Price analysis 6/16: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT
Bitcoin (BTC) is witnessing a tough battle between buyers and sellers near the $25,000 mark. A minor cause of worry for the bulls is that even the news of BlackRock having filed an application for a Bitcoin spot exchange-traded fund could not boost prices higher. This suggests that investors remain cautious due to the regulatory overhang.
However, this does not mean that professional investors have abandoned plans to invest in cryptocurrencies. The Laser Digital Investor Survey of institutional investors conducted in April shows that 90% of the respondents were ready to consider putting money into crypto if the asset was backed by a “large traditional financial institution.” Another positive was that 82% of the investors polled were positive on crypto’s prospects over the next 12 months.
Glassnode co-founders Yann Allemann and Jan Happel said in a tweet on June 15 that a traditional technical analysis indicator and two on-chain indicators for Bitcoin were looking similar to how they did in Q3 2020, just before Bitcoin soared above its 2017 high of $20,000.
Could Bitcoin and the altcoins start a recovery from the current levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin plunged below the crucial support at $25,250 on June 14, indicating aggressive selling by the bears.
Although the bulls managed to push the price back above $25,250 on June 15, they will have to overcome the obstacle at the 20-day exponential moving average ($26,320) to start a meaningful bounce. The BTC/USDT pair could then attempt a rally to the 50-day simple moving average ($27,210) and subsequently to the resistance line of the descending channel.
Contrary to this assumption, if the price turns down from the 20-day EMA, the
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