Price analysis 6/9: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT
Bitcoin (BTC) remains well above the crucial support at $25,250, indicating that market participants have shrugged off the news of the lawsuit by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase. When markets do not stay lower for long after negative news, it is a sign that traders are looking to buy the dips rather than panic and dump their holdings.
ARK Invest CEO Cathie Wood has been buying the dip in crypto-related stocks since the SEC unleashed its recent crypto regulatory action. First Wood purchased $21 million worth of Coinbase stock on June 6 and followed that up with a purchase of Block Inc. shares worth $19.9 million between June 7 and 8.
The resilience of the cryptocurrency space is supported by a risk on sentiment. The U.S. equities markets are on a roll with the S&P 500 rising above 4,300 on June 9, the first such instance since August 2022.
Can bulls sustain the recovery in the cryptocurrency markets or will higher levels bring out the bears in large numbers? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin turned down from the moving averages on June 7 but a minor positive is that the bulls did not allow the price to slump below $26,125. This suggests that lower levels are attracting buyers.
The bulls will again try to thrust the price above the 20-day exponential moving average ($26,924). If they succeed, it will suggest that the selling pressure is reducing.
The BTC/USDT pair may then climb to the 50-day simple moving average ($27,536) and later to the resistance line of the descending channel. The bears are expected to fiercely defend this level.
Another possibility is that the price turns down from the current level. In that case, the bears
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