Bitcoin and cryptocurrencies are closely watching the news expected this evening, and the outcome will be clear before the US markets close. The markets experienced a significant shake-up with Friday’s data, causing rightful concern among investors. Following this, the European Parliament elections acted like a second wave of the earthquake, shaking the markets. So, how much could the four major cryptocurrencies be worth in a few hours?
Bitcoin (BTC)
With closures above $40,200, we had written that Bitcoin had fully entered its upward trajectory, and despite intermittent drops, the king of cryptocurrencies reached a record level. It has been exactly 90 days, or 3 months, since the peak, but BTC has not managed to close above $72,000 despite seven attempts during this period.
The fact that the resistance level has been tested so many times reminds us that a breakout is only a matter of time. However, for most investors, short-term price movements are more important than the long-term trajectory. This has caused concern among investors due to the support violated at $66,800. For now, the key support is maintained, but new attempts towards $61,500 and $58,150 by the Fed are not impossible.
BNB Coin Analysis
The BNB Coin price, aiming for peaks above $800, has been significantly affected by the drop in BTC price. On Friday, while the price was still lingering at $700, we mentioned the risk of a drop to $635 and below. The price is now at $616, and for the rise to continue, it needs to reclaim $635. Otherwise, dips to $590 could be seen.
ETH Price Analysis
The bears, erasing part of the bullish candle from May 20, are now trying to pull the price below $3,400. If it closes below this level, new lows between $3,284 and $2,877 are possible. The ETF launch date is expected to be announced this month, with about 18 days remaining. A quick rise similar to the BTC ETF process is possible following the news.
AVAX Predictions
The AVAX price, which has returned to the parallel channel we discussed for months, is behaving as if the BTC ETF has not been approved. The annual double-digit token inflation and the resulting increased circulating supply show that the selling pressure is not only fueled by general market weakness. Interest in futures has weakened, and as long as $31.5 is maintained, the potential for a return to $42 and above continues.
