Compass Investments

– Key Points: Bitcoin has recovered rapidly from $100,000 on June 6, but bears are likely to offer serious resistance at higher levels.

some altcoins have held on to their support levels, hinting at a likely consolidation in the near future.

On June 6, it made an impressive surge above $105,000, indicating strong demand at lower levels. The recovery may face selling when the price approaches $109,588. Some analysts are pessimistic, expecting bitcoin to fall below $100,000 in the near future.

However, the Hash Ribbons metric, which has proven itself in identifying long-term price lows, recently gave a new buy signal. CryptoQuant member Darkfast stated in a post on Platform X that this signal indicates that buying on a drawdown here is a smart move.

Short-term uncertainty may keep traders on edge, but some companies have revealed plans to add bitcoin to their portfolios. Strategy, the world’s largest corporate holder of bitcoin, announced plans to raise about $1 billion for general corporate purposes, including bitcoin acquisitions and working capital.

Similarly, Metaplanet, known as Japan’s Strategy, has increased its bitcoin plans, aiming to own 100,000 bitcoins by the end of 2026, up from its previous goal of 21,000 bitcoins.

Will bitcoin be able to sustain a solid rebound from the $100,000 mark, pulling altcoins with it? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

On June 5, bitcoin fell below its 20-day exponential moving average ($104,934) and reached critical support at $100,000.

The strong rebound from the $100,000 level indicates aggressive buying on the part of the bulls. The sellers are expected to offer serious resistance to the 20-day EMA. If the price reverses sharply downward from the 20-day EMA, the $100000 level will be in danger of a breakdown. In case of a breakdown, selling may accelerate and the BTC/USDT pair may fall to $93,000.

Conversely, a breakout and consolidation above the 20-day EMA implies that the pair may trade in the $100,000 – $109,588 range for some time. The bears are expected to keep the defense in the $109,588 – $111,980 zone.

On June 5, the price reversed downward and fell below the 20-day EMA ($2,515), indicating profit taking by short-term buyers.

the 20-day EMA is leveling off and the RSI is near the midpoint, signaling a possible range bound in the short term. The ETH/USDT pair may fluctuate between $2,323 and $2,738 for a few more days.