Price analysis 6/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

cointelegraph.com:

Bitcoin (BTC) has made a tentative start to the month of June, suggesting that bears have not gone into hibernation just yet. Although Bitcoin is trading nearly 55% off its all-time high of $69,000, whales and institutions remain cautious and have not jumped into the market with gusto according to BlockTrends analyst Caue Oliveira.

According to CryptoQuant contributor Venturefounder, if Bitcoin repeats the historical patterns seen after the previous halving cycles, then a bottom may be formed between $14,000 and $21,000 in the next six months. Thereafter, Bitcoin may chop around the $28,000 to $40,000 range for a large part of the next year and be around $40,000 during the halving.

Crypto's bear market has not stopped Goldman Sachs from exploring the possibility of integrating its derivatives products into FTX.US derivatives offerings. This suggests that the investment bank expects derivatives demand to pick up in the future.

Has Bitcoin started a bottoming formation? Is the short-term downtrend in altcoins over? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin reached the overhead resistance at $32,659 on May 31 but the bulls could not clear this hurdle. The Doji candlestick pattern on May 31 indicates uncertainty among the buyers and sellers.

This uncertainty resolved in favor of the bears on June 1 and they pulled the price below the 20-day exponential moving average ($30,741). If the price sustains below the 20-day EMA, the next stop could be $28,630. The buyers are expected to defend this level with all their might.

If the price rebounds off $28,600, the BTC/USDT pair could again attempt a rally to $32,659. If that happens, the pair may consolidate between these two levels for a few days.

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