Bitcoin (BTC) experienced a sudden drop below $103,000 following reports of Israeli airstrikes on Iran. However, strong demand emerged at lower levels, helping the top cryptocurrency rebound and approach the $106,000 mark.
Analytics platform Material Indicators suggested on social media that while further downside for Bitcoin appears limited, a sustained uptrend may not establish until after the next Federal Reserve policy meeting. In more optimistic news, ETC Group research head Andre Dragosch cited historical data indicating that Bitcoin typically recovers—or even surpasses pre-volatility prices—within 50 days after tense geopolitical events.
Still, not all experts are bullish. John Bollinger, creator of the Bollinger Bands indicator, expressed caution in a social media post. He pointed out that Bitcoin has completed three consecutive upward waves after forming a "W" double bottom pattern around $75,000. According to Bollinger, a three-wave advance often signals that the current trend is exhausted and the market may be due for a reversal or consolidation phase.
Amid this climate of uncertainty, can Bitcoin and other major altcoins maintain their bullish momentum? Let’s dive into the charts of ten major cryptocurrencies to find out.
Bitcoin (BTC) Technical Outlook
Bitcoin dipped to the 50-day simple moving average (SMA) at $103,159 on Friday, where buyers are attempting to stall the decline.
The 20-day exponential moving average (EMA) at $106,097 is now flattening, and the relative strength index (RSI) is near the midline, suggesting a period of consolidation in the near term. On the downside, the key level to watch is $100,000. To the upside, resistance remains at the all-time high of $111,980.
A break below $100,000 could see the BTC/USDT pair decline toward the $92,000 zone. Conversely, a breakout and daily close above $111,980 would reconfirm the uptrend and open the door toward the $130,000 region.
Ethereum (ETH) Price Evaluation
Ether retreated from $2,879 on Wednesday and fell below the 20-day EMA ($2,580) on Friday, indicating rejection at higher levels.
The 20-day EMA is now flat, and the RSI has dropped near its midpoint, reflecting a balance between supply and demand. If the price rebounds from the current zone or the $2,323 support, sellers will likely defend the $2,738–$2,879 resistance zone. A failure to break above this barrier could mean further sideways movement for ETH/USDT.
Buyers need to push the price above $2,879 to initiate the next leg up toward $3,153. A drop below $2,323, however, could lead to a fall toward $2,111.
XRP Market Perspective
XRP broke above the moving averages earlier this week, but buyers could not maintain the upward momentum.
The price turned down on Wednesday and is now approaching the strong support at $2. Buyers are expected to defend this level vigorously. A breakdown and close below $2 could signal the start of a new downtrend toward $1.61, and potentially even below $1.28.
Alternatively, a strong rebound from $2 that clears the moving averages would suggest that the range-bound action is likely to continue.
BNB Trading Analysis
BNB has been consolidating between $634 and $693 over the past several days, indicating equilibrium between buyers and sellers.
The flat 20-day EMA ($658) and neutral RSI suggest no clear advantage for either bulls or bears. If the price bounces off the $634 support and rises above the 20-day EMA, the BNB/USDT pair could continue oscillating within the accumulation zone.
A break and close below $634, however, would indicate that sellers are in control. That could accelerate selling pressure and pull the price down toward the $600 region. The zone between $580 and $600 is likely to be vigorously defended by buyers.
Solana (SOL) Chart Examination
Solana climbed above the moving averages on Monday, but the recovery was short-lived.
The price turned down from the $168 zone on Wednesday and fell back below the moving averages on June 12. The SOL/USDT pair is now nearing the key support at $140—a level that buyers must hold.
A rebound from $140 could see buyers make another attempt to push the price above the moving averages. If the price breaks below $140, the pair could decline to $123 and possibly even $110.
Dogecoin (DOGE) Price Assessment
Dogecoin turned down from $0.21 on Wednesday, confirming that the price action remains stuck in the lower half of the $0.14–$0.26 range.
The immediate support is at $0.16, but it may not hold. The DOGE/USDT pair could slide to the crucial support at $0.14, where buying interest may emerge. A strong bounce from $0.14 could extend the consolidation phase.
A break above $0.26 or below $0.14 will likely signal the next strong directional move. A breakdown could see DOGE fall to $0.10, while a breakout could lead to a rally toward $0.38.
Cardano (ADA) Technical Review
Cardano turned down from the 50-day SMA ($0.72) on Wednesday, indicating that sellers continue to profit on rallies.
The downward-sloping 20-day EMA ($0.69) and the RSI in negative territory suggest bears have the upper hand. If the $0.60 support gives way, the ADA/USDT pair could decline to the strong support at $0.50, where buyers are expected to mount a strong defense.
The first sign of strength will be a break and close above the 50-day SMA. That could open the doors for a move up to the downtrend line, which is the key resistance to watch. A break above the downtrend line would indicate a potential trend change.
Hyperliquid (HYPE) Market Outlook
Buyers pushed Hyperliquid above the $42.25 resistance on Wednesday and again on Thursday, but they failed to sustain the higher levels.
This may have prompted short-term traders to book profits, pulling the price back toward the breakout region. The rising 20-day EMA ($35.93) indicates advantage to buyers, but the negative divergence on the RSI suggests bullish momentum may be waning. Buyers need to thrust the price above $44 to resume the uptrend toward $50.
If the price breaks below the 20-day EMA, selling could intensify and pull HYPE toward $30.50.
Sui (SUI) Price Prediction
Sui turned down from the 50-day SMA ($3.55) on Wednesday, indicating that sellers are actively defending that level.
The SUI/USDT pair has now reached strong support at $2.86—a critical level to monitor. Sellers will try to strengthen their position by pushing the price below $2.86. If they succeed, the pair could slide to $2.50.
Buyers are likely to have other plans. They will try to defend the $2.86 support. A rebound could see the pair climb toward the moving averages, but a sharp reversal from that zone would increase the risk of a break below $2.86. To signal a rally toward the overhead resistance at $4.25, buyers will need to propel the price above the moving averages.
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Frequently Asked Questions
What caused Bitcoin to drop below $103,000?
Bitcoin’s drop was triggered by reports of Israeli airstrikes in Iran, which increased geopolitical uncertainty and prompted short-term sell-offs. However, strong buying interest at lower levels helped it recover quickly.
How do geopolitical events influence cryptocurrency prices?
Geopolitical tensions often increase market volatility. Historically, cryptocurrencies like Bitcoin have shown resilience, often recovering their value within weeks after initial sell-offs, as investors view them as alternative stores of value.
What does the RSI indicator tell us about market conditions?
The Relative Strength Index helps identify overbought or oversold conditions. An RSI near 50 suggests balance between buyers and sellers, while readings below 30 or above 70 can indicate potential reversals.
Why are moving averages important in technical analysis?
Moving averages help smooth out price data to identify trends. The 20-day EMA reacts quickly to recent prices, while the 50-day SMA provides a broader trend perspective. Crosses and bounces near these levels often signal shifts in momentum.
What is a double-top or double-bottom pattern?
These are reversal patterns. A double top forms after an uptrend and signals potential downside, while a double bottom appears after a downtrend and may indicate upcoming upward movement.
How can traders identify key support and resistance levels?
Support and resistance levels are often located at previous price highs or lows, around moving averages, or near psychological price points (e.g., $100,000 for Bitcoin). These are zones where buying or selling pressure has historically emerged.