The failure of bears to push and keep Bitcoin below $60,000 attracted buyers pushing the price toward range resistance. While the current upward movement doesn't guarantee a breakout from the range, it lessens the chances of a sharp correction in the near future.
Bitcoin's recovery has surged daily volumes in the U.S. spot Bitcoin exchange-traded funds to $5.65 billion, marking the highest level since March 24. Professional firms invested $11.06 billion in spot Bitcoin ETFs, making up 18.7% of total assets under management by March 31.
Institutional investors joining Bitcoin is a positive development, as investors waiting on the sidelines could enter on dips, potentially limiting downside movement in the short term.
Would Bitcoin and selected altcoins extend their upward movement? Let's examine the charts of the top 10 cryptocurrencies to determine.
Bitcoin Price Analysis
Bitcoin surged above the moving averages on May 15, with the bulls successfully defending this level during the retest on May 16. The 20-day exponential moving average ($63,507) has started rising gradually, and the relative strength index (RSI) is in positive territory, indicating a slight edge for the bulls. A minor resistance lies at $68,000, expected to be surpassed. Further upside could see the BTC/USDT pair head towards stiff overhead resistance at $73,777.
A reversal from $68,000, breaking below moving averages would indicate bears dominating relief rallies, keeping the pair range-bound between $68,000 and $56,500.
Ether Price Analysis
Ether saw a bullish return, as the bears couldn't push the price below the strong support at $2,850. The ETH/USDT pair might touch the resistance line of the descending channel pattern, where sellers are likely to resist. Alternatively, a break above the channel would signal an end to the downtrend, possibly testing $3,400 and $3,730.
BNB Price Analysis
BNB dropped below moving averages on May 14 but found support at the symmetrical triangle pattern's support line. The BNB/USDT pair is gearing up for a potential breakout from the triangle. Downward movement below the triangle could lead the price to $536 and $495, while an upward breakout would see resistance around $635 and $692.
Solana Price Analysis
Solana turned sharply on May 15, rising above moving averages. Buyers pushed the price above $162, aiming for a rally towards $185 and $205. Bears need to prevent the upside by dragging the price below moving averages and gaining strength below $140.
XRP Price Analysis
XRP is looking to rise towards the 50-day SMA ($0.54), suggesting reduced selling pressure. A possible rally to $0.57 may occur if the 20-day EMA support holds, but bears could push the price to $0.46 if the 50-day SMA and 20-day EMA break.
Toncoin Price Analysis
Toncoin bounced off the 20-day EMA ($6.34) but struggles to sustain the recovery. Further attempts to break the 20-day EMA could maintain the pair within $4.72 and $7.67. A strong move upwards could retest $7.67 and rise to $9.
Dogecoin Price Analysis
Dogecoin has been indecisive, trading within $0.17 and $0.12. Maintaining above the 20-day EMA could lead to a challenge of $0.17 resistance, otherwise breaking below could result in a fall to $0.12 support.
Note: This text does not offer investment advice. Readers should conduct their research before making investment decisions.
