Bitcoin (BTC) has been trading within a confined $500 range since reaching its record-breaking high of $112,000 on May 22. The stagnated upward momentum for more than three weeks has raised queries regarding the power of the ongoing rally. Is a fall towards $100,000 by the end of June possible?

Bitcoin seems to be courting downside volatility after its failure to maintain above the crucial $106,000 resistance level—an area highlighted by market analyst Michaël van de Poppe as vital for continued upward momentum. His chart illustrates that BTC’s most recent rally attempt was almost instantly rejected after testing the $106,000 resistance, setting off a chain of long-side liquidations and driving the price back to the $104,000–$105,000 region. This unsuccessful breakout mirrors the price pattern from earlier this month when a similar rejection resulted in a steep decline towards $100,000.

If BTC cannot maintain the $105,000 level again, it could revisit the $100,000 liquidity pool by June’s end, posing what Van de Poppe perceives as a buying opportunity, especially if the market intends to eliminate leveraged longs once more.

Adding to the short-term bearish bias, Bitcoin’s weekly chart is indicating a classic bearish divergence between price and momentum. While BTCUSD has been forming higher highs over the past months, the relative strength index (RSI) has been showing lower highs, hinting at diminishing bullish momentum. This kind of divergence often signals trend reversals or significant pullbacks, as it did before the 2021 and mid-2019 market peaks.

However, despite the bearish outlook, at least 30 indicators predict a Bitcoin bull market peak at $230,000. Some industry experts even foresee that the BTC price will exceed $150,000 by the year’s end.

Please note, this article doesn’t provide investment advice or recommendations. Each investment and trading move comes with risk, and readers are advised to do their own research before making a decision.

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The Cumulative Value-Days Destroyed (CVDD) is an on-chain metric which evaluates the total coin-days destroyed when dormant Bitcoin is moved, thereby reflecting the spending habits of long-term holders. A rise in CVDD can indicate significant profit-taking by these holders, often a sign of an overheated market, while decreased CVDD suggests accumulation phases.

According to the chart Martinez provided, leading analytics company CryptoQuant projects Bitcoin’s current CVDD at $34,154 into several layers, each symbolizing different elements of the bull market. The ‘Accessing Tops’ line, for example, extends the CVDD to an upper band that the price has hit at major peaks—currently around $120,000. This suggests the next market peak could be at this level.

Another key layer in CryptoQuant’s CVDD projection is the ‘Accumulating Phase 2’, a support band that has consistently underpinned the price. Currently positioned at $90,000, this represents the first major support level for the bulls.

At the moment, Bitcoin is trading at $103,242. Martinez emphasizes that maintaining the $90,000 support level is crucial for Bitcoin’s bull trend, potentially paving the way for a rise to $120,000.

As of writing, Bitcoin trades at $103,573, a modest market gain of 0.09% from the previous day. However, daily trading volume has dropped by 17.92%, signaling a decrease in market activity. The next resistance level is expected to be around $105,000, but Martinez asserts that a meaningful rally will only occur if the price closes above $107,000. Despite these challenges, bullish sentiments remain buoyant, as demonstrated by the Bitcoin Spot ETFs’ strong performance, with a net inflow of $1.81 billion over the past week.

With a market capitalization of $2.04 trillion, Bitcoin continues to be the most valuable cryptocurrency, comprising about 62.8% of the crypto market.

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XRP Analysis – The Daily Chart

Following a wave of buyers at the crucial 200-day moving average support near $2.1, XRP has climbed towards a decisive resistance zone. This pivotal area includes the top line of the extended wedge pattern at $2.5, which presents a substantial challenge for buyers. A rise above this point, followed by a successful pullback, could kickstart a bullish rally toward Ripple’s peak of $3.4 in the mid-term.

If faced with rejection at this resistance, it’s likely that we’ll see a consolidation phase within the wedge, allowing the market time to regain momentum. Currently, XRP remains trapped between the wedge’s upper limit and the 100-day and 200-day moving averages, awaiting a breakout to set its next major course.

The 4-Hour Chart

On the 4-hour chart, Ripple’s push towards the $2.5 wedge limit signifies increasing bullish pressure. However, the price has encountered a slight rejection at this point, leading to a retracement to the short-term support zone at $2.3. This area is expected to serve as a temporary base.

Currently, XRP is trading within a tight range between the $2.3 support and the wedge’s upper limit. The most likely outcome is a bullish breakout above this structure, which would clear a path for a continuation towards the $3 resistance zone.

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XForceGlobal, a recognized Elliott Wave analyst, recently unveiled a medium-term Elliott Wave dissection of XRP, emphasizing its price progression and wave formation. The analyst’s study suggests that XRP is still on a bullish trajectory, hinting at a solid possibility of an upward thrust towards a $5.4 target.

The price chart illustrates XRP nearing the end of a complicated rectifying pattern, ready to embark on a potent third-wave rally. The ongoing wave configuration suggests a “1-2 scenario” for XRP, with an anticipated Wave 3 set to send its price skyrocketing.

XForceGlobal has highlighted a Fibonacci Retracement zone between the $2.00 and $1.80 range as a promising entry point. The price action demonstrates resilience around this area. The quintessential price level to monitor for XRP is the regional low at $1.60, which serves as a vital support level dictating the crypto asset’s subsequent move.

This support level is pivotal as if XRP’s price sustains above it, its anticipated bullish landscape and present structure remain unbroken. Conversely, a price dip below this point could steer the trend towards bearishness, possibly nullifying the bullish forecast.

With $1.60 serving as a solid support base, XForceGlobal projects that XRP could shortly skyrocket past $3.20 and potentially touch $5.40 in the upcoming months, marking a new ATH for XRP – a 40.63% surge from its current ATH of $3.84.

Bitcoin Benny, another crypto analyst, shares a similar bullish prediction. His technical analysis of XRP on the hourly timeframe charts out its probable price path. According to Benny, XRP exhibits signs of recuperation post a severe market correction at the end of April.

Following a significant high of around $2.3, the cryptocurrency experienced a drastic dip, reportedly bottoming out at approximately $2.125. Here, eager buyers swooped in to stabilize its price. This support level has since held firm, with the XRP price currently consolidating just below this point.

Bitcoin Benny has identified a key resistance level at $2.18, marking this point as a crucial breakout level. If the altcoin can conclusively breach and close above $2.18, Benny anticipates a momentum-fueled rally, potentially propelling XRP to new heights to possibly retest its previous highs.

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As momentum escalates, market players are keenly observing resistance points that could dictate TON’s imminent price behavior. If the buying force persists in its surge, the digital currency might be on the brink of additional gains, possibly probing upper resistance areas.

Can Toncoin’s Upsurge Continue Unabated?

Toncoin’s recent price revitalization has fortified bullish inclination, but whether this upward trend can be sustained is a pivotal concern. The digital currency has successfully secured a solid base above the $2.36 support level. Nevertheless, the continuation of this momentum hinges on an assortment of technical and market variables.

The digital currency is currently preserving its upward momentum as it nears the $4.34 resistance level and the 100-day Simple Moving Average (SMA). This consistent rise signifies burgeoning bullish force, with buyers incessantly driving the price northward despite potential resistance.

A definitive breakout above the $4.34 resistance level could reinforce the existing upward trend, positioning Toncoin towards the $6.13 resistance point. If the buying force remains robust and the price overcomes this crucial level, it could pave the way for a potential trial of its record peak of $7.29.

Technical metrics such as the MACD hint that momentum is favoring the bulls, but intensifying resistance pressure might breed volatility. Sustained buying impetus will affirm the upward trend and propel the price past these pivotal technical obstacles.

Volume analysis also bolsters Toncoin’s upward momentum, with trading volume surging by over 10%, signifying robust market engagement. Should volume continue to escalate in tandem with price evolution, it could substantiate the strength of the upward trend and enhance the prospect of additional gains.

Prospective Downside Risk

If Toncoin encounters rejection at a significant resistance level, closely tracking crucial support zones will be vital to evaluate the strength of its upward trend. The first significant support level to monitor is around $2.36, where buyers have previously shown interest. A dip to this level is likely to stimulate new demand and stabilize the price.

A plunge below this threshold could signal a momentum shift, intensifying selling pressure and resulting in a profound decline. If buyers fail to uphold crucial support zones, the price may grapple to rebound, amplifying the risk of settling at new lows.

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The cryptocurrency is trading above $2,750 and the 100-hourly Simple Moving Average (SMA). A short-term bullish trend line is developing, with support at the $2,780 mark on the hourly chart of ETH/USD (according to data provided by Kraken).

If Ethereum can settle above $2,850 and $2,880, it could trigger a substantial upward shift. Ethereum managed to maintain its footing above the $2,650 mark and recently initiated a promising upward movement, outperforming Bitcoin. The price spiked towards $3,000, but the bears put a stop to the upward trend, causing a correction in gains.

Currently, Ethereum is trading above $2,750 and the 100-hourly SMA. There is a short-term bullish trend line forming with support at $2,780 on the hourly chart of ETH/USD. The price is facing obstacles near the $2,820 level, with major resistance near $2,850. The primary resistance is now forming near $2,880 or $2,920.

If Ethereum can overcome the $2,920 resistance, it could reach the $3,000 mark, and a further upward break might result in more gains. In this scenario, Ethereum could ascend towards $3,050 or even $3,120.

However, if Ethereum can’t clear the $2,850 resistance, it may experience another downturn. Initial support is near the $2,780 level, with substantial support near the $2,720 zone. A significant drop below $2,720 could see the price fall towards the $2,550 level. The next critical support is at $2,500.

Technical Indicators:
Hourly MACD – The MACD for ETH/USD is reducing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,720
Major Resistance Level – $2,850

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Titan of Crypto’s analysis suggests that BTC might soar to an impressive $137,000, with this zenith anticipated around August 2024. As of the latest data, Bitcoin was exchanging hands at $27,952.35, marking a modest 0.15% uptick in the last 24 hours, as per CoinMarketCap statistics.

Recent Market Performance: Over the past week, Bitcoin’s value has witnessed a commendable rise of over 3%. The monthly performance too paints a rosy picture, with BTC registering a 6.57% growth. However, it’s worth noting that BTC’s 24-hour trading volume experienced a dip of over 48%, plummeting to $6,951,099,043.

While the $137K prediction is undoubtedly bullish, Bitcoin first has a significant milestone to achieve. It needs to surge by approximately 59% to surpass its all-time high of $68,789.36, achieved in November 2021.

Immediate Market Outlook: Currently, Bitcoin is on the verge of breaching the $27,915 resistance barrier. If BTC manages to seal a daily candle beyond this mark in the imminent 48 hours, we might witness it escalating to the next pivotal benchmark of $29,210 within the subsequent two weeks.

Conversely, if Bitcoin struggles to sustain above the $27,915 mark in the upcoming days, it might dampen the bullish sentiment. Under this less optimistic scenario, BTC might gravitate towards retesting the immediate support pegged at $26,915 in the following week.

Nevertheless, the silver lining remains. Bitcoin is navigating within a medium-term upward price trajectory. This optimistic channel, characterized by consistent higher lows and higher highs over recent weeks, hints at a potential price elevation in the near future.

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The first signs of this potential increase have been spotted in Ethereum’s price action. The cryptocurrency has been forming a steady upward trend, with higher lows being posted consistently. This is a bullish sign, as it indicates that buyers are stepping in at higher prices, showing increased demand for Ethereum.

However, it’s not all smooth sailing. There is a significant resistance level that Ethereum needs to overcome for this potential increase to materialize. This resistance level has been tested multiple times in the past, and each time it has held firm. Breaking through this level will be a key indicator of Ethereum’s strength and could signal the start of a new uptrend.

The Importance of the Resistance Level

The resistance level in question is crucial for a few reasons. Firstly, it has historical significance. It has acted as both support and resistance in the past, meaning it’s a price level that traders are watching closely.

Secondly, the resistance level aligns with several technical indicators. For example, it coincides with the 0.618 Fibonacci retracement level, a common area for price reversals. It’s also where the 200-day moving average currently sits, adding further significance to this price level.

Finally, the resistance level is important from a psychological perspective. Round numbers often act as psychological barriers in trading, and this resistance level is no different. Overcoming this level could lead to a surge in bullish sentiment, potentially driving the price of Ethereum higher.

What’s Next for Ethereum?

The coming days and weeks will be crucial for Ethereum. If it can break through the key resistance level, it could signal the start of a new uptrend. However, if the resistance holds, Ethereum could be in for more consolidation or even a potential downturn.

Investors and traders should keep a close eye on Ethereum’s price action around this resistance level. It will likely be a key determinant of Ethereum’s price direction in the near term.

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