Bitcoin crossed above $60,000 on Friday, signaling that the bulls were attempting to stage a comeback. Popular crypto trader Peter Brandt wrote on X that the latest price action indicated the continuation of the bull market. He believes that BTC will set a new all-time high soon.
Meanwhile, crypto exchange Bitfinex said on Saturday that Bitcoin will trade within a tight range for at least two months before exploding.
Elsewhere, BitMEX’s former CEO Arthur Hayes claims that the sell-off witnessed in spot Bitcoin ETFs over the past few days has ended. Farside Investors’ recent report indicates that Bitcoin ETFs have recorded $562 million in net outflows since the start of May. Hayes expects the crypto markets to trend upward next week.
So, if BitMEX ex-CEO’s prediction is correct, which key levels are likely to act as barriers on the upside? Let’s explore the charts to find out.
Bitcoin Price Analysis
BTC found support at $57,894 on May 1st. The bulls purchased the dip, pushing the coin to $63,674 as of this writing. The current price exceeds the 20-day Exponential Moving Average of $63,323. However, this doesn’t mean that the buyers have overpowered the sellers. To do so, they will need to thrust and sustain Bitcoin above the 50-day Simple Moving Average of $66,169. That way, BTC could rally toward $73,754.
Conversely, if the coin reverses from $66,169, it would mean that sentiment around it remains largely negative, and the bears are selling on every rally. If that happens, Bitcoin may fall below $57,894 to retest the support at $54,178.
Ethereum Price Analysis
Sellers couldn’t build a strong bearish momentum on May 1st when Ethereum dropped below the $3,005.30 support. The solid demand at $2,860 indicated that the bulls were unwilling to let the bears take control.
ETH is priced at $3,157 as of this writing. If the buyers protect the token from slumping below the 20-day Exponential Moving Average of $3,151.54, a move above the downtrend line could happen, indicating the start of the second leg of Ethereum’s rally. In such a scenario, we predict ETH to retest the $3,728.90 resistance before rallying to $4,001.30.
On the other hand, a fall below $3,151.54 may motivate the bears to drag Ethereum to $2,600 after defeating the bulls at $2,860.
BNB Price Analysis
A breakout from the $496 – $634 trading range has yet to happen. The current price action shows indecision between the buyers and sellers. BNB is valued at $587.19. If the bears pull it below the 50-day Simple Moving Average of $576.83, we could see a move to $496. And if the bulls fail to guard that level, BNB could head toward the $461 support.
On the positive side, the Binance Coin is likely to touch $700 if the bulls cause a breakout at $634.
Solana Price Analysis
The bulls exerted massive buying pressure when Solana fell below $125 on May 1st. The fifth-biggest coin by market capitalization is changing hands for $146.30 as of this writing. The advantage will shift to the buyers’ side when SOL crosses above the 50-day Simple Moving Average of $165.54. If that occurs, Solana could surge toward the $206.03 resistance. Defeating the bears at that level will help the bulls push the digital currency to $250.
On the contrary, if SOL touches $165.54 and reverses, it could break below $125 to retest the $98.55 support.
XRP Price Analysis
With XRP failing to cross the tough barrier at the 20-day Exponential Moving Average of $0.531190, it suggests that the bears want to retain control. Increased selling pressure could see XRP reach the $0.462273 support and even $0.410004.
This negative viewpoint will be invalidated if XRP rises above $0.531190, as the token could grow toward the 50-day Simple Moving Average of $0.571034. Overcoming this barrier could enable the buyers to stage a rally to $0.650432 and later to $0.738994.
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