Key points:
Bitcoin sales are primarily driven by significant transactions from whales, rather than changes in BTC’s market dynamics.
Even amidst a market downturn, Ether and BNB show robust performance on the charts.
Bitcoin (BTC) bulls are holding onto the $110,530 support level, but bears continue to apply pressure. CoinShares reported a staggering $1 billion in net outflows from BTC exchange-traded products last week.
Investor focus appears to be shifting from BTC to Ether (ETH). So far this month, ETH ETPs have seen inflows of $2.5 billion, while BTC experienced $1 billion in outflows.
Data from crypto intelligence provider Arkham, shared on X by analytics account Lookonchain, revealed that a whale entity deposited approximately 22,769 BTC ($2.59 billion) to Hyperliquid (HYPE) for sale, and subsequently acquired 472,920 $ETH ($2.22 billion) in spot and established a long position of 135,265 $ETH ($577M).
In contrast, Michael Saylor’s Strategy, the largest public BTC holder globally, purchased 3,081 BTC for $356.9 million, increasing the firm’s BTC holdings to 632,457 BTC, as disclosed in a US Securities and Exchange Commission filing on Monday.
Can buyers keep BTC above this critical support level? Will ETH’s resilience spark an altcoin rally? Let’s delve into the charts of the top 10 cryptocurrencies to explore further.
S&P 500 Index price prediction
The S&P 500 Index (SPX) rebounded sharply from the 20-day exponential moving average (6,392) on Friday, indicating strong buying on dips.
Buyers will aim to solidify their position by driving the price above 6,581. If successful, the index could potentially rally to 6,696.
Although the trend is upward, the relative strength index (RSI) indicates a negative divergence. This suggests that bullish momentum is waning. Bears will need to pull and maintain the price below the 20-day EMA to catalyze further selling, which could lead to a downturn to the breakout level of 6,147.
US Dollar Index price prediction
The US Dollar Index (DXY) climbed above the moving averages on Thursday, but higher levels drew significant selling from bears.
The moving averages are gradually sloping downward, and the RSI remains below the midpoint, suggesting a slight advantage for the bears. If the price falls below 97.50, the next target could be 97, followed by 96.37.
Buyers must quickly push the price back above the 99 mark to indicate strength. The index might then rise to 100.50, where bears are anticipated to reappear. However, if buyers break past the 100.50 resistance, the rally could extend to the 102 level.
Bitcoin price prediction
BTC approached the critical support of $110,530 on Monday, but a positive takeaway is that the bulls managed to hold that level.
Any recovery attempts are likely to encounter heavy selling at the 20-day EMA ($115,639). If the price declines from the 20-day EMA, the risk of breaching the $110,530 support escalates. If this occurs, the BTC/USDT pair could drop to $105 and then to the psychological level of $100,000.
In contrast, if the price surges above $117,500, it indicates a potential range formation. Bitcoin could then fluctuate between $110,530 and $124,474 for a while.
Ether price prediction
ETH reached a new all-time high of $4,956 on Sunday, though bulls couldn’t maintain the elevated levels.
The price pulled back on Monday, suggesting profit-taking by short-term traders. The ETH/USDT pair may drop to the 20-day EMA ($4,349), which is a crucial level to monitor. If the price rebounds strongly from the 20-day EMA, bulls may attempt to drive the pair above $5,000. If successful, the Ether price could skyrocket to $5,500.
Conversely, if it breaks below the 20-day EMA, the price could plunge to vital support at $4,060.
XRP price prediction
XRP (XRP) has formed a descending triangle pattern, which will be finalized with a break and close below $2.73.
The gently declining 20-day EMA ($3.04) and the RSI just below the midpoint do not favor either bulls or bears. Should the price retreat from the 20-day EMA, sellers will likely make another effort to push XRP below $2.73. If successful, the pair could tumble to $2.33.
This bearish setup will be negated if the price breaks and closes above the downtrend line. In that case, XRP could rise to $3.40 and then to $3.66.
BNB price prediction
BNB (BNB) surged to a new all-time high on Friday, demonstrating that bulls are firmly in control.
Profit-taking near $900 caused the price to retract to the breakout level of $861, which is a significant level to observe. Should the price rebound from $861 and exceed $900, the BNB/USDT pair could soar toward $1,000.
Sellers need to pull and hold the BNB price below the 20-day EMA ($838) to weaken bullish momentum. This could allow a deeper correction to the 50-day SMA ($779).
Solana price prediction
Solana (SOL) is facing resistance at the $210 mark, yet bulls have managed to hold their ground against the bears.
The SOL/USDT pair has formed an ascending triangle pattern, which will finalize upon a break and close above $210. If this occurs, Solana’s price could initiate the next uptrend to $240 and potentially to the pattern target of $265.
This optimistic outlook will be invalidated in the short term if the price drops further and breaches the uptrend line. In that case, the pair could fall to $155, where purchasing is expected to happen.
Related: XRP price fails to overcome $3: Is a breakout still possible?
Dogecoin price prediction
Dogecoin (DOGE) sharply rebounded from the $0.21 support on Friday and climbed above the 20-day EMA ($0.22). However, bulls couldn’t maintain higher levels.
The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand, potentially keeping the DOGE/USDT pair in the $0.21 to $0.26 range for several more days.
A break and close above $0.26 would be the first indication of strength, possibly leading Dogecoin’s price to $0.29. A subsequent break above $0.29 may pave the way for a rally to $0.35. Conversely, a drop below $0.21 could result in a decline to $0.19 and then to $0.16.
Cardano price prediction
Cardano (ADA) bounced off the 20-day EMA ($0.86) on Friday, but bulls are finding it hard to maintain elevated levels.
Both moving averages show an upward slope, indicating a buyer’s advantage, but a negative divergence on the RSI implies that the upward momentum may be slowing. Should the price close below the 20-day EMA, the risk of falling below the 50-day SMA ($0.80) grows. The ADA/USDT pair may then decline to $0.70.
Buyers need to push the Cardano price above the $1.02 resistance to resume the uptrend towards $1.17.
Chainlink price prediction
Chainlink (LINK) dropped from $27 on Saturday, demonstrating that bears are strongly defending this level.
Sellers will attempt to bring the price down to the 20-day EMA ($23.37), which is a key level to watch. If the LINK/USDT pair bounces off the 20-day EMA strongly, bulls will make another effort to surpass the overhead resistance. If successful, Chainlink could soar to $31.
Conversely, a break and close below the 20-day EMA would indicate that bulls are fleeing the scene, potentially leading to a deeper correction to $20.84.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
