Price analysis 6/23: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT
The rush to apply for a spot Bitcoin (BTC) exchange-traded fund (ETF) rejuvenated the bulls but this news is likely to boost the price only to a certain distance. As the price moves up, the risks of a crash increase if none of the ETF applications are approved. Trading firm QCP Capital is not convinced that a spot ETF will see the light of the day in the near term.
Another point of view came from Gemini co-founder Cameron Winklevoss who said on June 21 that the “floodgates” for accumulating Bitcoin are “closing fast.” Similarly, MicroStrategy Executive Chairman Michael Saylor said that the opportunity to “front-run institutional demand for Bitcoin” was ending.
Bitcoin remains the center of attraction as its market dominance has been hovering near 50%. K33 Research analysis found that over the long term, Bitcoin investment has far outperformed an altcoin portfolio by a huge margin. Altcoins had their share of short-term outperformance in 2017 and again in 2021 but that could not sustain in the long term.
Could Bitcoin and the altcoins rise above their respective overhead resistance levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin is facing resistance at the overhead resistance of $31,000 but the bulls have not ceded ground to the bears. This enhances the prospects of a break above $31,000.
The uncertainty of the June 22 Doji candlestick pattern resolved to the upside on June 23. Buyers will again try to sustain the price above $31,000. If they succeed, the BTC/USDT pair could first rise to $32,400 and thereafter make a dash toward the next major resistance at $40,000.
The 20-day exponential moving average ($27,561) has turned up and the relative strength index (RSI) is in the overbought zone,
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