Bitcoin has been depreciating over the past few days, suggesting that supply has exceeded demand. Farside Investors reported on Monday that Bitcoin spot Exchange-Traded Funds had seen massive outflows since June 10th. The crypto company, however, noted that long-term Bitcoin investors haven’t panicked and are still accumulating more BTC.
Per the Farside Investors report, Bitcoin wallets holding over ten coins have reached 16.3 million for the first time since August 2022.
Although BTC appears weak in the short term, it continues to trade above a key support level, indicating that investors are anticipating a bullish move in the coming months. That said, let’s study the price charts to determine the key levels to keep an eye on.
Bitcoin Price Analysis
BTC couldn’t bounce off from the 50-day Simple Moving Average of $66,203 on June 17th, signaling that selling pressure continued to mount. The sellers are now trying to drag the coin below the minor support at $64,598. If they succeed, the $60,000 key support becomes a level to monitor keenly. That’s because if the sellers pull and maintain Bitcoin below $60,000, it will be assumed that the buyers have given up, and this could cause a sharp fall toward $54,178.
If the buyers want to regain control, they need to act fast and push Bitcoin above the 20-day Exponential Moving Average of $67,693. If this becomes a reality, the journey toward the $72,046 will start.
Ethereum Price Analysis
Ethereum bulls have been guarding the support at the 50-day Simple Moving Average of $3,420 since June 14th. However, their failure to fuel a rally signals strong bears’ presence. The advantage will shift completely to the bulls’ side if ETH goes above the 20-day Exponential Moving Average of $3,613. As such, a bullish move towards the $3,760 is likely.
Conversely, a fall below $3,420 would mean that the bears have overpowered the bulls. In that case, Ethereum might drop below the $3,000.58 support and head toward $2,849.20.
BNB Price Analysis
BNB bears have, as of this writing, won the battle at the 50-day Simple Moving Average of $604.79, dragging the coin to $581.30. The Relative Strength Index (38.90) continues to fall along with the 20-day Exponential Moving Average ($620.77), indicating that the bears have a minor edge over the bulls. If $580 fails to hold, BNB could slide to the $560.42 support and later head toward $500.
On the positive side, If the Binance coin rises above the $635.11 breakout level, we anticipate a rally toward the $722.87 resistance level.
Solana Price Analysis
SOL has been retesting the support line of the descending channel since June 18th, signaling that the bulls are keen on resisting any bears’ attempts to pull the coin toward the $116.90 support level. However, if the bears succeed, they could cause a deep correction to $100.19.
From a positive point of view, if Solana breaks above the descending channel, it might cross the $175.89 resistance and surge to $204,96.
Toncoin Price Analysis
TON bulls’ failure to thrust the digital currency above the $8.28 critical resistance level on June 16th signaled intense selling pressure from the bears. As of this writing, Toncoin has slid below the $7.56 support to trade at $6.89. The current price means TON is trading below the uptrend line, boosting the chances of a downward move toward $5.90.
If the bulls want to gain an edge over the bears, they will have to push TON above the 20-day Exponential Moving Average of $7.29. As such, the coin could start rallying, hitting $9 in the process.
Dogecoin Price Analysis
DOGE is almost touching the $0.12089 support. If the bulls fail to purchase the dip at that level, we might witness a correction to $0.08782. However, if Dogecoin turns up from $0.12089, a rally to the 20-day Exponential Moving Average of $0.14973 and later to $0.16 could happen.
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