Bitcoin has dipped over 4% this week, facing resistance near $70,000. However, investors seem to be viewing this as a buying opportunity. Market intelligence firm Santiment reported a surge in Bitcoin buying on X after a price drop to $66,600, while selling interest remained low.
While Bitcoin seeks short-term stability, Ether is attempting to rebound after falling below $3,400 on June 14th. Solid buying at these lower levels could be driven by the anticipated launch of spot Ether exchange-traded funds (ETFs) as early as July 2nd, according to Bloomberg ETF analyst Eric Balchunas.
Bitcoin’s recent weakness has pressured altcoins, causing many to fall near or below support levels. However, if Bitcoin stages a comeback, select altcoins could see renewed buying interest at these lower prices.
Can Bitcoin Spark a Market-Wide Rally?
Here’s a closer look at the top five cryptocurrencies showing potential for growth based on technical analysis:
Bitcoin (BTC):
- Briefly dipped below the 50-day simple moving average ($66,147) on June 14th, indicating buyer support at this level.
- The 20-day exponential moving average ($67,863) and the relative strength index (RSI) suggest a slight bearish advantage.
- A break below the 50-day SMA could signal a deeper correction towards $60,000.
- Retaking the 20-day EMA could pave the way for a potential rally to $72,000.
Ether (ETH):
- Sharply rebounded off the 50-day SMA (3,415) on June 14th, indicating buying interest at lower prices.
- The 20-day EMA ($3,612) is a key level to watch. Surpassing this level could suggest an end to the correction.
- A potential price drop below the 50-day SMA could trigger a decline to $2,850.
Toncoin (TON):
- Recently completed a bullish ascending triangle pattern with a breakout above $7.67 on June 13th.
- A price rebound from $7.67 would suggest bullish control, potentially leading to a rise towards $10.
- Conversely, a drop below $7.67 could indicate a rejected breakout, leading to a potential decline towards the uptrend line (critical support for bulls).
Uniswap (UNI):
- Bounced off the 50-day SMA ($9) on June 12th and reached the $12 resistance level on June 15th.
- The 20-day EMA is turning upward, and the RSI is positive, suggesting a potential upside move.
- Overcoming the $12 resistance could lead to a rally towards $13.34 and potentially $15.
Monero (XMR):
- Enjoyed a recent price increase, with buying accelerating after surpassing the $153 resistance.
- The bulls are defending the 20-day EMA ($163), suggesting buying on dips and a potential breakout above $180.
- A price drop below the 20-day EMA could lead to a decline towards the $153 support level.
Overall, the cryptocurrency market awaits Bitcoin’s next move. A resurgence in Bitcoin’s price could trigger positive momentum in several altcoins.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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