Bitcoin price broke through a key overhead resistance level, potentially paving the way for new all-time highs. Bitcoin started the week strong as bulls aim for new highs in BTC and altcoins. Several of the major altcoins are range-bound, but HYPE is looking strong.
Bitcoin (BTC $109,376) posted a strong week’s start, running towards the overhead resistance range of $109,588 to $111,980. The uptrend could have been prompted because of the positive hopes raised by the US-China trade negotiations in London.
Trader Cas Abbe said in a post on X that Bitcoin is likely to witness a big move, possibly above $109,000 to $110,000. Abbe noted that $15.11 billion in shorts would be liquidated if Bitcoin soars 10% from the current levels. On the other hand, a 10% down move risks liquidation of $9.58 billion in long positions.
Although most analysts believe Bitcoin’s long-term trajectory is up, some anticipate a short-term dip before the uptrend resumes. Private wealth manager Swissblock anticipates a drop to $104,000, while analyst Mickybull Crypto expects a fall to $101,500.
Could buyers propel Bitcoin above the all-time high of $111,980, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) extended its recovery last week, and the bulls are trying to build upon the momentum on June 9.
The upsloping 20-day exponential moving average (EMA) (5,883) and the relative strength index (RSI) in the positive territory indicate that the bulls are in command. Buyers will try to push the price to the 6,147 overhead resistance.
The move higher may not be easy as the sellers are expected to defend the 6,000 to 6,147 zone with all their might. The first sign of weakness will be a break and close below the 20-day EMA, opening the gates for a fall to 5,767.
US Dollar Index price prediction
Buyers are trying to start a recovery in the US Dollar Index (DXY) but are facing selling near the 20-day EMA (99.49).
The bears will try to sink the index to 97.92, an important support level to watch out for. A break and close below the 97.92 level signals the resumption of the downtrend. The index could then extend the decline to 95.67.
This negative view will be invalidated in the near term if the price turns up and breaks above the 50-day simple moving average (SMA) (100.30). The index could then jump to the overhead resistance at 102.
Bitcoin price prediction
Bitcoin rose above the 20-day EMA ($105,296) on June 7, and the bulls cleared the overhead hurdle at $106,794 on June 9.
The price action of the past few days has formed an inverted head-and-shoulders pattern, which will complete on a break and close above the neckline near $112,700. If that happens, the pair could skyrocket toward the pattern target of $146,892.
Alternatively, if the price turns down and breaks below the 20-day EMA, it signals that the bears are active at higher levels. The BTC/USDT pair could then plunge to solid support at $100,000. The bulls are expected to defend the $100,000 level with all their might because a break below it may deepen the pullback to $93,000.
Ether price prediction
Ether (ETH $2,689) has been consolidating between $2,323 and $2,738 for the past few days, indicating a tough battle between the bulls and the bears.
If the price maintains above the 20-day EMA ($2,515), the ETH/USDT pair could rally to $2,738. This is a critical resistance for the bears to defend because if the level gets taken out, the pair could soar to $3,000 and then to $3,153.
Contrary to this assumption, if the price turns down sharply from the current level, it suggests that the bears are trying to take charge. The trend will favor the bears on a break and close below the 50-day SMA ($2,284). The pair could then collapse to $2,111.
XRP price prediction
XRP (XRP $2.28) has been range-bound between $2 and $2.65 for the past several days, indicating a balance between supply and demand.
The flattish moving averages and the RSI at the midpoint do not provide any clear edge either for the bears or for the bulls. If the price moves above the moving averages, the XRP/USDT pair can move towards the $2.65 overhead resistance.
In contrast, if the price declines drastically from the moving averages, the bears will attempt to bring the pair below the $2 support. If that happens, the pair may retest the key support at $1.61.
BNB price forecast
BNB (BNB $649.60) has been fluctuating in the range of $693 and $634 during the last few days, indicating buying near the support and selling near the overhead resistance.
If buyers drive the price above the 20-day EMA ($655), the BNB/USDT pair could extend its stay inside the range for some more time. The next leg of the up move could begin after buyers shove the price above $693. The pair could then rally to $732.
Sellers are likely to have other plans. They will strive to halt the relief rally at the 20-day EMA. If they do that, the pair risks a drop below the $634 support. If that happens, the pair could plummet to $580.
Solana price prediction
Solana (SOL$157.80) turned up from the $140 support on June 5, but the recovery is likely to face resistance at the 20-day EMA ($158). 158).
If the price falls sharply downward from the moving averages, the bears are likely to attempt to drag the SOL/USDT pair below $140. In case they can, the pair might fall to $123 and then to the firm support at $110.
Conversely, if the price pierces the moving averages, it suggests that the bears are losing their grip. The pair could attempt a rally to the $185 level, where the sellers are expected to pose a strong challenge.
