Bitcoin is currently witnessing a surge in buying interest as it has broken above the $70,000 mark and is now eyeing a retest of its all-time high. Traders are speculating whether Bitcoin has reached its peak or if the bullish momentum will continue. Analyst “ELI5 of TLDR” highlighted in a post on X that five out of seven on-chain indicators suggest that the bull market is just getting started, while two indicators point towards potential topping patterns.
The recent bounce from the psychological support level around $70,000 has ignited buying interest in spot Bitcoin exchange-traded funds. According to Farside Investors, there were approximately $950 million in inflows last week, marking the best weekly performance since March. If this trend persists, Bitcoin could experience a significant upward trajectory.
Furthermore, with the SEC moving swiftly to approve the first spot Ethereum ETF in the US, we may see further price surges in the days ahead. The question remains – will the bulls break through the resistance in Bitcoin and retest the all-time high? Let’s delve into the charts to find out.
Bitcoin (BTC) Price Analysis
Bitcoin has been trading within a bullish range above $70,000 over the last 24 hours. Such ranges near overhead resistance levels typically break to the upside. However, bears are putting up a fight to prevent a surge above Fib channels. Currently, the BTC price stands at $71,169, reflecting a surge of over 6.1% in the past day.
The rising 20-day EMA ($68,324) and the RSI in overbought territory suggest that the path of least resistance is upwards. If Bitcoin manages to surpass $74,000, the BTC/USDT pair could set its sights on $80,000, where strong selling pressure might be encountered from bears.
On the downside, the moving averages serve as crucial support levels to monitor. A breakdown below these averages would signal a loss of control by the bulls, potentially leading the pair to drop to $67,000 and then to $63,000.
Ethereum (ETH) Price Analysis
The price of Ether continues to break above resistance lines as it surged above the $3,800 level recently. Buyers are currently dominating the price chart and are aiming to retest the $4,000 level. At present, the ETH price is at $3,773, marking a surge of 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 could indicate a potential change in the short-term trend. The ETH/USDT pair might then rally to $4,500, testing the patience of buyers.
To retain control, the bears need to pull the price below the 20-day EMA and push the pair below the crucial support at $3,200. This move 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 bulls. Due to a surge in ETH buying interest, the ENS price is also soaring above resistance channels. Currently, the ENS price trades at $20.6, reflecting a surge of over 42% in the last 24 hours.
While the $23 level might pose a minor obstacle, a successful break by the bulls could propel the ENS/USDT pair to $30. However, a reversal from the current level or $23, leading to a drop below the moving averages, could imply bearish pressure at higher levels. In such a scenario, the pair might decline towards $10.7.
Lido DAO (LDO) Price Analysis
The bulls have managed to push the LDO price above the declining resistance line and are now aiming for a breakout above $3.5. Currently, the LDO price trades at $2.3, surging over 35% in the last 24 hours.
The bears’ goal is to push the price below the 20-day EMA and test the support line at $1.5. However, the bulls are currently in full control of the price chart. A sustained surge from the resistance line could lead the LDO/USDT pair to attempt a break above $3.5.
Failure to push the price above the current level might dent the bulls’ confidence, triggering bearish dominance. This could result in a decline towards $1.5. A breakdown below this level could lead to a drop towards the low of $1. On the other hand, a surge above $3.5 might propel the price above $4.
Bonk Price Analysis
The Bonk price has been on an upward trend recently. The bulls successfully pushed the price above the overhead resistance of $0.000029 and are now eyeing a move towards $0.000037. Presently, the Bonk price stands at $0.00003377, surging over 34% in the last 24 hours.
The bulls are striving to push the price towards $0.000037, with a successful move potentially leading to a surge towards $0.00005. However, bears might put up a strong defense within these levels. Monitoring the EMA20 trend line is crucial, as a strong rebound from this level could indicate that bulls are buying on dips, increasing the likelihood of breaking the psychological resistance at $0.000037.
Conversely, a sharp drop below the 20-day EMA would suggest that bulls are exiting their positions, possibly triggering a correction down to the 50-day SMA at $0.00002275. The RSI level on the 4-hour chart is currently surging exponentially, hovering around the 74 level, further bolstering buying demand for the Bonk price chart.