Bitcoin surpassed the $70,000 mark on May 27 after three days of contention, indicating that the bulls are still in command. Despite this, certain market experts are skeptical about an immediate breakout. Analyst Rekt Capital points out that the post-halving reaccumulation phase typically spans 160 days, suggesting that Bitcoin might not see significant movement for several weeks. In recent hours, [ccpw id=60415] price faced increasing selling pressure and lost its $70K milestone.
Meanwhile, the focus has shifted towards [ccpw id=60480], largely due to Bitcoin’s subdued performance and the recent approval of spot Ether exchange-traded funds (ETFs). Numerous analysts are optimistic about Ether’s potential growth.
Not just Ethereum—analysts are bullish on altcoins as well. They suggest that, following the trend of previous cycles, after Bitcoin and Ethereum have rallied, it’s now time for altcoins to follow suit.
Could Bitcoin and altcoins drive the markets to new heights? We’ll examine the charts of today’s trending coins to discover the answer.
Bitcoin (BTC) Price Analysis
Bitcoin price failed to hold its momentum around the $70K mark, resulting in a steep decline below its Fib channels. However, BTC rebounded from the 100-day EMA, priced at $67,291, and climbed past the $68.3K mark, suggesting that the bulls are consolidating their position. As of writing, BTC price trades at $67,902, declining over 0.9% in the last 24 hours.
The BTC/USDT trading pair appears poised for a potential rally toward the significant resistance level at $71,000. At this point, it is anticipated that the bears will vigorously contest this level. A breach here could send the pair toward $74K, and possibly extend gains to a new ATH.
Conversely, if the price sharply declines from this resistance and falls below the moving averages, it would indicate that the trading pair might oscillate around the ascending support channel.
GameStop Price Analysis
The GSTOP price recently rebounded from $0.0028, indicating that bulls have established this level as support. The price continued to surge above immediate Fib channels and broke crucial resistance lines. As of writing, GSTOP price trades at $0.005, surging over 57% in the last 24 hours.
Currently, bulls are striving to keep the price stable above $0.005. Achieving this could send the GSTOP/USDT pair toward the major resistance at $0.0065. Overcoming this hurdle could trigger a rally toward a new ATH.
Conversely, if bears aim to halt the upward movement, they must push the price below the recent breakout point of $0.0028. Such a move could lead to a drop toward the 61.8% Fib channel at $0.0024, which is expected to provide substantial support. A bounce from this level could see bulls making another attempt to reach $0.0065.
Notcoin (NOT) Price Analysis
NOT price has maintained its position above the moving averages recently, although it has not approached the immediate resistance level of $0.013. Bears are aiming to defend the ongoing surge above Fib channels. As of writing, NOT price trades at $0.012, surging over 28% in the last 24 hours.
The 20-day EMA ($0.01) is trending upward and an RSI over 70 indicates a minor advantage for the bulls. They aim to push the NOT/USDT pair past the $0.013 mark. Achieving this could initiate a new upward movement towards $0.015.
Conversely, a decline from the resistance level and a fall below the $0.01 support line would indicate that the pair could continue to fluctuate within its current range. This scenario could see the pair drop to $0.0075 and possibly further to $0.006.
Jupiter (JUP) Price Analysis
Jupiter price has fallen below a critical support level at $1.09, suggesting a reduced buying interest at higher prices. JUP price is currently declining below EMA trend lines, strengthening the selling demand around each support line. As of writing, JUP price trades at $1.08, declining over 6.6% in the last 24 hours.
The 20-day EMA, currently at $1.13, is declining, while the RSI hovers around the oversold region, offering a bearish edge. If this bearish momentum persists, a decline below the $1 mark would indicate that bullish momentum has declined, potentially triggering a descent to $0.87. Bulls are likely to robustly defend this latter level.
However, to halt this downward momentum, buyers need to defend the $1 level strongly. If the price rebounds from this level, we might see JUP price heading toward the crucial $1.2 resistance level.
Gorilla Price Analysis
Gorilla price skyrocketed toward the high of $0.0074 after gaining strong buying pressure around $0.0056. However, bears strongly rejected the recent high, plunging the price below Fib channels. Currently, Gorilla price trades at $0.0065, surging over 21% in the last 24 hours.
Bears may attempt to hold their dominance by dragging the price below the moving averages, potentially causing the GORILLA/USDT pair to drop to the support level of $0.0058. At this point, bulls are expected to step in and purchase at the lower price.
Should the price rebound from its current position or the support line and surpass $0.0075, it would signify the completion of an ascending triangle pattern. Following this, the pair might then seek to reach the targeted high of $0.01. Otherwise, the price might drop toward the low of $0.0044.
