Bitcoin Price Analysis

While Bitcoin crossed $95,000 on Tuesday, the buyers are still struggling to maintain momentum, indicating that sellers haven't given up

Bitcoin crossed the crucial psychological level of $95,000 on Tuesday as buyers continue to struggle to maintain momentum above the 20-day Exponential Moving Average (EMA) at $93,500.

While the sellers haven’t given up on protecting vital resistance levels, the good news is that the buyers continue to guard the $90,000 support, thus improving the prospects of an uptrend, with the target being $100k.

The chances of this move happening have been enhanced by increased institutional demand for BTC over the past seven days. Farside Investors’ data shows that Bitcoin spot exchange-traded funds (ETFs) have processed net inflows worth $3.04 billion since April 21st.

Meanwhile, hedge fund manager Dan Tapiero has expressed optimism that Bitcoin’s price could hit $180,000 in the coming months if the US Federal Reserve cuts interest rates in June, as macro data shows declining inflation.

That said, what major levels should we monitor keenly if BTC and altcoins continue to recover? Let’s study the charts to find out.

Bitcoin Price Analysis

As stated, sellers are booking profits at prices above $95,000. However, given that the $93,500 vital support hasn’t been violated, it signals that a solid break above that strong resistance level could happen soon.

A break and close above $95k enhances the probability of a surge to $100,000, where we anticipate that the sellers will mount a massive defense. However, if they don’t, BTC could rally to $103,200 for the first time in three months.

On the downside, a break below $93,500 would make $90,000 vulnerable. If the sellers pull Bitcoin below $90k, the 50-day Simple Moving Average of $85,043 could be the next stop.

Ethereum Price Analysis

Although Ethereum has stayed above the 20-day Exponential Moving Average of $1,721 in the past seven days, the bulls have failed to apply more pressure to sustain the coin above $1,800. However, analysts say this could change if the weekly candle closes above the 50-day Simple Moving Average of $1,794. Such a move would confirm a breakout, with the buyers aiming to push Ether toward the $2,108 resistance.

On the other hand, a solid break below $1,721 would mean that the advantage has shifted to the sellers’ side. As such, Ethereum is expected to descend toward the $1,550 vital support.

XRP Price Analysis

Rumors that fund manager ProShares was planning to launch its XRP ETF product attracted investors to the coin, whose price saw massive gains until Tuesday, when the company’s spokesman told journalists there was no plan to launch the said product anytime soon.

The announcement has caused XRP to plunge 3.1% to $2.220 in the past 24 hours. If investor sentiment becomes more negative, sellers will look to pull the token to the 20-day Exponential Moving Average of $2.163 and later to $2.100.

On the bullish side, increased demand due to the growing hopes that the US Securities and Exchange Commission will approve more XRP ETFs could likely trigger a rally to $2.740 and subsequently to $2.951.

Cardano Price Analysis

The 20-day Exponential Moving Average and the 50-day Simple Moving Average completed a bullish divergence earlier this week, suggesting a potential recovery rally. Moreover, the Relative Strength Index (63.26) indicates room for an uptrend. If ADA continues to rise and crosses the $0.752 resistance, a jump to $0.837 becomes likely.

Conversely, if Cardano dips below the $0.669 support, it would mean that sellers are guarding higher levels. As such, a sharp fall to $0.573 and then to $0.50 is possible.

Sui Price Analysis

The sellers have been applying pressure near the $3.89 resistance, signaling their intention to sustain Sui at lower levels. If selling persists, the $3.50 support could give way, leading to a sharp correction toward $3.25. Although unlikely, the bears could pull the coin to the 20-day Exponential Moving Average of $2.28 if a close below $3.25 happens.

Meanwhile, a solid break above $3.89 could encourage the bulls to push Sui to $4.50 and later to $5.