
The upsloping moving averages and the RSI near the overbought territory signal that the path of least resistance is to the upside. If buyers shove the price above $111,980, the BTC/USDT pair could skyrocket to $130,000.
The 20-day EMA ($104,886) is the vital support to watch out for on the downside. A break and close below the 20-day EMA could tempt short-term buyers to book profits. That could sink the pair to the psychologically crucial $100,000 level, where buyers are expected to mount a strong defense.
Ether price prediction
Ether (ETH) turned up from the 20-day EMA ($2,425) on May 25, indicating solid demand at lower levels.
The bulls will try to drive the price above the $2,738 obstacle again. If they succeed, the ETH/USDT pair could soar to $3,000. The bears will try to halt the up move at $2,850, but the bulls are likely to prevail.
If the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it suggests that the bulls are losing their grip. The pair could dip to $2,323 and then to $2,111.
XRP price prediction
XRP (XRP) has been oscillating between $2.65 and $2, signaling equilibrium between buyers and sellers.
The flattish 20-day EMA ($2.34) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price turns up and breaks above $2.48, the bulls will have another go at the $2.65 resistance. If they clear the overhead hurdle, the XRP/USDT pair could soar to $3.
On the other hand, a break and close below the 50-day SMA could sink the pair to the solid support at $2. Buyers are expected to vigorously defend the $2 level because a break below it may sink the pair to $1.61.
BNB price prediction
BNB (BNB) has started to move toward the overhead resistance of $693 after taking support at the 20-day EMA ($652).
The upsloping 20-day EMA and the RSI in the positive territory indicate an advantage to buyers. If bulls kick the price above $693, the…
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