As BTC continues trading sideways, investors are pouring funds into Bitcoin spot exchange-traded funds (ETFs). On Wednesday afternoon, crypto company Farside Investors reported that there have been more inflows than outflows from Bitcoin ETFs over the past ten days.
Furthermore, Coinshares revealed that Bitcoin investment products have seen inflows worth $1.1 billion over the last seven days. In other news, Glassnode analysts reported on Thursday morning that the whales (BTC holders with more than 1,000 coins) have accumulated more BTC coins since the start of May at a rate only seen last December.
Meanwhile, fillings submitted to the United States Securities and Exchange Commission show that over 550 American investment companies have invested in Bitcoin spot ETFs since January. ETF issuers have purchased over 855,000 BTC since January 10th.
Will the growing interest in Bitcoin spot ETFs cause BTC and other digital currencies to rally, or will the bears fuel a downward move? Let’s find out by taking a look at the charts.
Bitcoin Price Analysis
The continued failure of the buyers to thrust and sustain Bitcoin above $69,500 caused the coin to retest the 20-day Exponential Moving Average of $67,100 on May 29th. BTC is now trading inside a symmetrical triangle. A break below $67,100 would mean that the support line of the triangle has collapsed. This might lead to a downward move toward $64,562 and later to $59,702.
Conversely, if the bulls push and keep BTC above $69,500, it will signal that the bears are losing their advantage. As such, we may see Bitcoin rising above $73,762 to head toward $80,000.
Ethereum Price Analysis
Bears have continued to defend the $4,000.28 resistance level since May 27th. Ethereum reached $3,976 on Tuesday but couldn’t grow further due to massive selling pressure. It’s now priced at $3,777.63. A deeper price correction will make the $3,732 support a point of interest. If ETH reaches $3,732 and the buyers fail to guard the price, we anticipate a drop toward the 20-day Exponential Moving Average of $3,523.90 and later to $3,042.
On the positive side, if ETH grows and maintains its price above $4,000.28, a rally to $4,863 would seem possible.
BNB Price Analysis
The buyers have succeeded in keeping BNB above the 20-day Exponential Moving Average of $594.83 over the last few days. However, they are finding it tough to cause a surge to the $635.04 resistance level, signaling significant bears’ presence at high prices.
If the bulls eventually push BNB above $635.04, a bullish setup will form, which will indicate the start of another rally toward $691.50 and later to $775.88. On the contrary, a fall to $536.21 and even to $496.45 could become a reality if the bears tug BNB below the 50-day Simple Moving Average of $584.78.
Solana Price Analysis
Solana is experiencing a similar price action as BNB. The bulls have kept the coin above the $161.97 breakout level but haven’t fueled any significant rally. SOL is valued at $169.31 as of this writing.
The first sign of strength will be when Solana crosses $188.68. If this happens, it will become easier for the bulls to push the digital currency to the $204.74 major barrier. Overcoming this hurdle enhances the chances of a surge to $250.45. On the other hand, if $161.97 cracks, the possibility of a downtrend toward $140.37 and even $126.04 will increase massively.
Dogecoin Price Analysis
After rallying for a few days, Dogecoin is currently under selling pressure as traders book profits. The good news is that long-term investors have been buying the dips, thus minimizing the downside. If the selling pressure becomes too much to handle, DOGE could sink to $0.1408 and later to $0.1292.
Conversely, intense buying pressure could push the meme coin above the 20-day Exponential Moving Average of $0.1620, encouraging the bulls to start a rally to $0.2118 and later to $0.2203.
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