Bitcoin's price is currently consolidating, yet investors continue to show strong interest through sustained purchases of spot Bitcoin exchange-traded funds (ETFs). This trend indicates a positive sentiment in the market. Recent data reveals that ETFs have recorded net inflows over the past 11 consecutive days, reflecting ongoing optimism.
Last week’s figures further emphasized this pattern, with Bitcoin investment products attracting over $1 billion in inflows. This growth isn’t limited to institutional players; so-called "whale" investors are also accumulating Bitcoin at a notable pace. According to the latest The Week On-chain report by Glassnode analysts, long-term investors have begun increasing their Bitcoin holdings again for the first time since December 2023.
SEC filings indicate that more than 600 U.S. investment firms have invested in spot Bitcoin ETFs since their introduction in January. Since launch, these ETFs have collectively purchased 855,619 BTC, averaging about 6,200 Bitcoin per day.
A critical question emerges: Can Bitcoin ETF buying pressure push the price beyond key resistance levels? And will altcoins follow a similar trajectory? We analyze the charts of top cryptocurrencies to find out.
Bitcoin Price Analysis
Buyers have struggled to push and sustain Bitcoin above the $70,000 mark, leading to a pullback to the 20-day Exponential Moving Average (EMA) at $67,169.
Recent price action has formed a symmetrical triangle pattern. A breakdown below the triangle would suggest that sellers are gaining control, potentially leading to a decline toward $64,600, and eventually $59,600.
Conversely, if the price bounces off the support trendline and breaks out above the triangle, it would signal that buyers remain in charge. In that case, BTC/USDT could attempt a rally toward $73,777. A break above that level might open the path to $80,000.
Ethereum Price Analysis
Ethereum faced rejection at $3,977 on May 27, indicating that sellers are actively defending the $4,000 to $4,100 resistance zone.
The first significant support on the downside is the breakout level of $3,730. If buyers succeed in turning this level into support, ETH/USDT may make another attempt to break above the $4,100 resistance. A successful breakout could lead to a rally toward $4,868.
If, however, the price continues to drop and breaks below $3,730, it would indicate that sellers are making a comeback. The pair could then fall to the 20-day EMA at $3,537, and possibly further down to $3,050.
BNB Price Analysis
BNB has been holding above its moving averages over the past few days, but buyers have not been able to push the price above the key resistance at $635.
A break below the ascending trendline—and a daily close beneath it—would be an early sign of weakness. It would also invalidate the anticipated ascending triangle pattern. Under such conditions, BNB/USDT could drop first to $536, and then to $495.
On the flip side, if the price rebounds from the moving averages and breaks above $635, it would complete a bullish pattern. That could propel the pair toward $692, with a pattern target eventually lying near $775.
Solana Price Analysis
Buyers have managed to keep Solana above the breakout level of $162, but they haven’t been able to kickstart a strong recovery.
Failure to move higher could encourage sellers to pull the price below $162. If they succeed, SOL/USDT may decline to $140, and later to the crucial support at $116.
Alternatively, if the price rises from current levels, the pair could climb to $189. While sellers may try to stall the advance at that point, a breakout appears likely. A break above $189 could then open the doors to a stronger resistance at $205.
XRP Price Analysis
XRP has been oscillating near its moving averages lately, indicating a lack of aggressive buying or selling.
A drop below the moving averages could see XRP/USDT slide toward the trendline support. A strong bounce from that level would see buyers make another attempt to push the pair above $0.57. A breakout above that level would complete an ascending triangle pattern.
Conversely, a break and daily close below the support trendline would invalidate the triangle and open the door for a drop toward the key support at $0.46.
Dogecoin Price Analysis
Buyers have not allowed Dogecoin to slip below the 20-day EMA ($0.16), indicating accumulation on dips.
The 20-day EMA is flattening out and the RSI is near the midpoint, signaling a balance between supply and demand. If buyers can drive the price above the overhead resistance at $0.18, DOGE/USDT could rise to $0.21.
If the price turns down and breaks below the moving average, it would suggest that buyers are losing interest. That could result in a decline to $0.14, potentially keeping the pair range-bound between $0.12 and $0.17 in the near term.
Toncoin Price Analysis
Toncoin (TON) has been finding support at the moving averages, but buyers are struggling to start a strong rebound from these levels.
If buyers manage to push the price above $6.73 and sustain it, they will gain the upper hand. That could start a rally toward the overhead resistance at $7.67. That level is a major hurdle for sellers; a break above it would signal the resumption of the uptrend.
To prevent the upside, sellers will have to quickly pull the price below the support at $6. A break below that level could see the TON/USDT pair drop to $5.50, and later to a strong support at $4.72.
Shiba Inu Price Analysis
Shiba Inu broke out above a symmetrical triangle pattern on May 27, indicating that the uncertainty had resolved in favor of the buyers.
The 20-day EMA ($0.000025) is sloping up and the RSI is in positive territory, suggesting that buyers have the edge. There is a minor resistance at $0.000030, but it is likely to be crossed. If that happens, SHIB/USDT could climb to $0.000033.
If the price turns down from the current level, it will likely find support at the 20-day EMA. Sellers will have to sink the price below the support line and then to the 78.6% Fibonacci retracement level of $0.000017 to gain control.
Cardano Price Analysis
Cardano (ADA) remains stuck inside a symmetrical triangle, indicating a balance between supply and demand.
If the price rises above the 20-day EMA, buyers will try to push the ADA/USDT pair to the resistance line. A breakout and close above the triangle could signal the start of a strong recovery toward $0.57, and possibly even $0.63.
If the price continues lower, sellers will try to pull the pair to the support line. A break below the triangle would suggest that the prior downtrend is resuming. The next key support on the downside is $0.35.
Avalanche Price Analysis
Avalanche (AVAX) is attempting to find support at the moving averages, suggesting that buyers are accumulating on minor dips.
The 20-day EMA ($36.97) is flat and the RSI is near the midpoint, indicating equilibrium between buyers and sellers. To start a move toward $50, buyers will have to thrust the price above $41.80 and sustain it.
If the price breaks below the moving averages, sellers will try to pull the AVAX/USDT pair down to $29. A strong bounce from that level would suggest range-bound action between $29 and $40 for some time.
Frequently Asked Questions
What is driving Bitcoin’s current consolidation?
Bitcoin is consolidating due to a balance between buying interest from ETF inflows and selling pressure near the $70,000 resistance level. This creates a period of price stability before the next major move.
How do ETF inflows affect cryptocurrency prices?
ETF inflows bring institutional and retail capital into the market, increasing demand. Sustained inflows can push prices higher, as seen with Bitcoin, and often have a positive spillover effect on major altcoins.
Which altcoins are best positioned to follow Bitcoin’s momentum?
Altcoins with strong fundamentals and chart patterns, such as Ethereum, Solana, and Toncoin, may benefit if Bitcoin breaks out. Always conduct your own research or explore more strategies to identify potential opportunities.
What does a symmetrical triangle pattern indicate?
A symmetrical triangle suggests a period of consolidation before a breakout. The direction of the breakout—above or below the trendlines—often signals the next sustained price move.
How important is the 20-day EMA in crypto trading?
The 20-day EMA acts as a dynamic support or resistance level. Prices holding above it indicate bullish sentiment, while a break below can signal weakening momentum.
Should beginners invest in meme coins like DOGE or SHIB?
Meme coins are highly volatile and speculative. They can offer high returns but come with significant risk. It’s advisable to start with established cryptocurrencies and get advanced methods for portfolio diversification.