Key points:Bitcoin risks a deeper correction to $100,000, but a positive sign is that Strategy and Mataplanet continue to accumulate.Ether and select
Key points:
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Bitcoin risks a deeper correction to $100,000, but a positive sign is that Strategy and Mataplanet continue to accumulate.
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Ether and select altcoins are trying to bounce off their strong support levels, signaling buying on dips.
Bitcoin (BTC) failed to sustain above $105,000, indicating a lack of demand at higher levels. Research firm Santiment said in its market update that whale activity picked up after Bitcoin rallied near $112,000. Sometimes, such an increase in whale activity near market tops signals profit-taking.
Analyst AlphaBTC said in a post on X that Bitcoin may have started a deeper correction, which could last till the second week of June.
Trader Titan of Crypto said in a post on X that Bitcoin could decline to $97,000, and if that level also cracks, the next stop could be at $90,000.
Although the near-term picture remains uncertain, long-term Bitcoin bulls continue to buy. Michael Saylor’s Strategy, the world’s largest corporate holder of Bitcoin, announced the purchase of 705 Bitcoin for an average price of $106,495 per coin between May 26 and 30.
Similarly, Japanese investment company Metaplanet said in a post on X that it acquired 1,008 Bitcoin for an average price of $108,400.
What are the critical support levels to watch out for in Bitcoin and altcoins? 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) dropped near the 20-day exponential moving average ($5,817) on May 30, but the long tail on the candlestick shows buying at lower levels.
The bulls will try to resume the up move by pushing the price above 5,970. If they can pull it off, the index could start its northward march toward the all-time high of 6,147. Sellers are expected to fiercely defend the zone between 6,000 and 6,147.
The 20-day EMA is the critical support to watch out for in the near term. A break and close below the 20-day EMA suggests profit-booking by short-term buyers. The index may fall to the 5,700 level and subsequently to the 50-day simple moving average (5,609).
US Dollar Index price prediction
The US Dollar Index (DXY) rose above the 20-day EMA (99.82) on May 29, but the bulls could not sustain the higher levels.
The downsloping moving averages and the relative strength index in the negative zone signal that bears remain in control. If the price closes below 99, the next stop is likely to be 97.92. Buyers will try to halt the downside at 97.92 because if they fail in their endeavor, the index could nosedive to the 95.67 level.
The bulls will have to push and sustain the price above the 50-day SMA to signal strength. The index may then rally to the 102 level.
Bitcoin price prediction
Bitcoin has turned down from the 20-day EMA ($105,232), indicating that the bears are fiercely guarding the level.
The bears will try to strengthen their position by pulling the price below the immediate support at $103,000. If they manage to do that, the BTC/USDT pair could sink to the psychologically crucial $100,000 level. Buyers are expected to fiercely defend the $100,000 support because a break below it may sink the pair to $93,000.
On the other hand, a break and close above $106,000 could push the pair to the $109,588 to $111,980 overhead zone. A break and close above the zone could catapult the pair to $130,000.
Ether price prediction
Sellers are trying to pull Ether (ETH) below the 20-day EMA ($2,502), but the bulls have successfully held the level.
If the price turns up sharply from the current level and breaks above the $2,738 resistance, it signals the resumption of the uptrend. The ETH/USDT pair could rally to $3,000. There is resistance at $2,850, but it is likely to be crossed.
Conversely, a break and close below the 20-day EMA tilts the advantage in favor of the bears. The pair could plunge to $2,323, which is likely to act as solid support. A bounce off $2,323 could face selling at the 20-day EMA.
XRP price prediction
XRP (XRP) continues to trade inside the $2 to $2.65 range, indicating a balance between supply and demand.
A recovery attempt from the current level or $2 is expected to face selling at the 20-day EMA ($2.27). If the price turns down sharply from the 20-day EMA, the bears will try to sink the XRP/USDT pair below $2. If they do that, the pair could collapse to $1.61.
Alternatively, a break and close above the 20-day EMA clears the path for a rally to $2.65. If buyers overcome the barrier at $2.65, the pair will complete an inverse head-and-shoulders pattern. The bullish setup has a target objective of $3.69.
BNB price prediction
BNB’s (BNB) bounce off the $644 support is facing resistance at the 20-day EMA ($659), indicating…
cointelegraph.com