Key points:
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Bitcoin price hangs near $97,000 as traders await today’s FOMC minutes.
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Bitcoin holding $95,000 as support is key for bullish price expansion in the short term.
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Select altcoins are holding their respective support levels, opening the gates for a short-term rally.
Bitcoin (BTC) bulls are trying to knock down the immediate resistance at $97,895 and challenge the all-important $100,000 level. Crypto analytics platform Santiment said in a post on X that Bitcoin wallets holding between 10 and 10,000 Bitcoin are positive about further gains as they have acquired 81,338 Bitcoin over the past six weeks.
Investors have also been piling into BlackRock’s spot Bitcoin exchange-traded fund for the past 16 days, which has boosted its new capital inflows to about $4.7 billion, according to ETF Store President Nate Geraci.
Bloomberg ETF analyst Eric Balchunas also suggested that the spot Bitcoin ETF “will have triple gold’s ETF assets under management in 3 to 5 years.”
According to Bitfinex data, Bitcoin must hold above $95,000 to signal a “structural shift” into bullish territory, opening the doors for a rally to an all-time high. However, if the $95,000 level cracks, the analysts expect Bitcoin to witness a deeper correction.
Could Bitcoin challenge the $100,000 resistance? Are select altcoins showing signs of a short-term up move? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin rebounded off the 20-day exponential moving average ($93,091) on May 6, indicating that the sentiment remains positive and traders are buying on dips.
There is minor resistance at $97,895, but if the level is crossed, the BTC/USDT pair could challenge the psychological resistance at $100,000. Sellers are expected to vigorously defend the level because a break above it could propel the pair to $107,000.
Time is running out for the bears. If they want to make a comeback, they will have to sink and sustain the price below the 20-day EMA. If they succeed, the pair could tumble to the 50-day simple moving average ($87,441).
Ether price prediction
The bears are struggling to pull Ether (ETH) below the moving averages, indicating a lack of selling at lower levels.
Buyers will try to take advantage of the situation and push the price above the immediate resistance at $1,873. If they do that, the ETH/USDT pair could pick up momentum and soar toward $2,111. There is minor resistance at $1,957, but it is likely to be scaled.
Sellers are likely to have other plans. They will try to tug the price below the moving averages, opening the gates for a fall to $1,537. Buyers will try to defend the $1,537 level, but if they fail in their endeavor, the pair may collapse to the vital support at $1,368.
XRP price prediction
XRP (XRP) fell below the moving averages on May 4, but the bears could not sink the price to the $2 support.
The flattish moving averages and the RSI just below the midpoint suggest that the XRP/USDT pair may remain stuck between the resistance line and the $2 support for some more time.
A break and close above the resistance line signals a potential trend change. The pair could then rally toward $3. Conversely, a break and close below $2 opens the gates for a collapse to the $1.72 to $1.61 support zone.
BNB price prediction
The failure of the bears to sustain BNB (BNB) below the moving averages indicates demand at lower levels.
The bulls will have to try and overcome the barrier at $620 to clear the path for a rally to the strong overhead resistance at $644. Sellers will try to halt the recovery at $644, but if the bulls prevail, the next stop could be $680.
This positive view will be invalidated in the near term if the BNB/USDT pair turns down and breaks below the $576 support. That heightens the risk of a fall to $520. Buyers are expected to aggressively defend the $500 to $520 zone.
Solana price prediction
Solana (SOL) is finding support at the moving averages, signaling a positive sentiment where dips are being purchased.
The bulls will try to strengthen their position by pushing the price above the $153 resistance. If they can pull it off, the SOL/USDT pair could climb to $180 and then to $200. That signals the pair may swing inside the large $110 to $260 range for a while.
Sellers will have to drag the price below the 20-day EMA to prevent the upside. The pair could then tumble to the 50-day SMA ($133). That indicates a consolidation between $110 and $153 for a few days.
Dogecoin price prediction
Dogecoin (DOGE) has been clinging to the moving averages, signaling a balance between supply and demand.
If the price…
cointelegraph.com