On Wednesday, Bitcoin surged sharply following the US Consumer Price Index report, which indicated declining inflation. However, the rally lasted briefly, thanks to the Federal Reserve’s hawkish sentiments. The American Central Bank kept the interest rates unchanged and said it might cut them only once this year.
Meanwhile, several crypto investors have taken advantage of the current dips to accumulate more Bitcoin. One of them is Metaplanet. The Japanese company reported on June 12th that it had bought 23 BTC for $1.51 million, bringing its total Bitcoin holdings to 141.
Moreover, CryptoQuant analytics company has reported that Bitcoin whales have purchased BTC worth $1.4 billion in the past three days.
Will the growing buying pressure push Bitcoin above its peak price, or will the sellers drag it to key support areas? Let’s study the charts to find out.
Bitcoin Price Analysis
BTC fell below $68,734, the 20-day Exponential Moving Average, on June 11th and then reversed from the 50-day Simple Moving Average of $65,899 the following day. The coin touched $69,945 before reversing to $67,376 at press time.
There is a high likelihood that Bitcoin could consolidate within the $65,899 – $70,000 range for a while. If a breakout happens at $70,000, the coin could grow to $73,732 and then to $80,000. A breakout at $65,899, however, could prompt BTC to slide toward the $60,055 support.
Ethereum Price Analysis
The buyers’ failed attempts to keep Ethereum above $3,729 have led to increased selling pressure. As of this writing, the sellers have dragged ETH below the 20-day Exponential Moving Average of $3,683 and now trades at $3,492.
If Ethereum touches the 50-day Simple Moving Average of $3,384 and the bulls buy the dip like they did on June 11th, it will suggest that lower levels are attracting demand. In that case, a move above $3,729 toward the $3,886 resistance is possible.
Conversely, if $3,384 breaks, Ethereum could sink toward $2,853, a level that might attract buying activity.
BNB Price Analysis
BNB has been hovering near the 50-day Simple Moving Average of $606 over the past few hours. If the buyers exert buying pressure now, they might cause the $634.96 resistance level to collapse and fuel a rally toward $721. This bullish view will be invalid if BNB bears pull and sustain the digital currency below $600.02. That’s because the possibility of a corrective move to $560.43 and later to $538 will increase significantly.
Solana Price Analysis
Solana briefly crossed above the 50-day Simple Moving Average of $158.44 on Wednesday. Its current price ($148) indicates that the bears are not willing to let the bulls take over the market. If the bears drag Solana below $140, it will mean that the coin has dropped below a key support line, and that could lead to a bearish move toward $116.90.
On the positive side, if SOL crosses the 20-day Exponential Moving Average of $162.92, it will be trading above the resistance line. This will open room for a price appreciation toward $188.94 and even $205.60.
XRP Price Analysis
XRP bulls protected the $0.46993 support level earlier this week, pushing the coin to $0.49040 as of this writing. Still, they need to thrust XRP above the 50-day Simple Moving Average of $0.51094 to overcome the bears’ selling pressure. If this is achieved, a bullish move toward the $0.57808 resistance level could happen after a minor barrier at $0.54773 is crossed.
On the contrary, the buyers’ failure to guard $0.46993 could cause XRP to slump toward the $0.41339 support.
Shiba Inu Price Analysis
SHIB has yet to break out of the $0.0000201 – $0.000031 trading range, signaling that traders are buying and selling at key support and resistance levels. If $0.0000201 eventually crumbles, Shiba Inu could drop to find another support at $0.0000175. From a positive point of view, the meme coin could rally to $0.0000352 after the $0.000031 hurdle is cleared.
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