Positive Consumer Price Index (CPI) data have enabled the Bitcoin market to reclaim the significant $69,000 threshold, suggesting a potential rise to $72,000.
Bitcoin’s price surged following the release of United States CPI data, which was lower than anticipated. The CPI remained unchanged from the previous month, with an annual rate of 3.3%, a decrease from the last 3.4% and 0.1% lower than expected.
The robust rebound from the $66,000 mark indicates that bullish investors are still active and buying at intense support levels. Traders should anticipate the next significant movement above $73,777 or below $56,552. Meanwhile, the market may continue to experience range-bound trading.
Japanese firm Metaplanet has used Bitcoin’s sideways price action to build its treasury. On June 11, the firm disclosed that it had purchased 23.25 Bitcoin, taking its total haul to 141.07 Bitcoin, acquired at an average price of $65,365.
Could buyers sustain the recovery in Bitcoin and select altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin plummeted below the 20-day exponential moving average ($68,700) on June 11 but found support at the 50-day simple moving average ($65,982).
The bulls aggressively purchased the dip to the 50-day SMA and pushed the price above the 20-day EMA. This suggests that the BTC/USDT pair may oscillate inside the tight range between $66,500 and $72,000 for some time.
To seize control, buyers will have to catapult the price above the $72,000 to $73,777 resistance zone. That will open the gates for a rally to $80,000 and eventually to $88,000. On the downside, a slide below the 50-day SMA could start a downward move to $60,000.
Ether (ETH) Market Analysis
The failure to rise above $3,730 may have increased selling, pulling Ether below the 20-day EMA ($3,655) on June 11.
The bulls aggressively bought the dip near the 50-day SMA ($3,388), signalling strong demand at lower levels. Buyers will make one more attempt to overcome the obstacle at $3,730. If they do that, the ETH/USDT pair may rise to $3,887 and later to $3,977.
Conversely, if the price turns down from $3,730, it will indicate that the bears are trying to flip the level into resistance. The pair may turn down and retest the 50-day SMA. A break below this level could sink the pair toward $2,850.
BNB Market Analysis
The BNB market fell below the 50-day SMA ($605) on June 11, but the bears could not sustain the lower levels. This suggests buying on dips.
The bulls are attempting to push the price above the overhead resistance of $635. If they manage to do that, it will suggest that the correction may be over. The BNB/USDT pair may try to rise toward $722.
Alternatively, if the price turns down from the overhead resistance and breaks below $591, it will indicate that every relief rally is being sold. There is minor support at $560, but the pair may drop to $536 if it cracks.
Solana (SOL) Price Analysis
Solana broke below the 50-day SMA ($157) on June 11, but the price recovered sharply from the support line of the descending channel pattern on June 12.
The bulls will attempt to propel the price above the resistance line. If they succeed, it will suggest that the short-term corrective phase may be over. The SOL/USDT pair will try to rise to $176 and subsequently to the overhead resistance at $189.
This optimistic view will be negated if the price turns down sharply from the 20-day EMA ($162) or the resistance line and plunges below the channel. That could clear the path for a drop to $116.
XRP Price Analysis
The bulls could not build upon XRP’s bounce off the crucial support at $0.46 on June 7, showing a lack of demand at higher levels.
Both moving averages have started to turn down, and the RSI is in the negative zone, indicating that the bears are in control. If the price turns down from the moving averages, the bears will again attempt to sink the XRP/USDT pair below $0.46.
On the upside, a break and close above the moving averages will suggest that the bears are losing their grip. The pair may extend its consolidation between $0.46 and $0.57 for a few more days.
Dogecoin (DOGE) Price Analysis
Dogecoin turned up sharply from $0.13, indicating that the bulls are not waiting for a deeper correction to buy.
The moving averages will likely act as a substantial hurdle on the way up. If the price turns down from the moving averages, the bears will make one more attempt to sink the DOGE/USDT pair to $0.12.
On the contrary, if buyers kick the price above the moving averages, it will suggest that the pair may continue its range-bound action between $0.12 and $0.18 for a while longer. The bulls will be back in control on a break above $0.18.
Toncoin (TON) Price Analysis
On June 11, the bears tried to pull Toncoin (TON) below the uptrend line, but the bulls held their ground.
The upsloping 20-day EMA ($6.88) and the RSI in the positive zone suggest that the bulls have an edge. Buyers will try to push the price above the overhead resistance of $7.67. The TON/USDT pair may surge to $10 if they can pull it off.
Instead, if the price turns down from $7.67, it will signal that bears are active at higher levels. That will increase the likelihood of a drop below the uptrend line. Such a move will invalidate the bullish ascending triangle pattern setup and sink the pair to $6.
Shiba Inu (SHIB) Price Analysis
For the past few days, the Shiba Inu has been stuck between $0.000020 and $0.000030, indicating buying on dips and selling on rallies.
The bulls will try to vigorously defend the $0.000020 level because a break and close below it will start the next leg of the downtrend. The SHIB/USDT pair could plunge to the 78.6% Fibonacci retracement level of $0.000017.
Contrary to this assumption, if the price turns up from the current level and breaks above the moving averages, it will signal that the range-bound action may continue for some more time. The bulls must clear the hurdle at $0.000030 to gain the upper hand.
Cardano (ADA) Price Analysis
Cardano turned down from the triangle’s support line on June 10, suggesting that the bears are trying to flip the level into resistance.
Buyers purchased the dip to $0.41 and are trying to push the price back above the moving averages. If they manage to do that, it will signal that the breakdown below the triangle may have been a bear trap. The ADA/USDT pair could then climb to the resistance line.
Contrarily, if the price turns down from the moving averages, it will suggest that the sentiment has turned negative and traders are selling on rallies. The bears will then try to sink the pair to $0.35.
Avalanche (AVAX) Price Analysis
Avalanche has been trading inside an extensive range between $29 and $40 for several days, which suggests that traders are buying near the support and selling close to the resistance.
The price is attempting to start a relief rally from $30.59. Any recovery is likely to face selling at the moving averages. If the price turns down from the moving averages, the bears will make one more attempt to sink the AVAX/USDT pair below $29. If they succeed, the pair could drop to $20.
Conversely, if the price rises and breaks above the moving averages, it will suggest that the pair may extend its stay inside the range for some more time.
