Bitcoin (BTC) kicked off the new week in a tug-of-war between bulls and bears, with sellers attempting to push prices below the critical $107,000 support level. However, as long as BTC holds above the key $104,600 threshold, it retains potential to close June in positive territory. If this scenario unfolds, it would mark only the second time since 2020 that Bitcoin finishes June in the green, according to CoinGlass data.
Despite failing to reclaim its all-time high of $111,980, investor sentiment remains resilient. Capital continues flowing into Bitcoin investment products, with ETPs alone recording $2.2 billion in net inflows last week per CoinShares.
Institutional accumulation persists unabated. Michael Saylor recently announced MicroStrategy's purchase of 4,980 BTC at an average $106,801, while Metaplanet's CEO disclosed acquiring 1,005 BTC at $107,601.
Market Outlook: Key Questions
- Can Bitcoin maintain its $106,000 support zone?
- How will altcoins respond to current volatility?
SPX Technical Analysis
The S&P 500 rebounded from its 20-day EMA (6,029) on June 23, signaling bullish momentum.
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Key Levels:
- Resistance: 6,147 (all-time high)
- Support: 20-day EMA (6,029)
- Breakout Target: 6,500 if 6,147 holds
- Bearish Scenario: Close below 20-day EMA could trigger pullback to 50-day SMA (5,827)
DXY Technical Analysis
The dollar index (DXY) closed below critical 97.92 support, indicating bearish control.
Critical Factors:
- Declining moving averages
- RSI nearing oversold territory
- Potential rebound if reclaims 97.92
- Downside risk to 95 if resistance holds
Bitcoin (BTC) Technical Outlook
BTC faces selling pressure at descending trendline but maintains above moving averages.
Chart Patterns:
- Inverse head-and-shoulders neckline at $111,980
- Bullish confirmation requires breakout above trendline
- Warning sign if price breaches moving averages
Ethereum (ETH) Technical Analysis
ETH faces resistance at 50-day SMA ($2,534) after recent recovery attempt.
Key Levels:
- Support: $2,376 → $2,323 → $2,111
- Resistance: $2,738 → $2,879 (trend-defining)
- RSI neutral suggests potential consolidation
XRP Technical Analysis
XRP oscillates between $2 and $2.65, reflecting balanced market forces.
Potential Scenarios:
- Break above 50-day SMA ($2.25) could test $2.65
- Rejection may lead to retest of $2 support
- Critical breakdown level: $1.61
Frequently Asked Questions
What's driving Bitcoin's current price action?
Institutional accumulation through ETPs and corporate buying provides strong support, while macroeconomic uncertainty creates resistance near all-time highs.
How should traders approach altcoins currently?
Focus on coins maintaining above key moving averages (like BNB and SOL) while avoiding those showing distribution patterns (like DOGE).
What's the most important chart pattern to watch?
BTC's inverse head-and-shoulders formation, whose neckline at $111,980 could trigger major upside if broken.
BNB Technical Outlook
BNB broke descending channel resistance, suggesting correction may be over.
Critical Levels:
- Immediate resistance: 50-day SMA ($654)
- Upside targets: $675 → $698
- Invalidation point: $636 breakdown
Solana (SOL) Technical Analysis
SOL rebounded from $140 support, now testing EMA 20 ($148).
Key Scenarios:
- Break above 50-day SMA ($158) could target $185
- $185 breakout opens path to $220
- Risk of drop to $126 if $140 support fails
Dogecoin (DOGE) Analysis
DOGE faces make-or-break moment at EMA 20 ($0.17).
Potential Outcomes:
- Rejection could lead to $0.14 → $0.10 drop
- Breakout may trigger range-bound action ($0.14-$0.21)
- Bullish confirmation above $0.21
Cardano (ADA) Technical Outlook
ADA approaches EMA 20 ($0.59) as critical resistance.
Chart Patterns:
- Descending triangle forming
- Breakdown below $0.50 could target $0.40
- Upside potential to $0.67 SMA 50
Hyperliquid (HYPE) Analysis
HYPE broke $39.12 resistance, signaling bullish return.
Price Targets:
- Immediate: $42.50 → $45.80
- Psychological: $50
- Support levels: EMA 20 ($37.55) → SMA 50 ($34.76)
Disclaimer: This analysis represents market commentary only, not investment advice. Always conduct your own research before trading. We disclaim all liability for investment decisions made based on this content.