BTC started this week on a high, crossing above the $109,000 major resistance after consolidating for about two weeks. The positive move is triggered by rising optimism that the trade talks between China and the United States will yield favorable results in London.
Crypto trader Cas Abbe tweeted on Monday evening that Bitcoin was likely to surpass $111,863, the all-time high, if the two parties closed a deal. In case that rally happens, short trades worth over $15 billion would get liquidated. Conversely, Abbe says an unfavorable outcome from the trade talks could drive Bitcoin to $100,000, resulting in liquidations worth $9.5 billion.
While Abbe is optimitic that BTC will hit a new all-time high in June due to the possible China-US trade deal, analysts at Swissblock, on the other hand, see a downtrend to $103,000 this month before any massive rally happens.
So, which key levels do we need to monitor if Bitcoin rallies or plunges in the coming days? Let’s find out by exploring the charts.
Bitcoin Price Analysis
The bulls’ determination to keep Bitcoin above the 20-day Exponential Moving Average of $105,244 bore fruit on June 9th, as the coin surged to $110,082. However, it has since corrected to $109,186 at press time. If the bullish momentum persists, $111,863 could be violated, with the buyers targeting $113,000. Furthermore, sustained buying pressure above $113k could trigger a rally to $146,000.
Alternatively, BTC risks hitting the $98,780 support if the bears drag it below $105,244. However, we don’t expect the asset to trade below $100,000 for long, considering that institutional demand for Bitcoin is growing.
Ethereum Price Analysis
While Ethereum has mirrored Bitcoin’s price action over the past 24 hours, the gains haven’t been enough to fuel a breakout at the $2,735 resistance, suggesting that the bears are keen on maintaining the asset in the $2,327 – $2,735 trading range.
However, if the bulls break that barrier, Ether could witness its price rise to $2,900 and later to $3,150, where profit booking is anticipated. On the bearish side, $2,327 could collapse if the 20-day Exponential Moving Average of $2,518 gives way. As such, a downtrend to the 50-day Simple Moving Average of $2,274 seems likely.
XRP Price Analysis
Like Ethereum, XRP has yet to witness a breakout. It continues to trade in the $2 -$2.64 range, suggesting a balance between the bears and the bulls. However, if a rally above the 50-day Simple Moving Average of $2.286 happens, the bulls could become stronger, pushing XRP above $2.64 and subsequently triggering a move to $3.
On the other hand, a drop below the 20-day Exponential Moving Average of $2.239 puts the $2 support at risk of collapsing. In that case, XRP could dip massively, reaching the vital support at $1.621.
Solana Price Analysis
After bouncing off the $140.65 support last Thursday, Solana has risen to $159.76, above the 20-day Exponential Moving Average of $158.73. This indicates that the bulls are overpowering the bears, and if buying pressure intensifies, SOL could rally to $184.90 and then to $210, where selling seems likely.
On the contrary, if the $140.65 fails to hold, then the sellers will look to trigger a downtrend to $123 or even to the $110.67 major support.
Dogecoin Price Analysis
DOGE, a meme coin that Elon Musk has openly supported in the past, came under selling pressure on June 5th when the billionaire fell out with US President Donald Trump over the ‘Big Beautiful Bill.’
That day, Dogecoin dropped 10%, hitting a new support at $0.17083. However, lower levels attracted buyers, who have now pushed the asset to $0.1975, above the 20-day exponential Moving Average of $0.19178. Increased buying at the current price could fuel a jump to the 50-day Simple Moving Average of $0.2005 and later to $0.21. Conversely, a fall to $0.16 is likely if the buyers are defeated at $0.17083.
