Bitcoin (BTC) has dropped to the support level of the narrow range, showing that bears are maintaining selling pressure.
Veteran trader Peter Brandt said in a post on X that Bitcoin is at risk of falling to $60,000 and eventually $48,000. However, Bitcoin whales do not seem worried about short-term instability and continue to buy. The number of whale entities holding at least 1,000 Bitcoin is nearing an all-time high.
Smaller and even larger whales are optimistic about future prospects. MicroStrategy said in a press release that it intends to offer $700 million in senior notes that may mature in 2032, with the proceeds to be used to buy more Bitcoin and for “general purposes.” of the company”. Currently, MicroStrategy holds 214,400 BTC.
The buying activity was not limited to Bitcoin, as Ether (ETH) saw one of its biggest days of accumulation by long-term holders. CryptoQuant’s Head of Research, Julio Moreno, said in a post on X that addresses bought 298,000 Ether on June 12, slightly less than the record purchase of 317,000 Ether on September 11, 2023.
Will whale buying help Bitcoin recover to $70,000? Could altcoins rise too? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC technical analysis
The long wick on Bitcoin’s June 12 candlestick shows bears trying to stall a relief rally at $70,000.
BTC/USDT Daily Chart | Source: TradingView
The 20-day exponential moving average ($68,234) has started to decline and the relative strength index (RSI) has slipped into negative territory, showing that the bears are in control. If the price slips below the 50-day simple moving average ($66,047), the BTC/USDT pair could begin a deeper correction to $60,000.
Time is running out for the bulls. To stop the decline, they will have to push and maintain the price above the 20-day EMA. The pair could then rise to $70,000 and then $72,000.
Technical analysis of ETH
Ether’s recovery stalled at the 20-day EMA ($3,618) on June 12, showing that sentiment is turning negative and traders are selling on the rise.
ETH/USDT Daily Chart | Source: TradingView
The bulls must defend the 50-day SMA ($3,400) because if they fail in their attempt, the ETH/USDT pair could start a deeper decline to $2,850. Bulls are expected to buy near $2,850 and keep the price within that range.
Buyers must push and maintain the price above the 20-day EMA if they want to make a comeback. If they do so, buying could increase and the pair could initiate a mild recovery to $3,887 and then $3,977.
BNB technical analysis
BNB (BNB) has been trading in a tight range between $591 and $635 over the past few days, suggesting an uphill battle between bulls and bears.
BNB/USDT Daily Chart | Source: TradingView
The 20-day EMA ($627) has started to turn down and the RSI is in the negative zone, signaling a slight advantage for the bears. If the price drops below $591, the BNB/USDT pair can drop to $536.
This negative view will soon be invalidated if the price rises from the current levels and breaks above $635. The bulls will then attempt to push the price to the overhead resistance at $722.
SOL technical analysis
Solana (SOL) has been falling in a descending channel pattern for several days. The price recovered from the support line on June 12, but the bears stopped the slight recovery at the 20-day EMA ($159).
SOL/USDT Daily Chart | Source: TradingView
The bears are again trying to push the price below the support line. If they do that, selling could increase and the SOL/USDT pair could move down to the critical support at $116. The bulls are likely to defend this level vigorously.
On the other hand, if the price rises from the current levels and breaks above the channel, this will indicate that the short-term correction may have ended. The pair could rise to $176 and then to $189.
XRP technical analysis
XRP (XRP) has been fluctuating in a large range from $0.46 to $0.57 over the past few days. This shows buying pressure near support and selling pressure near resistance.
XRP/USDT Daily Chart | Source: TradingView
The downsloping moving averages and RSI in the negative zone suggest that the bears are in control. If the price turns down from the current level or the 20-day EMA ($0.50), the possibility of a drop below $0.46 increases. If that happens, the XRP/USDT pair could drop to the critical support at $0.41.
If the buyers want to stop the decline, they must quickly drag the price above the 50-day SMA ($0.51). The pair could then gradually begin its journey towards the overhead resistance at $0.57.
DOGE technical analysis
Dogecoin (DOGE) is trying to find support at $0.13, but the bulls have been unable to push the price above the 20-day EMA ($0.15).
DOGE/USDT Daily Chart | Source: TradingView
If the price turns down from the current levels or the 20-day EMA, the possibility of a drop to $0.12 increases. This is an important level for the bulls to defend because if it breaks, the DOGE/USDT pair could plummet to $0.08.
On the upside, a breakout and close above the moving averages would pave the way for a rally to $0.18. Sellers are likely to defend strongly at this level. If the price turns down from $0.18, the range action could continue for a while longer.
TON technical analysis
Toncoin (TON) broke out and closed above overhead resistance at $7.67 on June 13, completing an ascending triangle pattern.
TON/USDT Daily Chart | Source: TradingView
If the buyers maintain the price above $7.87, the TON/USDT pair is likely to begin the next leg of the uptrend. The upside setup target is $10.62, but the bears are expected to mount a strong challenge at $10.
The first sign of weakness will be a break and close below the breakout level of $7.67. Such a move would signal that the market has rejected the breakout. Selling pressure could increase if the bears drag the price below the uptrend line.
ADA technical analysis
Cardano (ADA) was rejected at the 20-day EMA ($0.44) on June 12, showing that bears are selling on every rally.
ADA/USDT Daily Chart | Source: TradingView
The downsloping moving averages and RSI in the negative zone suggest that the bears are in control. The $0.40-$0.41 zone is likely to act as solid support, but if the bears prevail, the ADA/USDT pair could drop to $0.35.
The bulls must quickly push the price above the moving averages if they want to stop the decline. If they do so, the pair could attempt to recover to the resistance line. This level could act as a minor hurdle, but the next stop could be $0.57 if it can be crossed.
SHIB technical analysis
Shiba Inu (SHIB) has gradually slid towards the critical support at $0.000020, which is likely to see strong buying from the bulls.
SHIB/USDT Daily Chart | Source: TradingView
If the price turns up from $0.000020 and breaks above the moving averages, it will indicate that the range remains intact. The bulls will then attempt to push the SHIB/USDT pair to the overhead resistance at $0.000030.
Conversely, if the price turns down from the moving averages, it will show that the bears are maintaining pressure. A break and close below $0.000020 would signal the start of the next leg of the downtrend to the 78.6% Fib retracement level of $0.000017.
AVAX technical analysis
Avalanche (AVAX) turned down from the 20-day EMA ($34) on June 12, showing that the bears are selling on the rallies to the moving averages.
AVAX/USDT Daily Chart | Source: TradingView
The AVAX/USDT pair is likely to witness a tough battle between the bulls and bears at $29. If the price rebounds strongly from the support and rises above the moving averages, this will signal that the consolidation could continue for a few more days.
Conversely, if the price breaks and closes below $29, it will indicate that the range has resolved in favor of the bears. The pair could then initiate a move down to $25 and below it to $20.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Cointelegraph
