Bitcoin Holds Above $69,000, Can Altcoins Like BNB, TON, FIL, and INJ Follow Suit?
Bitcoin (BTC) is currently trading around $69,577, down from its recent intra-week high of $72,000. Despite the pullback, bulls are determined to keep the price above the crucial $69,000 level. While Bitcoin hasn’t broken through resistance yet, significant buying pressure suggests traders anticipate further gains.
This week saw roughly $1.7 billion flow into spot Bitcoin exchange-traded funds (ETFs), pushing total investments to $15.5 billion. This strong inflow indicates investor confidence in an upcoming price increase. However, a brief price drop on June 7th dragged several altcoins (alternative cryptocurrencies) down with it. Analyst Daan Crypto Trades noted a $1.3 billion drop in Bitcoin’s open interest and an $800 million decline in Ether’s during this dip.
Despite the temporary setback, some analysts like QCP Capital believe Bitcoin and Ether could reach local lows soon, potentially benefiting from future actions by the Federal Reserve. So, will Bitcoin stay above $69,000 and trigger a wider market rally? Let’s explore the technical charts of five promising cryptocurrencies:
Bitcoin (BTC):
Bitcoin’s sharp decline from $72,000 on June 7th indicates resistance from bears at higher levels. However, the price finds support at the 20-day exponential moving average (EMA) of $68,603, suggesting bulls are buying the dip. A strong rebound off this level could propel Bitcoin towards $73,777 and potentially even $80,000 or $88,000. Conversely, a drop below the 20-day EMA would signal a bearish shift, potentially dragging the price down to the 50-day simple moving average (SMA) of $65,807.
Binance Coin (BNB):
BNB started correcting from $722 on June 6th, likely due to short-term profit-taking. The key support level to watch is the 20-day EMA of $639. If bulls can push the price back up from here, it suggests continued positive sentiment and potential for a return to the uptrend. A breakout above the resistance level of $635 could lead BNB towards $775.
Toncoin (TON):
The repeated failure to hold above $7.67 may have enticed short-term traders to sell TON. However, a positive sign emerges as the price finds support at the 20-day EMA of $6.80. A reversal from this level could see another attempt to overcome the $7.67 hurdle. If successful, TON could surge towards $10. Conversely, a drop below the current level or the 20-day EMA suggests a potential decline to $6.
Filecoin (FIL):
FIL has been consolidating between $5 and $6.77 for several days, indicating a potential base formation. Bulls attempted to break above resistance on June 7th, but the long upper wick on the candlestick suggests strong bearish opposition. A positive sign is that buyers were able to prevent a deeper pullback at the moving averages. A breakout above $6.77 could trigger a new uptrend, potentially reaching $8.54 or even $9.35.
Injective (INJ):
INJ has formed an ascending triangle pattern, suggesting a potential breakout if the price closes above $29.93. The rising 20-day EMA and positive RSI reading indicate a slight advantage for bulls. A confirmed breakout could propel INJ towards $36.50 and eventually to the pattern target of $41.74. However, a break below the support line could lead to a drop down to $18.
Conclusion
While Bitcoin is currently holding above $69,000, a confirmed breakout is needed to trigger a broader altcoin rally. The technical analysis of BNB, TON, FIL, and INJ reveals potential for upward movements if they can overcome their respective resistance levels. However, continued bearish pressure could lead to pullbacks in these altcoins.
