Bitcoin is currently experiencing a surge in buying demand as it surpasses $70,000 and sets its sights on retesting its all-time high. Traders are speculating whether Bitcoin has reached its peak or if the rally will continue. Analyst “ELI5 of TLDR” has reported that five out of seven on-chain indicators suggest that the bull market is just getting started, while two indicators indicate potential topping patterns.
The recent bounce from the psychological support level at $70,000 has sparked interest in spot Bitcoin exchange-traded funds. Farside Investors have reported approximately $950 million in inflows last week, marking the best weekly performance since March. If this trend continues, Bitcoin could experience a significant upward movement.
Furthermore, with the SEC expediting the approval process for the first spot Ethereum ETF in the US, we may see further surges in the coming days. Additionally, the question remains whether bulls will overcome the resistance in Bitcoin and retest the all-time high. Let’s examine the charts to find out.
Bitcoin (BTC) Price Analysis
Bitcoin has been trading in a bullish range above $70,000 for the past 24 hours. Such ranges near overhead resistance levels often result in upward breakouts. However, bears are continuing to defend a surge above the Fib channels. Currently, the BTC price is trading at $71,169, representing a surge of over 6.1% in the last 24 hours.
The rising 20-day EMA ($68,324) and the overbought RSI suggest that the path of least resistance is upward. If Bitcoin surpasses $74,000, the BTC/USDT pair could aim for $80,000, where strong selling pressure from bears may emerge.
On the downside, the moving averages serve as key support levels to monitor. A break and close below these averages would indicate that the bulls have lost control, potentially causing the pair to drop to $67,000 and then to $63,000.
Ethereum (ETH) Price Analysis
Ether price continues to break above resistance lines as it recently surged above the $3,800 level. Buyers are currently in full control of the price chart and are aiming to retest the $4,000 level. Currently, the ETH price is trading at $3,773, surging over 22% in the last 24 hours.
The bulls will make another attempt to push the price above the resistance line at $4,100. If successful, this would indicate a potential near-term trend change. The ETH/USDT pair could then rally to $4,500 and potentially test the patience of buyers.
To maintain control, the bears need to push the price below the 20-day EMA and drive the pair below the crucial support at $3,200. This could lead to a decline towards the support line of the channel.
Ethereum Name Service (ENS) Price Analysis
ENS price is steadily approaching the immediate resistance at $23, indicating strong demand from the bulls. Due to a surge in ETH buying demand, the ENS price is also skyrocketing above resistance channels. Currently, the ENS price is trading at $20.6, surging over 42% in the last 24 hours.
On May 20, the bears attempted to push the price below the $14 level, but the bulls held their ground. While the $23 level may present a minor obstacle, if the bulls manage to surpass it, the ENS/USDT pair could climb to $30.
However, if the price reverses from the current level or $23 and falls below the moving averages, it would imply that the bears are exerting pressure at higher levels. In this case, the pair might decline towards $10.7.
Lido DAO (LDO) Price Analysis
The bulls have successfully pushed the LDO price above the declining resistance line and are aiming for a breakout above $3.5. Currently, the LDO price is trading at $2.3, surging over 35% in the last 24 hours.
The bears are aiming to pull the price below the 20-day EMA and test the support line at $1.5. However, the bulls are in complete control of the price chart. If the surge from the resistance line continues, the LDO/USDT pair could attempt to break $3.5.
If the price fails to surge above its current level, the bulls will lose confidence, triggering a bearish dominance. This might result in a decline towards $1.5. If the bulls fail to defend this level, we might see a drop towards the low of $1. However, a surge above $3.5 might send the price above $4.
Bonk Price Analysis
Bonk price has been trending upwards recently. The bulls managed to push the price above the overhead resistance of $0.000029 and are currently aiming for a move towards $0.000037. Currently, the Bonk price is trading at $0.00003377, surging over 34% in the last 24 hours.
The bulls are now attempting to send the price towards $0.000037. If successful, this move might send the price towards $0.00005. However, bears might strongly defend a surge between these levels.
A key level to monitor is the EMA20 trend line. A strong rebound from this level would indicate that bulls are buying on dips, increasing the chances of breaking the psychological resistance at $0.000037.
Conversely, if the price drops sharply and falls below the 20-day EMA, it would suggest that bulls are exiting their positions. This could trigger a correction down to the 50-day SMA at $0.00002275.
On the 4-hour price chart, the RSI level is surging exponentially and is currently trading around the 74 level. This strengthens the buying demand on the Bonk price chart.
