Cryptocurrency markets are not very busy this week, however, Bitcoin‘s price has fallen back to $62,000. The increased pressure from the SEC on crypto is not without reason. Moreover, we have started to see clear exits in the ETF channel the day before yesterday. So, what are the current predictions for BTC, ETH, and BNB Coin?
Bitcoin (BTC)
On May 6, BTC bulls hit a selling wall at the 50-day simple moving average ($65,829), halting the rally. The BTC/USDT pair faces a risk of dropping to $59,600. At the time of writing, the price finding buyers at $62,100 could trigger further sell-offs, with the next stop possibly being $56,500. Subsequent targets would be $54,298 and $50,000 respectively.
Bulls aiming to prevent larger losses should close above $65,829. This would allow the pair to regain momentum and target the main resistance level at $73,777. The boring days post-halving and the possibility of the Fed delaying interest rate cuts are further dampening spirits. We will see what happens, but the risk of prolonged negativity, suggesting a “sell and go on vacation” mode, should not be ignored.
Ethereum (ETH)
The overall market sentiment is in favor of bears, and the $3,116 resistance is being strongly defended. The resistance line of the descending channel model in Ether is also strong. The biggest supporting factor is the expected ETF rejection decisions around May 23. If losses continue, the ETH price could drop to $2,850.
Conversely, the price will need to break through the resistance area to target higher peaks again.
BNB Coin Predictions
Bulls have struggled for a long time above $600 aiming for new ATHs. However, with BTC being so weak, the price has fallen back to the $580 level. BNB Coin is still in an uptrend and hopes are not yet extinguished. If bulls can gather strength, the $635 resistance can be targeted again. After that, the frequently mentioned $692 resistance level will be targeted.
In the opposite case, $536 and $495 will be targeted.
