Bitcoin, Altcoins move as inflationary pressure markets

Key Points:-

A key recent support level to watch for Bitcoin is back at $76,000. Several major altcoins have broken below their recent support levels, leaving the bulls discouraged.

Bitcoin (BTC) later put pressure on Monday US President Donald Trump has warned Iran “The clock is running out” and it's better to move quickly. Analyst Cryptorover wrote in a post on X that possible US military action against Iran would be “extremely dangerous for $BTC.

Institutional investors also seem to be cautious in the short term. According to SoSoValue data, BTC is an exchange-traded fund Every week the net flow of expenses was recorded at 1 billion dollars. This was the first net outflow after six consecutive weeks of total revenue of $3.4 billion.

Daily View of Crypto Market Data. Source: Trading view

While many traders are wary of BTC's prospects in the near term, the strategy of Michael Saylor, the world's largest public Bitcoin owner, continues to buy BTC. Strategy He bought 24,869 bitcoins for $2.01 billion It increased its holdings to 843,738 BTC between May 11 and 17 in Monday's 8-K to the US Securities and Exchange Commission.

Will BTC and the major altcoins break out of critical support levels? Let's examine the charts of the top 10 cryptocurrencies to find out.

S&P 500 index price forecast

The S&P 500 index (SPX) rose to a new high of 7,517 on Thursday, as short-term traders took profits.

SPX daily chart. Source: Cointelegraph/TradingView

The index may retrace to its 20-day EMA (7,273), an important support level to watch. If the price rebounds strongly from the 20-day EMA, it indicates positive sentiment. That increases the chance of an upgrade to the 8,000 level.

To weaken the bullish momentum, sellers should push the price below the 20-day EMA. If they do that, the index could witness a deep retracement to the 7,002 level.

US dollar index price forecast

The US Dollar Index (DXY) found support at 97.74 and broke above its moving averages.

DXY Daily Chart. Source: Cointelegraph/TradingView

There is a small resistance at 99.34, but if the bulls support the price above it, the index may reach a strong upward resistance at 100.54. Sellers are expected to strongly defend the 100.54 level, as a break and a close above it will signal the start of a new uptrend. The index may rise to 101.97.

Conversely, if the price breaks below the current level or the 100.54 resistance and breaks below the 50-day simple moving average (98.98), it suggests that bears will remain highly active. That would keep the index between 97.74 and 100.54 for a few more days.

Bitcoin price prediction

BTC continues its slide and reached the 50-day SMA ($75,627), the bears are trying to take charge.

BTC/USDT Daily Chart. Source: Cointelegraph/Trading view

Buyers need to keep the BTC price above the 50-day SMA to maintain the advantage. The first sign of strength will be a close above the 20-day EMA ($78,715). That opens the door to an $84,000 protest rally.

Instead, if the price closes below the 50-day SMA, it increases the risk of a drop to the support line of the ascending channel pattern. A break below could sink the BTC/USDT pair towards $65,000, so buyers are expected to aggressively guard the support line.

Ether price prediction

ether (ETH) continued its downward trend and closed below the support line of the emerging channel on Sunday.

ETH/USDT Daily Chart. Source: Cointelegraph/TradingView

The 20-day EMA ($2,255) has started to lower, and the RSI is near oversold territory, indicating bears are in control. Any attempt at a recovery is expected to be sold at the 20-day EMA. If the price of ETH breaks down significantly from the 20-day EMA, the possibility of a drop to $1,916 will increase.

Buyers have an uphill task ahead of them. The ETH/USDT pair should drive and hold above the moving average to signal a comeback.

XRP price prediction

XRP (XRP) has fallen below the 50-day SMA ($1.39), which indicates that the bears are trying to dominate.

XRP/USDT Daily Chart. Source: Cointelegraph/TradingView

If the price closes below the 50-day SMA, the next stop is strong support at $1.27. Buyers are expected to defend the $1.27 level with all their might, because the XRP/USDT pair may close to $1.11 below and then to the psychological level of $1.

Buyers expect to sell at the lower line and then at the $1.61 level. A break and close above the $1.61 resistance is a sign of a short-term trend reversal. XRP price may reach $2 and then $2.40.

BNB price prediction

BNBBNB) bounced back from resistance above $687 and broke below the 20-day EMA ($648).

BNB/USDT Daily Chart. Source: Cointelegraph/TradingView

There is minor support at the 50-day SMA ($637), but if the level is broken, the BNB/USDT pair may drop to a strong support at $570. This is an important level to watch out for, as a close below $570 signals the start of the next leg of a downtrend. The pair could drop to $500.

Conversely, if the price of BNB deviates from the 50-day SMA, it indicates the need for lower levels. To signal strength, buyers need to push the price above the $687 resistance. The pair could rally to $730 and then to $790.

Solana price forecast

Solana (SOL) closed below the 50-day SMA ($85) on Sunday, indicating that the bears are coming.

SOL/USDT Daily Chart. Source: Cointelegraph/TradingView

There is support at $82, but the recovery is expected to sell at the 20-day EMA ($88). If the price of SOL falls significantly below the 20-day EMA, the probability of a break below the $82 support increases. This opens the doors for a move down to the $76 level.

The first sign of strength will be a close above the 20-day EMA. This shows strong buying at low levels. The bulls are back in the driver's seat after the SOL/USDT pair closes above the $98 resistance.

Related: Liquid eyes 55% price hike after Silicon Valley investor ‘massive HYPE purchase'

Dogecoin price prediction

Dogecoin (Doug) dropped below the 20-day EMA ($0.11), which has given up bulls in the short term.

DOGE/USDT Daily Chart. Source: Cointelegraph/TradingView

The flat 20-day EMA and RSI below the midpoint suggest range-bound action between $0.09 and $0.12 for the time being.

Buyers will be forced to push the price of DOGE above the $0.12 resistance to signal the start of a new uptrend. The DOGE/USDT pair may rise to $0.14 and later to $0.16.

On the upside, a break and close below the $0.09 support would signal a resumption of the downtrend. Then the pair may drop to $0.08.

High Liquidity Price Prediction

high fluid (Hype) has been volatile over the past few days, indicating a fierce battle between bulls and bears.

HYPE/USDT Daily Chart. Source: Cointelegraph/TradingView

The bulls pushed the price of HYPE above the resistance of $45.77, but the long wick on the candle indicates selling at a higher level. Buyers need to close above the $45.77 level to clear the rally towards the $50 to $51.43 zone.

The 20-day EMA ($42.55) is a crucial support to watch out for on the downside. A break below suggests that the HYPE/USDT pair may consolidate in the $38.17 to $47.32 range for some time.

Cardano price prediction

Cardano (ADA) has fallen below the 50-day SMA ($0.25), which indicates that the bears are continuing to push.

ADA/USDT Daily Chart. Source: Cointelegraph/TradingView

Flat moving averages and an RSI below the midpoint suggest that the ADA/USDT pair may oscillate in the $0.22 to $0.31 range for a few more days.

The next trending move could start above the $0.31 resistance or below the $0.22 support. If the price of ADA rises and breaks above $0.31, the pair may accelerate towards $0.40. Alternatively, a close below $0.22 would indicate a resumption of the downside towards the $0.13 target objective.