The Bitcoin market and various altcoins are being sold during rallies, heightening the risk of a downward breakout.
Bitcoin has fallen to the lower boundary of its narrow range, indicating that sellers are maintaining their pressure.
Experienced trader Peter Brandt mentioned on X that Bitcoin could decline to $60,000 and eventually to $48,000. Nonetheless, Bitcoin whales seem unperturbed by the short-term volatility and continue to make purchases. The number of whale entities holding at least 1,000 Bitcoin is approaching an all-time high.
Both smaller and larger whales are optimistic about prospects. MicroStrategy announced in a press release its plan to offer $700 million in convertible senior notes due in 2032. The proceeds will acquire more Bitcoin for “general corporate purposes.” MicroStrategy currently holds 214,400 BTC.
The buying is not restricted to Bitcoin market alone, as Ether witnessed one of its most significant days in long-term holder accumulation. CryptoQuant head of research Julio Moreno said in a post on X that accumulation addresses bought 298,000 Ether over 24 hours on June 12, a tad shy of the 317,000 Ether record purchase on Sep. 11, 2023.
Will whale buying help start a recovery in Bitcoin toward $70,000? Could altcoins also follow to the upside? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The long wick on Bitcoin’s June 12 candlestick shows that the bears are trying to stall the relief rally at $70,000.
The 20-day exponential moving average ($68,234) has started to turn down, and the relative strength index (RSI) has slipped into negative territory, indicating that the bears have an edge. If the price skids below the 50-day simple moving average ($66,047), the BTC/USDT pair could start a deeper correction to $60,000.
Time is running out for the Bulls. They will have to kick and maintain the price above the 20-day EMA to prevent the decline. The pair may then climb to $70,000 and subsequently to $72,000.
Ether (ETH) Market Analysis
Ether’s recovery stalled at the 20-day EMA ($3,618) on June 12, indicating that the sentiment is turning negative and traders are selling on rallies.
The bulls must protect the 50-day SMA ($3,400) because if they fail in their endeavour, the ETH/USDT pair could start a deeper fall toward $2,850. The bulls are expected to buy near $2,850 and keep the price inside the range.
To make a comeback, buyers must drive and maintain the price above the 20-day EMA. If they do that, the buying could pick up, and the pair may start a relief rally to $3,887 and later to $3,977.
BNB Market Analysis
BNB has been trading in a tight range between $591 and $635 for the past few days, indicating a tough battle between the bulls and the bears.
The 20-day EMA ($627) has started to turn down, and the RSI is in the negative zone, signalling a minor advantage to the bears. If the price breaks below $591, the BNB/USDT pair may slump to $536.
This negative view will soon be invalidated if the price rises from the current level and breaks above $635. The bulls will then attempt to push the price to the overhead resistance of $722.
Solana (SOL) Price Analysis
Solana has been falling inside the descending channel pattern for several days. The price rebounded off the support line on June 12, but the bears halted the relief rally at the 20-day EMA ($159).
The bears are again trying to sink the price below the support line. If they manage to do that, the selling could pick up, and the SOL/USDT pair may move down toward the critical support at $116. The bulls are likely to defend this level with vigour.
Alternatively, if the price rises from the current level and breaks above the channel, it will suggest that the short-term correction may be over. The pair could move up to $176 and then to $189.
XRP Price Analysis
For the past few days, XRP has been oscillating inside the large range between $0.46 and $0.57. This shows buying near the support and selling close to the resistance.
The downsloping moving averages and the RSI in the negative territory suggest that the bears are in control. If the price turns down from the current level or the 20-day EMA ($0.50), it will increase the likelihood of a drop below $0.46. If that happens, the XRP/USDT pair could descend to the pivotal support at $0.41.
If buyers want to prevent the downside, they must quickly pull the price above the 50-day SMA ($0.51). The pair may gradually start its journey toward the overhead resistance at $0.57.
Dogecoin (DOGE) Price Analysis
Dogecoin is trying to find support at $0.13, but the bulls have failed to push the price above the 20-day EMA ($0.15).
If the price turns down from the current level or the 20-day EMA, it will increase the likelihood of a drop to $0.12. The bulls must defend this level because if it cracks, the DOGE/USDT pair may plummet to $0.08.
On the upside, a break and close above the moving averages will clear the path for a rally to $0.18. The bears are likely to mount a vigorous defence at this level. If the price turns down from $0.18, the range-bound action may continue for some more time.
Toncoin (TON) Price Analysis
Toncoin broke and closed above the stiff overhead resistance of $7.67 on June 13, completing a bullish ascending triangle pattern.
If buyers sustain the price above $7.87, the TON/USDT pair will likely start the uptrend’s next leg. The pattern target of the bullish setup is $10.62, but the bears are expected to pose 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 will signal that the markets have rejected the breakout. Selling may increase if the bears yank the price below the uptrend line.
Cardano (ADA) Price Analysis
Cardano was rejected at the 20-day EMA ($0.44) on June 12, indicating that the bears sell on every relief rally.
The downsloping moving averages and the RSI in the negative zone suggest that the bears are in command. The $0.40 to $0.41 zone is likely to act as a firm support, but if the bears prevail, the ADA/USDT pair could plunge to $0.35.
Bulls must quickly propel the price above the moving averages to prevent the downside. If they do that, the pair could attempt a rally to the resistance line. This level may be a minor obstacle, but if it’s overcome, the next stop could be $0.57.
Shiba Inu (SHIB) Price Analysis
Shiba Inu has been gradually slipping toward the vital support at $0.000020, which is likely to witness strong buying by the bulls.
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.
Contrarily, if the price turns down from the moving averages, it will suggest that the bears maintain their pressure. A break and close below $0.000020 will signal the start of the next leg of the downtrend to the 78.6% Fibonacci retracement level of $0.000017.
Avalanche (AVAX) Price Analysis
Avalanche turned down from the 20-day EMA ($34) on June 12, indicating that the bears are selling the rallies to the moving averages.
The AVAX/USDT pair will likely witness a tough battle between the bulls and the bears at $29. If the price rebounds off the support with strength and rises above the moving averages, it will signal that the consolidation may continue for a few more days.
Conversely, if the price breaks and closes below $29, it will indicate that the range has resolved in favour of the bears. That could start a downward move to $25 and subsequently to $20.
