Bitcoin, Altcoins Selloff Rising Among ETF Outflows
Key Points:-
Bitcoin is under pressure as net outflows from BTC ETFs highlight the shift in institutional investors. Most of the major altcoins look weak, suggesting bears are in control.
Bitcoin (BTC) fell below $75,000 on Wednesday, indicating that the bears are slowly taking charge of the crypto market. Farside investors have seen a net inflow of $1.88 billion since May 15, with institutional investors looking to sell on the BTC exchange. Data. Glassnode said in a post on X. Constant net flow from BTC Since May 7, ETFs on every trading day will increase “with no discernible demand offset to the supply side.”
BTC's weakness has kept it on the decline. Below the long-term review averageBitwise basis. According to the asset management firm's recent report, BTC's market value-to-real-value (MVRV) reading was only 36% lower than the current level of 1.42. In comparison, approximately 99% of the historical Nasdaq-100's price-to-book ratio was below current levels, indicating the largest valuation gap between BTC and US tech stocks.
Daily View of Crypto Market Data. Source: Trading view
While others are shocked, one whale sees the drop as a Opportunity to buy. Blockstar CEO Adam Back said in a post on X that a BTC Well has been hovering around 450 “cheap bitcoins” per day for the past eight and a half days using a time-weighted average price method.
Can BTC and major altcoins break out of their strong support levels? Let's examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC on Tuesday declined from the 20-day moving average ($77,431), which indicates that the bears are selling on small relief rallies.
BTC/USDT Daily Chart. Source: Cointelegraph/Trading view
The bulls will try to protect the support zone from $76,000 to $74,289, while the bears will try to pull the price of BTC below it. If the support zone is broken, the short-term advantage will tilt to the bears. The BTC/USDT pair may drop to the support line near $70,500, which may attract buyers.
Conversely, if the price breaks out of the support zone, the bulls will again try to drive the pair above the 20-day EMA. If successful, the pair could raise $82,000 and then $84,000.
Ether price prediction
Buyers couldn't push Ether (ETH) back above the support line, which indicates that the bears are trying to reverse the level to resistance.
ETH/USDT Daily Chart. Source: Cointelegraph/TradingView
There is psychological support at $2,000, but if this level is broken, the ETH/USDT pair may drop to the $1,916-$1,750 zone.
Buyers have an uphill task ahead of them. To indicate strength, the price of ETH should be pushed above the moving averages. If you do that, it indicates that the market has rejected the breakdown below the site. That raises the possibility of a rally to $2,465, then to the resistance line of the channel.
BNB price prediction
Buyers are trying to keep BNB going (BNB) above the 20-day EMA ($652), but bears continue to push.
BNB/USDT Daily Chart. Source: Cointelegraph/TradingView
Given the 20-day EMA, the bears will try to strengthen their position by pulling the price of BNB below the 50-day SMA ($636). If they can pull through, the BNB/USDT pair may drop to $610, then to $570.
Conversely, if the price rebounds from the moving averages, it indicates demand at lower levels. The bulls will again try to clear the barrier above $687. If they do, the pair could rally to $730 and then $790.
XRP price prediction
XRP (XRP) continues to slowly slide towards the $1.27 support, indicating that the bears remain in control.
XRP/USDT Daily Chart. Source: Cointelegraph/TradingView
Buyers are expected to install a strong resistance at $1.27, but the support line will be at the 20-day EMA ($1.37) and then selling at the lower line. A break below $1.27 is likely if XRP price drops significantly below the 20-day EMA. If that happens, the XRP/USDT pair could drop to $1.11 and then to $1.
The first strength signal breaks and closes above the bottom line. The pair could climb to $1.61 resistance. Buyers need to break the $1.61 level to signal a trend reversal.
Solana price forecast
SolanaSOL) is being squeezed between the 20-day EMA ($86.42) and support at $82.65.
SOL/USDT Daily Chart. Source: Cointelegraph/TradingView
The 20-day EMA has started to decline, and the RSI is in negative territory, indicating a slight edge to the bears. If the price falls below $82.65, the SOL/USDT pair could drop to the $76 support.
Alternatively, if the price of SOL rises sharply from $82.65 and breaks above the 20-day EMA, it suggests that the pair may remain in the $76 to $98 range for some time.
Dogecoin price prediction
Fall of Bulls to Push Dogecoin (Doug) above the 20-day EMA ($0.10) suggests negative sentiment.
DOGE/USDT Daily Chart. Source: Cointelegraph/TradingView
Sellers are trying to push the price of DOGE below $0.10, opening the door for a retest of the $0.09 support. Buyers are expected to defend the $0.09 level with all their might, as a near bottom could sink the DOGE/USDT pair to $0.08.
Contrary to this assumption, if the price rises and closes above the 20-day EMA, it suggests that the pair may extend its range-bound action between $0.09 and $0.12 for a few more days. Buyers should expect a close above $0.12 to initiate a fresh move towards $0.14 and $0.16.
High Liquidity Price Prediction
high fluid (Hype) rebounded from $64.93 on Monday, indicating profit booking by short-term traders.
HYPE/USDT Daily Chart. Source: Cointelegraph/TradingView
The bulls are trying to hold a pullback to the $59.41 breakout level. If they succeed, it indicates that the bulls have reversed the level to support. That would improve a break above the $64.93 level. The HYPE/USDT pair may rise to $77.
Instead, if the HYPE price falls below $59.41, a correction may extend to the 20-day EMA ($52.14). Buyers are expected to strongly defend the 20-day EMA as a slide below it shows the initiation of a deeper correction towards the 50-day SMA ($44.92).
Related: Three key XRP indicators suggest that the ‘explosive price expansion' is continuing
Zcash price prediction
Zcash (ZEC) dropped from the $690 level on Monday, which indicates profit taking by short-term traders.
ZEC/USDT Daily Chart. Source: Cointelegraph/TradingView
Sellers are trying to keep the price below the 20-day EMA ($571), which opens the door to a deeper correction. If they manage to do so, the price of ZEC may drop to $486 and then to the 50-day SMA ($457).
The 20-day EMA is flat, and the RSI has dropped to the midpoint, indicating that the bulls are losing their grip. Buyers should push the ZEC/USDT pair above $690 to take control.
Cardano price prediction
Cardano (ADA) remains below its moving average, indicating that the bears have the advantage.
ADA/USDT Daily Chart. Source: Cointelegraph/TradingView
Sellers will try to pull the ADA price towards the $0.22 support. Any attempt by the bulls to start a recovery is expected to be met by a strong sell-off at the 20-day EMA ($0.25). A break below $0.22 increases the risk if the price falls significantly below the 20-day EMA.
On the upside, a break and close above the moving averages suggests that the ADA/USDT pair may continue to oscillate in the $0.22 to $0.31 range for some time. The next trending move is expected to start at $0.31 or below $0.22.
Monero price prediction
Monero (XMR) has been trading in an ascending channel, suggesting that buyers have an edge.
XMR/USDT Daily Chart. Source: Cointelegraph/TradingView
XMR price has dropped below the 50-day SMA ($378), indicating buying on dips. There is resistance on the downtrend line, but if the level is breached, the XMR/USDT pair can rise to the resistance line. If buyers drive in and place the price above the resistance line, the momentum may increase.
Conversely, if the price breaks below the cold line and breaks below the 50-day SMA, it suggests that the bears are selling in rallies. The pair may fall to the support line.
