Key points:
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Bitcoin recovered sharply from $100,000 on June 6, but the bears are expected to pose a strong challenge at higher levels.
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Several altcoins held their respective support levels, signaling a possible consolidation in the near term.
Bitcoin (BTC) made a brilliant comeback on June 6, rising above $105,000, indicating solid demand at lower levels. The recovery could face selling as the price nears $109,588. Select analysts have turned negative in the near term, expecting Bitcoin to drop below $100,000.
However, the Hash Ribbons metric, which has a good record of catching long-term price bottoms, recently gave a new buy signal. CryptoQuant contributor Darkfost said in a post on X that the signal is telling that “buying the dip around here is a smart move.”
The short-term uncertainty may be keeping traders on the edge but select corporations have revealed plans to add more Bitcoin to their portfolio. Strategy, the world’s largest corporate Bitcoin holder, announced plans to raise roughly $1 billion for “general corporate purposes, including the acquisition of Bitcoin and for working capital.”
Along similar lines, Metaplanet, also known as Japan’s Strategy, boosted its Bitcoin buying plans, aiming to hold 100,000 Bitcoin by the end of 2026, up from its earlier target of 21,000 Bitcoin.
Could Bitcoin sustain the solid rebound off $100,000, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin plunged below the 20-day exponential moving average ($104,934) on June 5 and fell to the vital support at $100,000.
The solid bounce off the $100,000 level shows aggressive buying by the bulls. Sellers are expected to pose a substantial challenge at the 20-day EMA. If the price turns down sharply from the 20-day EMA, the $100,000 level will be at risk of breaking down. If that happens, the selling may accelerate, and the BTC/USDT pair could nosedive to $93,000.
On the contrary, a break and close above the 20-day EMA suggests the pair may trade inside the $100,000 to $109,588 range for a while. The bears are expected to mount a strong defense in the $109,588 to $111,980 zone.
Ether price prediction
Ether (ETH) turned down and slipped below the 20-day EMA ($2,515) on June 5, suggesting that short-term buyers are booking profits.
The 20-day EMA is flattening out, and the RSI is near the midpoint, signaling a possible range-bound action in the short term. The ETH/USDT pair could swing between $2,323 and $2,738 for a few more days.
A break and close above $2,738 indicates that the bulls have overpowered the bears. That clears the path for a rally to $3,000 and eventually to $3,153. On the other hand, a break and close below the $2,323 support could sink the pair to $2,111.
XRP price prediction
XRP (XRP) turned down from the moving averages on June 4 and continued its journey toward key support at $2.
Buyers are expected to guard the $2 level with all their might because a break and close below it could signal the start of a downtrend. The XRP/USDT pair could retest the $1.61 level and, below that, drop to $1.27.
If the price rises above the moving averages, it suggests that the pair may remain stuck inside the $2 to $2.65 range for a while longer. Buyers will be back in the driver’s seat on a close above $2.65.
BNB price prediction
BNB (BNB) dropped below the 20-day EMA ($657) on June 5 and headed to the 50-day SMA ($636).
The bulls are trying to defend the 50-day SMA, but the rebound is likely to face selling at the 20-day EMA. If the price turns down sharply from the 20-day EMA, the possibility of a break below the 50-day SMA increases. The BNB/USDT pair could then tumble to support at $580.
Buyers will have to swiftly push the price above the 20-day EMA to prevent the downside. The BNB/USDT pair could then rally to $693, which is likely to act as a stiff obstacle.
Solana price prediction
Solana’s (SOL) failure to rise above the 20-day EMA ($160) on June 3 attracted sellers, pulling the price below the $153 support on June 5.
Buyers are trying to defend the $140 support, but the relief rally is likely to face stiff resistance at the 20-day EMA. If the price turns down sharply from the 20-day EMA, the likelihood of a break below $140 increases. The SOL/USDT pair could then drop to $120. Buyers are expected to fiercely defend the $120 to $110 support zone.
On the upside, the bulls will have to push and maintain the pair above the 20-day EMA to open the doors for a rally to $185.
Dogecoin price prediction
Dogecoin (DOGE) has been oscillating inside a large range between $0.14 and $0.26 for several days.
cointelegraph.com