Price analysis 6/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
Bitcoin (BTC) and altcoins have been volatile in the past two days as the cryptocurrency markets come to terms with the actions of the United States Securities and Exchange Commission (SEC) against two of the biggest crypto exchanges, Binance and Coinbase.
After the initial knee-jerk reaction to the news and the subsequent rebound, markets are likely to enter a range as traders reflect upon the uncertainty around the lawsuits. The initial response has been encouraging as the markets have not collapsed, indicating the growing maturity of the crypto space.
Glassnode data shows a decline of 12,600 Bitcoin from exchange balances on June 5 and 6, indicating that traders kept their cool and did not panic as they had done during the FTX episode in November.
What are the critical support levels to watch for on the downside? Will lower levels attract buyers? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin snapped back from the vital support at $25,250 on June 6, indicating that the bulls are trying to fiercely guard the level. However, the recovery is facing selling near the moving averages.
The bears will make another attempt to tug the price to $25,250. This remains the key level to keep an eye on because a break and close below it may open the doors for a potential fall to $20,000. Such a deep fall may delay the start of the next leg of the up-move.
The bulls are expected to aggressively purchase the dips to the zone between $25,250 and the support line of the channel. On the upside, buyers will have to thrust the price above the resistance line of the channel to signal the end of the corrective phase. The BTC/USDT pair may then rally to $31,000.
Ether (ETH) dipped below the resistance line of the falling
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