BNB can go much higher if Bitcoin price flips $69K
BTC and BNB Price analysis: Bitcoin (BTC) has experienced a slight pullback from its recent peak of around $72,000 earlier in the week, currently hovering around $69,400. Despite this dip, there seems to be a concerted effort from buyers to keep the price above the $69,000 mark. For the week, Bitcoin is set to close with modest gains of just over 2%. While it hasn’t managed to break through key resistance levels, buyer activity remains resilient.
According to data from Farside Investors, there has been a notable influx of approximately $1.7 billion into spot Bitcoin exchange-traded funds this week, bringing the total investments in these funds to $15.5 billion as of June 6th. This substantial buying indicates trader confidence in a continued upward trajectory. However, a dip on June 7th led to a decline in Bitcoin’s open interest by $1.3 billion and Ether’s by $800 million, as noted by trader Daan Crypto Trades. Despite this setback, investor sentiment appears largely unfazed.
QCP Capital suggests that Bitcoin and Ether may soon establish local lows, especially considering the potential impact of the Federal Reserve’s future actions, which could favor risk assets. The question now arises: can Bitcoin sustain its position above $69,000 and initiate a recovery? Moreover, will other cryptocurrencies follow suit?
Bitcoin (BTC) Price analysis
Bitcoin saw a sharp decline from the minor resistance level of $72,000 on June 7, indicating sustained bearish activity at higher price levels. However, the subsequent pullback has found support at the 20-day exponential moving average ($68,603), indicating that buyers continue to see dips as favorable buying opportunities.
Should the price rebound strongly from the 20-day EMA, bulls are likely to make another attempt to push the BTC/USDT pair towards the overhead resistance at $73,777. A successful break and close above this resistance level could potentially pave the way for a rally towards $80,000 and subsequently $88,000.
Conversely, if the price breaks below the 20-day EMA, it would signal waning bullish momentum. Such a scenario might lead to a descent towards the 50-day simple moving average ($65,807).
BNB price analysis
BNB is currently experiencing a downtick, with its value at $650 after initiating a correction from its recent high of $722 on June 6. This correction indicates a trend of profit-taking by short-term traders. A key support level to monitor on the downside is the 20-day EMA ($639).
A potential sign of continued positive sentiment and dip-buying by traders would be a robust rebound from the 20-day EMA. Such a scenario would increase the likelihood of the uptrend resuming, possibly propelling the BNB/USDT pair towards the pattern target of $775.
However, if the price continues to decline and falls below the breakout level of $635, it may signal a shift in sentiment in the near term. This could lead to the trapping of aggressive bulls and a potential retreat towards the uptrend line.
