After a brief dip yesterday, Bitcoin fought back to emerge from the weekend above $9,700. The king crypto dipped 2% in just a few hours to go below $9,470 for the first time since June 1. However, it bounced back and was trading at $9,737 at press time.
Today’s Bitcoin price chart analysis shows that bulls need to hold the price above the $10,100 level in order to activate a large bullish reversal pattern.
According to BTC Moving Averages, bulls could still attack towards the $11,600 resistance level, and possibly higher over the medium-term.
Looking ahead, bulls remain in control while the price trades above the $9,300 support level. This has been the level at which the BTC has found support and managed to bounce back.
Bitcoin $12K Breakout Could Surprise Everyone
Bitcoin’s price yet again surged past $10K for just a few hours before experiencing a short sharp 10% sell-off last week.
Now, a look at the order book for Binance exchange notes large sell orders layered between $9,800 and $10,500, with no meaningful orders at $10,500.
This could be an early indication that large sellers have a new target in mind, and as far as higher time frames are concerned, $11,800 and $13,900 are the next logical options based on previous monthly resistance.
In the coming days, the bullish scenario of extending towards the first key resistance of $10,500 looks likely in the short term. Finally, managing to break out from this important level would put $12,000 within reach before facing heavy resistance at the $13,900 level.
A key indicator that BTC prices could witness such a dramatic upturn this week is that the BTC hash rate is again nearing its all-time high. At press time, the hash rate was 125.66 EH/s, close to the all-time high of 137 EH/s achieved on May 11 (on the day of the 3rd halving).
On the other hand, the first sign of trouble for BTC would be losing $9,250. From here, $9,000 would be the last safe level of support before cascading down to sub $8K levels.
Ethereum to test the $249 Level
Ethereum rose by 1.20% on Sunday to end the week up by 5.78% to $244.81. A mixed start to the new week saw Ethereum rise in the early hours of June 8 to reach a high of $245.50 before falling to a low $243.93. At the time of writing, Ethereum is changing hands at $243.17.
The 2nd ranked crypto would need to avoid sub-$241.60 levels to support a run at the first major resistance level at $248.68. Failure to avoid sub-$241.60 levels could see eth give up Saturday’s gains.
That said, excluding an extended crypto sell-off, Ethereum should continue to steer clear sub-$230 levels, with major support recently witnessed at t $230.60, limiting any further downside.
Looking ahead, short-term Ethereum forecast and analysis implies an attempt to test the resistance area near the level of $249.35.