The bulls and the bears in the Bitcoin market are still battling against each other for supremacy. Yana Allemann and Jan Happel, the co-founders of crypto analytics company Glassnode, are optimistic that BTC bulls will soon win the fight to push the coin upwards.
While some short-term traders continue to exit the market amid uncertainty over Bitcoin’s next move, whales, on the other hand, have been accumulating more BTC, according to on-chain statistics released by market intelligence company Santiment on Saturday. The data shows that crypto investors holding 1,000 BTC or more have acquired over $1.6 billion worth of Bitcoin in the past seven days.
Most long-term Bitcoin investors appear not to be fazed by the current price action. Twitter founder Jack Dorsey told crypto journalist Mike Solana on Thursday that BTC could hit $1 million by the end of 2030.
Most of the top coins are ending the week in losses. So, will the buyers defend key support levels to cause rallies, or will the sellers continue pulling the digital assets to lower prices over the coming days? Let’s study the price charts to find out.
Bitcoin Price Analysis
The bears have been selling on rallies near the 20-day Exponential Moving Average of $62,943, suggesting they are unwilling to let the bulls dominate the Bitcoin market. The positive thing is that BTC remains above the $60,035 vital support. The coin is changing hands for $61,152 at press time.
In the event $60,035 collapses, we could witness Bitcoin plummeting toward the next support at $54,173. On the other hand, a move above $62,943 could encourage the buyers to push BTC toward the 50-day Simple Moving Average of $65,619 and later to the all-time high ($73,772), where we anticipate massive selling activity.
Ethereum Price Analysis
After the bulls failed to thrust Ethereum above the 20-day Exponential Moving Average of $3,076, the bears came in on May 11th to pull the coion below $3,000 to $2,934 as of this writing. The Relative Strength Index (39.84) now shows that the advantage is on the bears’ side. A solid selling activity could push ETH to the $2,848.54 support, where the bulls are likely to defend the level to fuel a rally toward the $3,351.70 resistance level.
BNB Price Analysis
BNB successfully rebounded off the 20-day Exponential Moving Average of $582.24 on May 8th. However, the bullish momentum has yet to pick up. The Binance Coin is trading at $591.23 as of this writing. It needs to cross above $600 to indicate that the bulls are regaining control of the market. A break above that price will increase the chances of BNB reaching the $635.28 resistance level.
On the other hand, if $582.24 cracks, the bears could tug BNB to the support at $535.80 or even to $493.87.
Solana Price Analysis
SOL is currently priced below $146.83 (the 20-day Exponential Moving Average). If the bears sustain the coin below that level over the next few days, then the possibility of a deeper correction to $116.70 will increase. To avoid such a crash, the bulls must act fast and push Solana above $146.83. That way, the coin could surge to $184.82 and later to $204.56.
XRP Price Analysis
XRP has yet to witness a breakout. it is still trading between the $0.465352 and $0.570034 trading range, suggesting a balanced demand and supply. If the bulls push and keep XRP above the 20-day Exponential Moving Average of $0.527902, we could see a breakout at $0.570034. If that happens, a rally to $0.637084 is likely. On the other hand, a breakout at $0.465352 could lead to XRP plummeting toward $0.419270.
Toncoin Price Analysis
TON is among the few top ten coins that have rallied this week. It’s up 22% over the past seven days. The bulls aim to force a rally to $7.65. Meanwhile, if the 20-day Exponential Moving Average of $5.96 fails to hold, a dip to $4.84 is possible.
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