Bitcoin and altcoins could seek new all-time highs this week

Key points:

• Bitcoin opened the week with strength as bulls target new highs in BTC and altcoins.

• Many major altcoins are stuck in a range, but HYPE is showing signs of strength.

Bitcoin (BTC) made a solid start to the week, sprinting toward the overhead resistance zone of $109,588 to $111,980. The move higher may have been triggered due to the optimistic expectations from the US-China trade talks in London.

Trader Cas Abbe said in a post on X that Bitcoin is likely to witness a big move, possibly above $109,000 to $110,000. Abbe noted that $15.11 billion in shorts would be liquidated if Bitcoin soars 10% from the current levels. On the other hand, a 10% down move risks liquidation of $9.58 billion in long positions.

Although most analysts believe Bitcoin’s long-term trajectory is up, some anticipate a short-term dip before the uptrend resumes. Private wealth manager Swissblock anticipates a drop to $104,000, while analyst Mickybull Crypto expects a fall to $101,500.

Could buyers propel Bitcoin above the all-time high of $111,980, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

S&P 500 Index price prediction

The S&P 500 Index (SPX) extended its recovery last week, and the bulls are trying to build upon the momentum on June 9.

The upsloping 20-day exponential moving average (5,883) and the relative strength index (RSI) in the positive territory indicate that the bulls are in command. Buyers will try to push the price to the 6,147 overhead resistance.

The move higher may not be easy as the sellers are expected to defend the 6,000 to 6,147 zone with all their might. The first sign of weakness will be a break and close below the 20-day EMA, opening the gates for a fall to 5,767.

US Dollar Index price prediction

Buyers are trying to start a recovery in the US Dollar Index (DXY) but are facing selling near the 20-day EMA (99.49).

The bears will try to sink the index to 97.92, an important support level to watch out for. A break and close below the 97.92 level signals the resumption of the downtrend. The index could then extend the decline to 95.67.

This negative view will be invalidated in the near term if the price turns up and breaks above the 50-day simple moving average (100.30). The index could then jump to the overhead resistance at 102.

Bitcoin price prediction

Bitcoin rose above the 20-day EMA ($105,296) on June 7, and the bulls cleared the overhead hurdle at $106,794 on June 9.

The price action of the past few days has formed an inverted head-and-shoulders pattern, which will complete on a break and close above the neckline near $112,700. If that happens, the pair could skyrocket toward the pattern target of $146,892.

Alternatively, if the price turns down and breaks below the 20-day EMA, it signals that the bears are active at higher levels. The BTC/USDT pair could then plunge to solid support at $100,000. The bulls are expected to defend the $100,000 level with all their might because a break below it may deepen the pullback to $93,000.

Ether price prediction

Ether (ETH) has been consolidating between $2,323 and $2,738 for the past few days, indicating a tough battle between the bulls and the bears.

If the price maintains above the 20-day EMA ($2,515), the ETH/USDT pair could rally to $2,738. This is a critical resistance for the bears to defend because if the level gets taken out, the pair could soar to $3,000 and then to $3,153.

Contrary to this assumption, if the price turns down sharply from the current level, it suggests that the bears are trying to take charge. The trend will favor the bears on a break and close below the 50-day SMA ($2,284). The pair could then collapse to $2,111.

XRP price prediction

XRP (XRP) has been range-bound between $2 and $2.65 for the past several days, indicating a balance between supply and demand.

The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price rises above the moving averages, the XRP/USDT pair could ascend to the $2.65 overhead resistance.

Conversely, if the price turns down sharply from the moving averages, the bears will try to sink the pair below the $2 support. If they can pull it off, the pair could retest the vital support at $1.61.

BNB price prediction

BNB (BNB) has been oscillating between $693 and $634 for the past few days, signaling buying near the support and selling close to the overhead resistance.

If buyers drive the price above the 20-day EMA ($655), the BNB/USDT pair could extend its stay inside the range for some more time. The next leg of the up move could begin after buyers shove the price above $693. The pair could then rally to $732.

Sellers are likely to have other plans. They will strive to halt the relief rally at the 20-day EMA. If they do that, the pair risks a drop below the $634 support. If that happens, the pair could plummet to $580.

Solana price prediction

Solana (SOL) turned up from the $140 support on June 5, but the recovery is likely to face resistance at the 20-day EMA ($158). 

If the price turns down sharply from the moving averages, the bears will try to tug the SOL/USDT pair below $140. If they succeed, the pair could tumble to $123 and subsequently to the solid support at $110.

Instead, if the price pierces the moving averages, it suggests that the bears are losing their grip. The pair could attempt a rally to the $185 level, where the sellers are expected to pose a strong challenge. 

Related: XRP price will hit $25 if ETF approved, then crash 90%, new analysis says

Dogecoin price prediction

Dogecoin (DOGE) is finding support near the $0.16 level, but the bulls are struggling to maintain the higher levels.

The downsloping 20-day EMA ($0.19) and the RSI in the negative territory indicate that bears have an edge. Sellers will try to pull the price below $0.16, challenging the crucial $0.14 support. Buyers are expected to mount a strong defense at the $0.14 level, keeping the DOGE/USDT pair inside the range for some more time.

The longer the price remains inside the range, the greater the eventual breakout from it. An up move could begin after buyers propel the pair above $0.26.

Cardano price prediction

Cardano’s (ADA) recovery is facing resistance near the 20-day EMA ($0.69), indicating that the bears are selling on rallies. 

The bears will try to pull the price below the $0.60 level. If they manage to do that, the ADA/USDT pair could retest the $0.50 support. Buyers are expected to vigorously defend the $0.50 level because a break below it may sink the pair to $0.40.

Buyers will have to drive the price above the moving averages to gain strength. The pair may then climb to the downtrend line, which is a critical level to watch out for. A break and close above the downtrend line suggests the start of a new up move to $1.02.

Hyperliquid price prediction

Hyperliquid (HYPE) rose above the symmetrical triangle pattern on June 9, signaling that the uncertainty has resolved to the upside.

If buyers sustain the price above the triangle, the HYPE/USDT pair could pick up momentum and soar to $42.50. There is resistance at $40, but that is likely to be crossed. Sellers will try to halt the up move at $42.50, but if the bulls prevail, the pair could rally to the pattern target of $46.50.

This optimistic view will be negated in the near term if the price turns down sharply and breaks below the triangle. That suggests the break above the triangle may have been a bull trap. The pair could slump to $30.50 and later to $28.50.

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.