Main Highlights:
Large sell-offs by whales, rather than a shift in BTC’s market structure, primarily drive Bitcoin sales.
Ether and BNB continue to show strength on the charts despite recent market downturns.
Bitcoin (BTC) bulls are defending the $110,530 support level, although bears are maintaining pressure. CoinShares reported a significant $1 billion in net outflows from BTC exchange-traded products last week.
Investor interest appears to be transitioning from BTC to Ether (ETH), with ETH ETPs seeing $2.5 billion in inflows month-to-date, compared to BTC’s $1 billion in outflows.
Data from crypto intelligence firm Arkham, shared on X by Lookonchain, revealed that a whale entity deposited approximately 22,769 BTC ($2.59 billion) to Hyperliquid (HYPE) for selling and subsequently acquired 472,920 $ETH ($2.22 billion) through spot purchases, also opening a long position of 135,265 $ETH ($577M).
Conversely, Michael Saylor’s strategy, linked to the world’s largest public BTC holder, saw the purchase of 3,081 BTC for $356.9 million, increasing the firm’s BTC holdings to 632,457 BTC, as detailed in a US Securities and Exchange Commission filing on Monday.
Will buyers keep BTC above its vital support? Could ETH’s strength spark an altcoin surge? Let’s delve into the charts of the top 10 cryptocurrencies to discover more.
Predictions for the S&P 500 Index
The S&P 500 Index (SPX) sharply rebounded from the 20-day exponential moving average (6,392) on Friday, indicating strong buying on dips.
Buyers aim to reinforce their position by pushing the price past 6,581. Success in this effort could lead the index to 6,696.
While the trend remains upward, the relative strength index (RSI) shows signs of negative divergence, indicating weakening bullish momentum. Bears need to push the price below the 20-day EMA to intensify selling, which could result in a drop to the breakout level of 6,147.
Predictions for the US Dollar Index
The US Dollar Index (DXY) climbed above the moving averages on Thursday, but the elevated levels attracted significant selling from bears.
The moving averages are gradually sloping down, and the RSI sits just below the midpoint, suggesting a slight advantage for bears. If the price dips below 97.50, it may target 97 and then 96.37.
Buyers need to quickly push the price back above the 99 level to indicate strength. If successful, the index could rise to 100.50, where more selling is anticipated. However, if buyers penetrate the 100.50 resistance, a rally to the 102 level may follow.
Bitcoin Price Prediction
BTC approached the crucial support of $110,530 on Monday, but an encouraging sign is that bulls defended this level.
Any attempts to recover will likely face strong selling around the 20-day EMA ($115,639). A downturn from the 20-day EMA increases the risk of breaking below the $110,530 support. If this occurs, the BTC/USDT pair could plunge to $105 and then to the psychological level of $100,000.
On the other hand, a break above $117,500 may indicate a potential range formation, allowing Bitcoin’s price to oscillate between $110,530 and $124,474 for a while.
Ether Price Prediction
ETH surged to a record high of $4,956 on Sunday, though bulls could not maintain momentum at these elevated levels.
The price pulled back on Monday, indicating profit-taking by short-term traders. The ETH/USDT pair may drop to the 20-day EMA ($4,349), a key level to monitor. If the price rebounds strongly off this level, the bulls will likely make another attempt to propel the pair above $5,000. Should they succeed, Ether’s price might rise to $5,500.
Conversely, a break below the 20-day EMA could push Ether’s price to crucial support at $4,060.
XRP Price Prediction
XRP (XRP) has established a descending triangle pattern, which will conclude upon a break and close below $2.73.
The slightly declining 20-day EMA ($3.04) and an RSI just below the midpoint provide no clear advantage to either bulls or bears. If the price declines from the 20-day EMA, sellers will attempt to drive XRP below $2.73, potentially causing it to plummet to $2.33.
This bearish setup will be negated if the price breaks and closes above the downtrend line, allowing XRP to climb to $3.40 and then to $3.66.
BNB Price Prediction
BNB (BNB) skyrocketed to a new all-time high on Friday, signaling strong control by the bulls.
Profit-taking near $900 pulled the price back to the breakout level of $861, a critical level to watch. If the price rebounds from $861 and breaks above $900, the BNB/USDT pair could soar towards $1,000.
For sellers to weaken bullish momentum, they need to drive and maintain the BNB price below the 20-day EMA ($838), which could lead to a deeper correction toward the 50-day SMA ($779).
Solana Price Prediction
Solana (SOL) is encountering resistance at the $210 level, yet a positive indicator is that bulls have remained resilient against bears’ pressure.
The SOL/USDT pair has developed an ascending triangle pattern, which will complete upon a break and close above $210. In this event, Solana’s price could enter the next phase of its upward movement to $240, and then toward the pattern target of $265.
This optimistic outlook will be invalidated if the price continues to fall and breaks below the uptrend line, resulting in a potential drop to $155, where buyers are likely to engage.
Related: XRP price struggles to surpass $3: Is a breakout imminent?
Dogecoin Price Prediction
Dogecoin (DOGE) rebounded sharply from the $0.21 support on Friday and broke above the 20-day EMA ($0.22), though bulls could not maintain higher levels.
The flat 20-day EMA and RSI near the midpoint indicate a balance between supply and demand, likely keeping the DOGE/USDT pair within the range of $0.21 to $0.26 for several days.
A break and close above $0.26 would be the first sign of strength, potentially pushing Dogecoin’s price to $0.29. If it breaks above $0.29, a rally to $0.35 could occur. Conversely, a decline below $0.21 may sink the pair 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 face challenges in sustaining higher levels.
Both moving averages are trending upward, indicating a higher likelihood for buyers, yet the RSI’s negative divergence suggests that upward momentum is fading. Should the price close below the 20-day EMA, the risk of dropping below the 50-day SMA ($0.80) will increase, potentially leading the ADA/USDT pair to fall to $0.70.
To resume upward movement toward $1.17, buyers need to push Cardano’s price above the $1.02 resistance level.
Chainlink Price Prediction
Chainlink (LINK) encountered resistance at $27 on Saturday, demonstrating that bears are fiercely defending this level.
Sellers will attempt to drive the price down to the 20-day EMA ($23.37), a key level to observe. If the LINK/USDT pair rebounds with strength from this moving average, bulls will likely make another effort to overcome the overhead barrier. Success could see Chainlink’s price surge to $31.
Conversely, a break and close below the 20-day EMA suggests that bulls may be retreating, potentially intensifying the correction to $20.84.
This article does not provide investment advice or recommendations. All investments and trading activities carry risks, and readers should conduct their own research prior to making decisions.
