Bitcoin's price is facing resistance near its 50-day SMA, suggesting that it might continue to trade within a certain range for a few more days. To better understand the key resistance levels for major altcoins like Bitcoin and XRP Coin, crypto analyst Rakesh Upadhyay has analyzed the charts.

Bitcoin was able to surpass the 20-day EMA ($63,556) after a brief pause. However, the bulls were unable to break through the 50-day SMA ($65,937). Both moving averages have leveled off, and the RSI is close to the midpoint, indicating a period of range-bound trading in the near future.

Ethereum broke above the 20-day EMA ($3,143) on May 6. Nonetheless, the long wick on the candlestick signals significant selling pressure from bears. These sellers are expected to strengthen their position and push the price down towards the critical support level at $2,850.

In summary, Bitcoin and major altcoins are encountering important resistance levels. Rakesh Upadhyay has analyzed the charts for Bitcoin, Ethereum, Binance Coin, and Solana to provide insights for traders.