BNB, AR, XMR, TIA expected to rally — will Bitcoin surpass $70,000 be the trigger?
Bitcoin (BTC) faces resistance above the psychological barrier of $70,000, but the positive sign is that the bulls haven’t given up much ground to the bears. Bitcoin price fell slightly by less than 1% this week.
Bitcoin’s range restrictions over the past few days have not hindered investments in spot Bitcoin exchange-traded funds. Data from Farside Investors shows net inflows of more than $2.1 billion into Bitcoin ETFs since May 14. This indicates that investors are accumulating Bitcoin in anticipation of an upward trend.
Veteran trader Peter Brandt is bullish on Bitcoin in relation to gold over the long term. Brandt posted on He said he could record it. Currently, each Bitcoin is worth about 29 ounces of gold.
Could Bitcoin break out of its critical support level and push the cryptocurrency market higher? Let’s take a look at the chart of the top five cryptocurrencies that could lead to a recovery.
Bitcoin Price Analysis
Bitcoin fell below the support line of the symmetrical triangle pattern on May 31, but the bears were unable to sustain the lower levels. This means the bulls are continuing to buy on the downside.
Bulls must push price above the triangle and hold it there to gain the upper hand. That could push the BTC/USDT pair up to the overhead resistance of $73,777. Bulls may find it difficult to overcome this barrier. But if that happens, the pair could skyrocket to $80,000.
Conversely, if bulls fail to achieve a strong bounce from current levels, a decline below the triangle becomes more likely. The pair could then fall to the 50-day simple moving average ($64,956) and then to $61,000.
Bitcoin traded between the 50-SMA and the support line of the symmetrical triangle pattern. Bears try to strengthen their positions by pushing the price below support. If that happens, the pair could plummet towards the pattern target of $61,500.
Instead, when the price rises above the moving average, it means that the bears are losing control. The BTC/USD pair may rise to the resistance line of the triangle, where bears are expected to show strong defense. However, if the bulls win, the pair could resume its journey to $73,777.
BNB price analysis
BNB (BNB) has been trading above its moving averages for the past few days, indicating that bulls are aggressively defending the levels.
The bulls will try to push the price up to the overhead resistance of $635. This is an important resistance line to watch out for, as a break and close could begin the next leg of the uptrend towards the pattern target of $775.
Contrary to this assumption, if the price declines and falls below the rising trend line, the ascending triangle pattern becomes invalid. This could accelerate the selling and push the BNB/USDT pair down to $536.
The pair has risen above the moving average, which indicates that the bulls are trying to rally. There is some resistance at $615, but if it breaks above this level, BNB price could reach $635. The 20 exponential moving average is gradually rising and the relative strength index (RSI) is in positive territory, giving the bulls a slight edge.
This optimistic outlook is invalidated in the short term if the price declines and falls below the rising trend line. This could trigger a deeper correction towards $560 and later towards $536.
Arweave price analysis
Arweave (AR) bounced strong off its 50-day SMA ($37.58), indicating aggressive buying at low levels.
Bulls are likely to face strong resistance in the $47.51-$50 area, but the rising 20-day EMA ($41.84) and RSI in positive territory suggest that the path of least resistance is upwards. A break above $50 completes the inverted head and shoulders pattern, opening the door to a new uptrend. The pattern target for this setup is $72.
Conversely, if the price falls in the overhead area, it would be a sign that the downtrend is not abating. The AR/USDT pair may slip towards the moving average line, which is likely to act as a strong support line. The bears would need to take the price below $36 to take control.
The price declined from the overhead resistance at $47.51 but found support at the 20-EMA on the 4-hours chart. This suggests that the bulls are trying to defend the 20-EMA. The bulls will once again attempt to overcome the overhead hurdles. If successful, the pair is likely to gain momentum and surge to $57.
If we want to stop the downtrend, we need to pull AR price below the moving average. Doing so could weaken the bullish momentum and push the price down to $37.
Related: 3 signs that Ethereum price will finally hit $4,000 in June
Monero price analysis
Monero (XMR) has been on a steady upward trend over the past few days. XMR price rose above the downtrend line on June 1st, indicating that the correction may be coming to an end.
The bulls are expected to buy the dips towards the 20-day EMA ($140.90), although an upward move could face strong selling near $153.44. Doing so increases the chances of a breakout above overhead resistance. The XMR/USDT pair could then attempt to rise towards $170.
Conversely, if the price declines sharply and breaks below the 20-day EMA, it would be a sign that the bulls are rushing for the exit. This could initiate a deeper correction towards the 50-day SMA ($130.80).
Looking at the 4-hours chart, we see that the pair is gradually moving higher, but bulls are likely to face strong resistance at $153.44. If the price declines from $153.44 but finds support at the moving average, it is a sign that sentiment remains bullish. The buyer then makes one more attempt to overcome the overhead barrier.
On the downside, moving averages are a key support level to watch out for. A close below the 50-SMA could signal the start of a deeper correction. The pair could fall to $137 and then fall to $130.
Celestia Price Analysis
Celestia (TIA) has been hovering above its moving averages for the past few days, suggesting that the bulls are trying to initiate a new upward move.
The moving averages have completed a bullish crossover and the RSI is in positive territory, a sign that the bulls are in favor. Buyers would need to push the price above the $12.02 to $12.90 overhead area to signal the start of a new upward move. The TIA/USDT pair may rise to $15.50 and later to $18.50.
If the bulls fail to push the price above the overhead zone, it suggests that the bears are active at higher levels. A drop below the moving average could keep the pair in range for some time.
Looking at the 4-hour chart, we see that the price has fallen from the short-term resistance level of $11.60 and reached the 20-EMA. A strong bounce in the 20-EMA would suggest lower levels of demand. The pair may then rise to the resistance level of $12.02.
Instead, if the price continues to fall below the 20-EMA, it would be a sign that the bullish momentum is waning. Afterwards, the pair may decline towards the 50-SMA, which is likely to act as strong support.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
