The sellers’ failure to pull and keep BTC below the $60,000 support level this week has encouraged the buyers to drive the coin’s price to $67,054. While the current price surge minimizes the possibility of Bitcoin experiencing a sharp correction, there is still no guarantee that the digital asset will break above its all-time high in the near term.
Santiment, a well-known crypto analytics company, wrote an X post on Friday indicating that BTC’s latest rally has boosted inflows into US Bitcoin spot ETFs. The firm said investors had injected over $5 billion into the ETFs from Monday. What’s more, the daily volume in those ETFs rose to nearly $5.6 billion.
Meanwhile, K33 Research says Bitcoin spot ETFs continue to become among professional firms. The market research company reported on Saturday that these firms had bought $11 billion worth of ETF shares as of May 17th. The arrival of these institutions is welcomed by retail investors who now believe that the huge investments into ETFs will play a massive role in limiting the downside.
That said, it is time to look at the charts to determine the key levels to monitor in the next few days. Keep reading.
Bitcoin Price Analysis
The world’s largest coin by market cap, Bitcoin, rose above the 20-day Exponential Moving Average of $63,575 on May 15th. The following day, the bulls managed to defend that level as BTC reversed from $65,000. The rebound from $63,575 has motivated the buyers to push Bitcoin to $67,054, as mentioned earlier.
The Relative Strength Index (62) gives the buyers a massive advantage, which, if capitalized, could make a surge to $70,000 possible. On the downside, Bitcoin could fall below $63,575 to head toward the $56,553 support if the bears mount selling pressure at $68,304.
Ethereum Price Analysis
The bulls made a comeback on May 15th following bears’ failed attempts to sink the token below the $2,856 support. Despite the strong demand, Ethereum has yet to go above the resistance line. The token is changing hands for $3,109, according to CoinMarketCap data. If Ethereum crosses the resistance line, it could appreciate toward the 50-day Simple Moving Average of $3,175 and later climb to the $3,405 resistance level.
Conversely, Ethereum is likely to plummet toward the $2,450 support if the bears are able to pull and sustain the token below $2,856. If the bulls are defeated at $2,450, another dip to $2,300 is possible.
BNB Price Analysis
BNB’s value ($579.84) is slightly below the 50-day Simple Moving Average of $581.23. The digital currency has now fallen below the support line. If the bears mount pressure from here, BNB could plunge to $537.50 and even to $490.20. On the positive side, if the Binance Coin grows above the 20-day Exponential Moving Average of $586.93, the $632.89 resistance is likely to be the next stop. If the bulls overpower the bears there, we anticipate a rally to $691.
Solana Price Analysis
SOL began rising on May 15th after the buyers blocked the sellers from tugging it below the $126.73 support. The coin’s price is $170.45, above the 20-day Exponential Moving Average of $154 and the 50-day Simple Moving Average of $162.78. The bulls are eyeing to drive Solana toward the $186.03 resistance. Thrusting the digital currency above that level will strengthen their position, and a move to $205.44 could happen.
Meanwhile, the bears need to drag Solana below $154 to regain control. If they do so, a move to $126.74 and later to $107 seems likely.
Shiba Inu Price Analysis
The bears have successfully defended the 50-day Simple Moving Average of $0.0000254. Shiba Inu has lost 2.89% of its value in the last 24 hours to trade at $0.0000248 as of this writing. The Relative Strength Index (47.98) shows that neither the bears nor the bulls have any significant advantage, suggesting that SHIB may trade within a range for a couple of days.
Nonetheless, if the bears overpowered the bulls, the meme coin could head toward $0.0000171, while a rise to $0.0000298 is likely if the bulls defeated the bears.
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