After nearly reaching $84,000, Bitcoin experienced a brief pullback in the cryptocurrency market. Despite this slight correction, both Bitcoin and major altcoins have shown renewed momentum, approaching critical resistance zones in recent sessions.
Bitcoin struggles at resistance
Midweek trading saw Bitcoin push above $82,800, though the price failed to sustain this level for long. A positive sign for the market came as Bitcoin exchange-traded funds recorded $1.63 billion in net inflows during May, reflecting persistent bullish sentiment among investors.
Analysts note that $84,000 marks a major resistance level, where sellers tend to assert considerable pressure. In the short term, the price could dip towards the 20-day average at $77,477. A strong bounce from this region could pave the way for an upward break. If Bitcoin closes convincingly above $84,000, attention may shift quickly toward the $92,000 target. On the flip side, should the price drop below $74,937, a move down to the 50-day average at $73,073 becomes possible.
In their analysis, experts highlight that “bulls will face resistance from sellers at $84,000, but a shallow correction could increase the likelihood of an upward breakout.”
Not all market participants are convinced that the current rally is sustainable. Some specialists caution that Bitcoin’s inability to hold above its 200-day moving average at $83,313 could be an early signal of further downside risks.
Key levels emerge for leading altcoins
Ethereum (ETH) is currently trading above its averages, but remains indecisive around the $2,465 resistance. A pickup in selling pressure could take it down to the 20-day average at $2,309, while a breakout may see ETH aiming for $3,050.
XRP has managed to close above its averages in recent days. This performance indicates it faces resistance at the descending trendline within its channel. Should XRP overcome the downtrend and breach $1.61, the next potential upside targets are $2 and $2.40. Otherwise, a sideways pattern inside the channel could persist for some time.
Binance Coin (BNB) has also climbed above its key averages. If BNB breaks above the $654 resistance, it could reach $687, and possibly extend to $730 and $790. Should it fail to clear resistance, the price is expected to settle into a range between $570 and $687.
Solana (SOL) surpassed its moving averages and is challenging resistance at $90.73. Breaking through this level could open the door to $98, and further to $117 if momentum continues. If the upward move stalls, SOL may consolidate between $76 and $98.
Focus shifts to possible reversals
Dogecoin (DOGE) is nearing $0.12, where significant selling may emerge. If DOGE quickly overcomes this hurdle, its price could ascend to $0.14 and even $0.16. Otherwise, if it slides below its 20-day average at $0.10, a horizontal range between $0.09 and $0.12 becomes likely.
Hyperliquid (HYPE) showed upward momentum early in the week but is encountering resistance between $43.76 and $45.77. Should it close below its 50-day average at $40.22, the price might retreat all the way to $34.45. A resistance breakout, however, could see HYPE setting sights on $50.
Cardano (ADA) has climbed above its 50-day average of $0.25, signaling a short-term recovery. If ADA clears $0.28 and then $0.30, the $0.31 level becomes a crucial threshold. Conversely, falling back below its averages could push ADA down as far as $0.22.
Bitcoin Cash (BCH) rebounded quickly after dipping from $443, reaching as high as $486. However, the long upper wick on the daily candle points to persistent selling pressure. Holding above $486 could unlock a path toward $520, while failing to do so might see BCH confined to a range between $419 and $486.
Zcash (ZEC) found support above the 20-day average at $389 and surged past $560 resistance. The rapid rise has pushed the RSI into overbought territory, suggesting a short-term correction or sideways consolidation may be due. As long as ZEC remains above $560, a run towards the $750 resistance is possible, but a pullback to $496 or $462 could occur if it slips.
