Bitcoin just ended June trading above the $104,500 vital support level, signaling that buyers intended to maintain it at higher levels. Interestingly, BTC also closed the month in green. According to data from CoinGlass, the last time the coin ended June on a positive note was in 2020.
While Bitcoin has failed to rally above the all-time high ($111,750), that hasn’t discouraged investors from injecting funds into the market. CoinShares reported on Monday that over $2.2 billion was channeled into Bitcoin ETFs last week.
Additionally, companies are still buying BTC, with the latest purchase made by Strategy. The Michael Saylor-led tech firm has acquired 4,980 Bitcoin for $531 million. Metaplanet, on the other hand, purchased 1,005 BTC for $108 million on June 27th.
So, can the bulls sustain Bitcoin above $104,500, or should we expect the bears to pull the coin to lower levels? And if the bears succeed, which key barriers will the bulls look to protect? Let’s analyze the charts to find out.
Bitcoin Price Analysis
Although there has been significant selling pressure near $108,000, the bulls haven’t allowed the bears to tug Bitcoin below the 20-day Exponential Moving Average of $106,062. If that critical level doesn’t collapse, the chances of a surge to $111,750 will be boosted. In addition, Bitcoin’s price might rally to $115,000 in case $111,750 gives way.
Conversely, a drop below the 50-day Simple Moving Average of $105,897 would put $104,500 at risk of collapsing. If Bitcoin plummets below that support, then a move to $100,170 would seem likely.
Ethereum Price Analysis
Short-term traders have been booking profits near the 50-day Simple Moving Average of $2,531, indicating their determination to keep Ethereum at lower prices. The good news is that the 20-day Exponential Moving Average of $2,462 hasn’t been violated, meaning the bulls intend to limit the downtrend.
However, if $2,462 fails to hold, ETH could plunge to the $2,374 support and then to $2,300, where increased buying is expected. From a bullish point of view, a sustained jump above $2,531 gives room for a surge to $2,724 and later to $2,874.
BNB Price Analysis
BNB’s rally to $653 means that the bulls have successfully caused a breakout from the descending channel pattern, indicating the end of the price correction phase. If the buyers thrust and maintain the asset above the 50-day Simple Moving Average of $658, we may see a solid rally to $685 and then to $701.
That positive view, however, will be invalidated if BNB enters the descending channel pattern and closes below $637. As such, we can assume that the bullish breakout was fake, and we should expect a drop to $620.
Solana Price Analysis
Solana bulls began a recovery rally from $140.12 on June 25th, pushing the coin above the 20-day Exponential Moving Average of $147.63 to $152 at press time. They now target the 50-day Simple Moving Average of $159, where the bears could start taking profits. However, if no selling occurs, SOL will likely climb toward the $184.93 resistance.
On the contrary, if the bears apply pressure at $159, then $147.63 could be the next stop for Solana. Furthermore, the bulls’ failure to buy at $147.63 could cause a drop to $140.12 and subsequently to $132.
Hyperliquid Price Analysis
HYPE peaked at $45 in mid-June after the Hyperliquid decentralized exchange became popular among leveraged traders who wanted to move away from centralized exchanges. The coin has witnessed increased profit-booking since then, with its price plunging to $39 as of this writing.
Notably, the 1-day price chart displays a bearish head-and-shoulder pattern, suggesting that the sellers are becoming more dominant. If selling intensifies, the 20-day Exponential Moving Average of $37.24 and the 50-day Simple Moving Average of $34.72 could both collapse, opening the doors for a drop to $30. Conversely, the chances of Hyperliquid rallying to the $50 psychological level could rise massively if the resistance at $45 gives way.
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