Bitcoin Aims for $70,000: Examining Top Cryptos' Market Movement
Summary:
Bitcoin is striving to consolidate its gains above the key $70,000 threshold, fuelled by the second largest inflows of $887 million from spot Bitcoin exchange-traded funds. Observers await the upcoming United States Consumer Price Index (CPI) data. Matt Horne of Fidelity Investments suggests investors should consider a 1-5% Bitcoin allocation. Examinations of the charts of the top ten cryptocurrencies might provide answers regarding Bitcoin and altcoins movement above their respective resistance levels. Cryptocurrencies such as Ether, BNB and Shiba Inu are also experiencing varying trends, with Shiba Inu affirming strong demand at lower levels.
Bitcoin (BTC) is endeavoring to leverage its progress beyond the significant benchmark of $70,000. This energy was reinforced as spot Bitcoin exchange-traded funds posted the second-largest inflows of $887 million on June 4, according to data from Farside Investors. Coming up, the forthcoming United States Consumer Price Index (CPI) data will be closely monitored by analysts. On May 15, a 0.1% decline in the CPI triggered a 7% surge in Bitcoin within the next five days. Markus Thielen, head of research at 10x Research, posits that if the annual CPI is 3.3% or under, Bitcoin could hit a fresh record high.
Fidelity Investments' digital assets strategist, Matt Horne, posited in a CNBC report on June 4 that investors should contemplate an allocation of between 1-5% to Bitcoin. This investment could offer a safeguard, even if Bitcoin dropped to zero, but should Bitcoin's trajectory remain upward, the portfolio would benefit. So, can buyers propel Bitcoin and certain altcoins past their respective resistance levels? Examination of the charts of the top ten cryptocurrencies may provide some answers.
Bitcoin's value broke through, closing above the symmetrical triangle pattern on June 4, showing a tilt in favor of buyers. As the 20-day exponential moving average ($68,135) gradually rises, and the relative strength index (RSI) resides in the positive zone, it suggests the bulls have the upper hand. The BTC/USDT pairing may well soar to $73,777, likely to be tough resistance. If the price abruptly descends from $73,777, it could prolong the range-bound trajectory for several more days. Nevertheless, should it break above $73,777, it paves the way for a surge to both $80,000 and then $88,000.
Ether (ETH) has hovered within a narrow band near the pivotal support of $3,730, revealing that while bulls are maintaining this level, a powerful rebound is yet to come. Should the price plummet and break below the 20-day EMA ($3,652), it indicates the bulls are conceding, potentially sparking a dip to the 50-day simple moving average ($3,310) and potentially further to $2,850. Alternatively, if the price takes a leap from its current position, this will suggest bullish strength, while a break and closure above $4,100 will signal the resurgence of the uptrend. The ETH/USDT pair could then rocket to $4,868.
BNB (BNB) leapt above the $635 resistance on June 4, wrapping up its ascending triangle pattern. With sustained bullish buying, the price topped the $692 resistance on June 5. If the buyers maintain this high position, the BNB/USDT pair may extend to the pattern target of $775. After surpassing a stout overhead resistance level, the price typically falls to retest the breakout level. The bears will attempt to draw the price to $635. Should buyers convert this level to support, the uptrend may reignite. However, a slide below the uptrend line will be a win for the bears.
Shiba Inu (SHIB) was under threat of slipping below the support line on June 4, but robust buying activity at lower levels confirmed by the candlestick’s long tail indicates substantial demand. Bulls aim to thrust the price above the superior resistance of $0.000030. If achieved, the SHIB/USDT pairing could solidify a bullish ascending triangle pattern, leading to a potential advance toward the resistance level of $0.000039. A minor holdup at $0.000033 could soon be crossed. The support line is a pivotal level to monitor as a slide below could see the pair dropping to $0.000018.
Published At
6/5/2024 7:23:00 PM
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