BNB, TON, FIL and INJ could go much higher if the price of Bitcoin breaks $69k.

Bitcoin (BTC) has dropped from its intra-week high of $72,000, but the bulls are trying to hold the price above $69,000. Bitcoin is on target to end the week with gains of over 2 percent. Although Bitcoin failed to rise above its main resistance, buyers remained in place.

Data from Farside Investors shows nearly $1.7 billion in Bitcoin conversions this week. That takes total investments into spot Bitcoin ETFs as of June 6 to $15.5 billion. Strong buy traders expect the uptrend to continue.

However, Bitcoin fell on June 7, which lowered many altcoins. During the crash, Bitcoin open interest fell by $1.3 billion and Ether by $800 million, trader Diane CryptoTrades told XPost. The downturn does not seem to have spared investors. QCP Capital believes Bitcoin and Ether could create local lower prices as future actions by the Federal Reserve could benefit riskier assets.

Could Bitcoin hold above $69,000 and start a recovery? Will altcoins follow higher? Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Bitcoin has dropped significantly from the low resistance of $72,000 on June 7, indicating that the bears remain highly active.

The pullback is being supported by the 20-day exponential moving average ($68,603), suggesting that the bulls continue to view dips as a buying opportunity. If the price rebounds strongly from the 20-day EMA, the bulls will again try to drive the BTC/USDT pair towards the $73,777 resistance. A break and close above this resistance could open the door for a rally to $80,000 and then $88,000.

Related: Bitcoin volatility hovers within 6% of record lows

Conversely, if the price breaks below the 20-day EMA, it indicates that the bulls have given up. That could take the price to the 50-day simple moving average ($65,807).

Bitcoin has been trading between $66,500 and $72,000 for some time. Unable to push the price above the price, it has started to recover again, trying to find support near $69,000. To upgrade the rally to $72,000, buyers need to push the price above the 20-EMA and sustain it.

A close below $68,420 would favor the bears in the short term. The pair could drop to the strong support at $66,500.

BNB price analysis

BNB (BNB) started a correction from $722 on June 6, indicating profit booking by short-term traders. Crucial support to watch on the downside is the 20-day EMA ($639).

If the price rebounds strongly from the 20-day EMA, it suggests that the sentiment remains positive and traders are buying on the dips. That increases the likelihood of a resumption of the boom. The BNB/USDT pair may rise to the $775 pattern target.

If the price continues lower and falls below $635, this bullish outlook is worthless in the near term. That can trap aggressive bulls and drag the pair to the top line.

The bears took the price below the 20-EMA but failed to extend the decline to the 50-SMA. This indicates that selling will dry up at low levels. The bulls will try to push the price back above the 20-EMA. If they do that, the pair could rally to $695 and then to $722.

Alternatively, if the price falls below the 20-EMA, it indicates that the bears are trying to turn the level into resistance. The pair may descend towards the 50-SMA. This is an important support to watch out for because if it breaks, the next stop could be $635.

Token price analysis

A repeated failure of bulls to push Toncoin (Ton) above $7.67 may have tempted short-term traders to book profits.

A positive sign is that the pullback is finding support at the 20-day EMA ($6.80). If the price changes from the current level, the bulls will again try to overcome the barrier at $7.67. If they can pull through, the TON/USDT pair could accelerate to the $10 psychological level.

Conversely, if the price breaks below the current level or above resistance and breaks below the 20-day EMA, it suggests that the bulls are rushing to the exit. That could sink the pair to $6.

TON/USDT slipped below the 50-SMA, but lower levels attracted buying. The bulls will try to push the price towards the $7.67 resistance. A break and close above this level may initiate the next leg of the uptrend.

A key step to watch on the downside is the height line. If this support gives way, it signals the beginning of a deep correction. The pair may find support in the $6 to $6.26 zone.

Filecoin price analysis

Filecoin (FIL) has been strengthening between $5 and $6.77 for several days, indicating that the bulls are trying to establish a base.

The bulls tried to push above the resistance above the price on June 7, but the long wick on the candle shows that the bears are firmly defending the level. A positive sign for buyers is that the moving average is holding its reversal. If the price breaks above the current level and breaks above $6.77, it signals the start of a new uptrend. The FIL/USDT pair may rise to $8.54 and then to $9.35.

Contrary to this assumption, if the price breaks above resistance significantly, it suggests that the pair spend some more time in the range.

The 4-hour chart shows that the decline in resistance above $6.77 is finding support at the 50-SMA. The uptrending 20-EMA and RSI in the positive territory indicate the upside for buyers. There is a small resistance at $6.50, but if this level is leveled, the pair can retest the resistance at $6.77.

The bears may have other plans. They try to lower the price below the 50-SMA. If they do, the pair could slide to $5.60 and later to $5.48.

Injection cost analysis

Needle (INJ) has formed an ascending triangle pattern, which will complete on a breakout and close above $29.93.

The 20-day EMA ($26.15) has begun to rise gradually, and the RSI has jumped into the positive zone, indicating that the bulls have a slight edge. If buyers overcome the barrier at $29.93, the INJ/USDT pair could pick up momentum and move higher towards $36.50, eventually targeting the $41.74 pattern.

If the price declines and breaks below the support line, this optimism will be rejected in the near future. The pair can drop to $18.

The 4-hour chart shows that the bulls pushed the price above resistance at $29.93 but failed to sustain the breakout. This shows that the bears are selling strongly above $29.93. The price declined and dropped below the 20-EMA but quickly recovered from the 50-SMA.

The bulls will try again to overcome the resistance zone between $29.93 and $31. If they manage to do this, the couple can start a new relationship. The bears will dominate at a break below the 50-SMA.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.