Despite spot Bitcoin ETFs receiving over $600 million in net inflows between May 3rd and May 6th, BTC hasn’t managed to rally. Instead, the coin has fallen to $61,000, where it is witnessing a massive battle between the bears and the bulls.
While the short term is full of uncertainty, popular crypto investor Anthony Pompliano is optimistic that Bitcoin has a bright future ahead. He told a CNBC journalist on Wednesday that BTC’s 200-day Simple Moving Average is now above $50,000, signaling a long-term bullish trend.
Pompliano isn’t the only one bullish over Bitcoin’s future. Trading company Susquehanna International Group stated in its recent filing that it bought spot Bitcoin ETF shares worth over $1 billion during the first quarter of the year.
Will buyers guard key support levels to prevent Bitcoin and other cryptocurrencies from collapsing, or will the digital assets touch new lower levels over the next few days? Studying the price charts will help us get the answers. Stick around!
Bitcoin Price Analysis
Bitcoin touched $65,832 (50-day Simple Moving Average) and reversed on May 6th, indicating that the sellers continued to defend the level. As mentioned earlier, the largest coin by market capitalization is now trading near the $61,000 mark. If it crosses below $60,504, we might see it descending further to $59,598. Additionally, a move to $50,000 is possible if the buyers fail to purchase the dip at $59,598.
On the positive side, a bullish momentum could pick up if Bitcoin crosses $65,832. If that happens, the coin’s price could rise to $73,779, where tough resistance from the sellers is expected.
Ethereum Price Analysis
Ethereum bears have won the battle at the 20-day Exponential Moving Average of $3,121, pulling the digital coin to $2,973 as of this writing. The next key level that we need to watch is $2,853. If it collapses, ETH could begin the second leg of its current downtrend and might touch $2,600.
Meanwhile, a rebound from $2,853 will suggest positive sentiment around ETH. The bulls are likely to thrust the token above $3,121 and cause a rally to the 50-day Simple Moving Average of $3,277.
BNB Price Analysis
BNB has managed to stay above the 20-day Exponential Moving Average of $581.49 over the last few days. However, the bulls seem not strong enough to keep the fourth-largest coin by market cap above $600. But if they eventually achieve this, a rally to $635.67 and even to $691.80 could be possible.
From a negative point of view, BNB is likely to fall to the $493.82 support if it falls below $581.49 and the bulls fail to protect $537.93.
Solana Price Analysis
SOL is still in a consolidation phase between $126.06 and $161.89. That means the traders have yet to signal the next clear directional move. Moreover, the Relative Strength Index (50.23) gives no advantage to the buyers or sellers. Nonetheless, if Solana drops below $126.06, the bears could pull the coin toward the $100 psychological support.
Meanwhile, if the $161.89 barrier collapses, it will suggest a declining selling pressure. Solana could grow to $186.50 and later to $204.87, where the bears’ presence is likely to be felt.
Dogecoin Price Analysis
After failing to defend the 50-day Simple Moving Average of $0.17903 on May 6th, the bulls let the bears pull Dogecoin below the $0.15049 support the following day. The meme coin is currently priced at $0.14662. More selling pressure could make a move to the second support at $0.12605 possible.
Meanwhile, DOGE could rally toward the $0.21875 resistance level if the bulls push the meme coin above $0.17903.
Avalanche Price Analysis
The buyers failed to maintain Avalanche above the $40 resistance on May 6th, indicating a solid bear presence at higher prices. The coin is valued at $34.05 at press time. The Relative Strength Index shows an advantage to the bears, who could use it to drag AVAX to $29.
On the positive side, sustaining Avalanche above $40 could help the bulls start a solid rally toward the $50.03 resistance level.
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