Bitcoin Tops $70K; Spotlight Shifts to Ether and Other Cryptos Amid Market Changes
Summary:
After a three-day battle, Bitcoin (BTC) overcomes the key psychological mark of $70,000. Ether (ETH) is gaining attention as analysts expect a rally following the approval for spot Ether ETFs. Other cryptocurrencies such as BNB, Solana, XRP, Dogecoin, and Cardano are also showcased, with their current scenarios and potential trends in the market. Despite giving a detailed overview of the market, the article suggests readers conduct their own research due to inherent risks.
After a struggle spanning three days, Bitcoin (BTC) topped the psychological $70,000 mark on May 27, indicating that despite some analysts' skepticism of any imminent breakthrough, the bulls continue to maintain control. Rekt Capital highlights the typical 160-day length of the post-halving re-accumulation phase, which suggests Bitcoin may hover at its current level for a while longer.
Shifts in the cryptocurrency market have led to an increased focus on Ether (ETH) following the approval of spot Ether exchange-traded funds (ETFs) and Bitcoin’s lukewarm performance. Major analysts are backing Ether to rally as predicted by Arthur Cheong, the founder of DeFiance Capital. Industry experts also favor altcoins, predicting they are set to catch up to Bitcoin and Ether in the market.
The S&P 500 Index (SPX) has maintained its level above 5,265 since May 15, signs that the bulls are eager to flip this into support. The upward trend of the 20-day exponential moving average (5,233) and the relative strength index (RSI) in a positive range, signify the advantageous position of the bulls. The index could take off towards 5,500 if buyers can overcome the 5,350 barrier.
Meanwhile, the U.S. Dollar Index (DXY) has found its recovery blocked by moving averages and the bears appear poised to bring the price down to the ascending channel's support line. A break below this line could trigger a negative trend which could see the index tumble to 103.17 and possibly even 102.35.
Bitcoin demonstrated resilience by bouncing off the 20-day EMA ($66,798) on May 24 and exceeding the $70,000 mark on May 27, a sign that the bulls are shoring up their control.
Ether gained traction from $3,730 on May 26, hinting at the level being transformed into a support zone by the bulls. If the price holds above $3,950, the ETH/USDT pair could possibly rally to the stiff overhead resistance of $4,100 and even surge to $4,868.
BNB (BNB) has struggled to challenge the $635 resistance but has stayed above the moving averages for several days, pointing towards the bulls holding the upper hand. Solana (SOL) too has hovered around the breakout $162 level suggesting a relative lack of demand at higher levels.
XRP (XRP) initiated a bounce off the 20-day EMA ($0.52) on May 24 but seems to lack sufficient momentum to consolidate it, hinting at the strength of the bear’s holding.
Dogecoin (DOGE) has been hovering near the $0.17 mark for some time, reflecting a standoff between the bulls and the bears. The upside seems to hold the least resistance, given the upward trend of the 20-day EMA ($0.16) and the RSI of above 58.
Lastly, Cardano (ADA) has seen its prices balance between supply and demand, forming a symmetrical triangle pattern in the process. If the price follows the support line, the ADA/USDT pair could fall sharply towards the next $0.35 support. If the price turns upwards, however, the pair could break free from the triangle and aim for $0.62.
As this roundup of cryptocurrency trends and predictions does not provide recommendations or investment advice, readers are advised to undertake their own research and consider the inherent risk involved before making any investment or trading decisions.
Published At
5/27/2024 9:09:48 PM
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