BNB, TON, FIL, and INJ Poised to Surge if Bitcoin Tops $69K

Bitcoin experienced a decline from its intra-week peak of around $72,000, but bullish traders are actively maintaining the price above $69,000. By the week’s end, Bitcoin is poised to record modest gains of just over 2%. Despite not breaking past the overhead resistance, buyers have held steady. Data from Farside Investors reveals approximately $1.7 billion inflows into spot Bitcoin exchange-traded funds (ETFs) this week. This brings the total investment into spot Bitcoin ETFs to $15.5 billion as of June 6. The continued strong buying indicates that traders expect the upward movement to persist.

On June 7, Bitcoin’s price fell, dragging several altcoins down with it. According to trader Daan Crypto Trades, there was a significant drop in open interest, with Bitcoin losing $1.3 billion and Ether $800 million. Despite this decline, investors remain calm. QCP Capital projects that Bitcoin and Ether might hit local lows soon, anticipating that upcoming Federal Reserve actions will favor risk assets. The key question now is whether Bitcoin can sustain itself above $69,000 and initiate a recovery, potentially bringing altcoins higher as well.

Analyzing Bitcoin’s price movement, it sharply declined from the minor resistance level of $72,000 on June 7, which suggests that bears are active at higher levels. This pullback is finding support at the 20-day exponential moving average (EMA) of $68,603, indicating that bulls see the dip as a buying opportunity. Should the price rebound strongly from the 20-day EMA, the bulls will likely make another attempt to push the BTC/USDT pair towards the overhead resistance of $73,777. Breaking and closing above this resistance could trigger a rally to $80,000, and possibly $88,000.

If Bitcoin’s price falls below the 20-day EMA, it would signal the bulls’ retreat, likely dragging the price down to the 50-day simple moving average (SMA) of $65,807. Currently, Bitcoin has been trading between $66,500 and $72,000 for a while. The failure to breach the overhead resistance has led to this retracement, which seeks to stabilize around $69,000. To pave the way for a rally to $72,000, buyers need to maintain Bitcoin’s price above the 20-EMA. Conversely, a close below $68,420 would give the bears an edge in the short term, potentially driving the price down to the strong support level at $66,500.

Turning to BNB, the cryptocurrency began a correction from $722 on June 6, a sign that short-term traders are booking profits. The crucial support level to monitor here is the 20-day EMA at $639. If the price rebounds robustly from the 20-day EMA, it would indicate continued positive sentiment with traders buying on dips, increasing the likelihood of the uptrend resumption. Should this happen, the BNB/USDT pair could rise to the pattern target of $775. If the price drops below the breakout level of $635, it could trap aggressive bulls and pull the pair down to the uptrend line.

The price briefly dipped below the 20-EMA but didn’t continue falling to the 50-SMA, which suggests that selling diminishes at lower levels. Bulls will attempt to push the price back above the 20-EMA. If successful, the pair might rally to $695 and then to $722. Conversely, if the price turns down from the 20-EMA, it would indicate that bears are trying to flip this level into resistance, potentially bringing the price down to the 50-SMA.

Toncoin’s repeated failure to sustain above the overhead resistance of $7.67 may have prompted short-term traders to book profits. The price pullback is finding support at the 20-day EMA of $6.80. If the price turns upward from its current level, bulls will again try to breach the $7.67 barrier. Success here could see the TON/USDT pair quickly head towards the psychological resistance of $10.

If, The price dips below the 20-day EMA, it would indicate that bulls are exiting their positions, potentially sinking the pair to $6. The price fell below the 50-SMA, but lower levels attracted buying interest. Bulls will aim to drive the price towards the overhead resistance of $7.67 again. Breaking and closing above this level could trigger the next uptrend phase. Critical to watch is the uptrend line on the downside; breaking this support could initiate a deeper correction.

Filecoin has been consolidating between $5 and $6.77 for several days, signifying that bulls are attempting to establish a base. Efforts to push the price above this resistance on June 7 were countered by strong bearish resistance. Positively for buyers, the pullback halted at the moving average levels. If the price turns upward from the current level and breaches $6.77, it would suggest the start of a new upward trend, potentially driving the FIL/USDT pair to $8.54 and then to $9.35.

On the contrary, if the price turns downward sharply from the resistance, Filecoin might spend more time within its current range. The 4-hour chart shows support at the 50-SMA from the drop off the $6.77 resistance. Upward trends in the 20-EMA and RSI in positive territory indicate a buying edge. Overcoming minor resistance at $6.50 could retest the $6.77 level. Bears, Might try to drop the price below the 50-SMA, pushing it down to around $5.60 and then $5.48.

Injective has formed an ascending triangle pattern, set to complete if it breaks and closes above $29.93. The 20-day EMA at $26.15 is gradually rising, and the RSI in the positive zone hints that bulls have a slight advantage. Should buyers break past the $29.93 barrier, the INJ/USDT pair could gather momentum, rising to $36.50 and eventually reaching the pattern target of $41.74. This optimistic view would be negated if the price turns down and breaks below the support line, possibly dropping the price to $18.

The 4-hour chart indicates that bulls managed to push the price above the overhead resistance of $29.93 but couldn’t sustain it, suggesting strong bearish selling above this level. Despite a dip below the 20-EMA, the price quickly rebounded off the 50-SMA. Bulls will once again attempt to overcome the resistance zone between $29.93 and $31. If successful, the pair could start a new uptrend. Conversely, blowing below the 50-SMA could give bears the upper hand.