Key points:
Bitcoin is witnessing a tough battle between the bulls and the bears at the $95,000 level.
Solid buying by spot Bitcoin ETF investors last week signals a positive shift in investor sentiment.
Select altcoins have held their support levels, increasing the likelihood of a short-term up move.
Bitcoin (BTC) slipped below the breakout level of $95,000 on May 4, indicating profit booking at higher levels. The bulls tried to push the price back above $95,000 on May 5 but are facing stiff resistance from the bears.
Glassnode senior researcher CryptoVizArt said in a post on X that Bitcoin maintaining above $93,000 was very surprising and also risky as the rally to the $93,000 to $96,000 range “pushed the profit-taking volume above the statistical levels.” CryptoVizArt added that there were more than $9 in realized profits for every dollar realized in loss.
However, a positive sign in favor of bulls is that the US-based Bitcoin exchange-traded funds witnessed inflows of $1.8 billion last week, per Farside Investors data. The ETF issuers and the institutions acquired 18,644 Bitcoin last week compared to the 3,150 Bitcoin mined during the period, reported asset allocator HODL15Capital on May 4.
What are the crucial support and resistance levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) extended its recovery last week and rose above the 50-day simple moving average (5,575).
The 20-day exponential moving average (5,501) has started to turn up, and the relative strength index (RSI) is in the positive territory, indicating advantage to buyers. The up move could reach 5,800, which is expected to attract strong selling by the bears. If the price turns down from 5,800, it is likely to find support at the 20-day EMA.
Sellers will have to yank the price below the 20-day EMA to suggest that the bullish momentum is weakening. The index may drop to 5,400 and subsequently to 5,300.
US Dollar Index price prediction
The US Dollar Index (DXY) bounced off the 99 support on April 29 and reached the 20-day EMA (100.38) on May 1.
Buyers are facing stiff resistance at the 20-day EMA, but a minor positive is that they have not ceded much ground to the bears. That improves the prospects of a break above the 20-day EMA. If that happens, the index could rise to the 61.8% Fibonacci retracement level of 101.39 and then to the 50-day SMA (102.72).
This positive view will be invalidated if the price continues lower and breaks below the 99 level. That could sink the index to the critical support at 97.92.
Bitcoin price prediction
Bitcoin closed below the $95,000 support on May 4, and the bears are trying to extend the pullback to the 20-day EMA ($92,204).
Buyers will have to fiercely defend the 20-day EMA to keep the bullish momentum intact. If the price bounces off the 20-day EMA with strength, the bulls will again try to propel the BTC/USDT pair to the psychological level of $100,000.
Contrary to this assumption, a break and close below the 20-day EMA signals the bulls are rushing to the exit. That may sink the pair to the 50-day SMA ($86,890). A deeper pullback suggests a range formation in the near term.
Ether price prediction
Buyers have managed to sustain Ether (ETH) above the moving averages, signaling strength.
The 20-day EMA ($1,771) is sloping up gradually, and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. There is minor resistance at $1,957, but it is likely to be crossed. The ETH/USDT pair could surge to the breakdown level of $2,111, where the bears are expected to sell aggressively.
A break and close below the moving averages opens the gates for a fall to $1,537 and later to the critical support at $1,368.
XRP price prediction
XRP (XRP) remains stuck between the resistance line and the $2 support, indicating buying on dips and selling on rallies.
Both moving averages have flattened out, and the RSI is just below the midpoint, indicating a balance between supply and demand. This equilibrium will tilt in favor of the bulls if they drive the price above the resistance line. The XRP/USDT pair could soar to $3, suggesting a short-term trend change.
On the contrary, a break and close below $2 will put the sellers in charge. The pair may then retest the vital support at $1.61, where the buyers are expected to step in.
BNB price prediction
BNB (BNB) slipped below the moving averages on May 4, but the bears are struggling to sustain the lower levels.
If buyers push the price above the moving averages, it suggests buying at lower levels. The bulls will then attempt to overcome the barrier at $620. If they succeed, the BNB/USDT pair could shoot up to $644.
Alternatively, if the price turns down from the moving averages, it suggests that the bears are trying to take control. There is support in the $576 to $566 zone, but if it breaks down, the pair could dive to $520.
Solana price prediction
Solana (SOL) is finding support at the 20-day EMA ($143), indicating that the bulls remain buyers on dips.
The bulls will again attempt to thrust the price above the $153 resistance. If they manage to do that, the SOL/USDT pair could ascend to $180. Such a move brings the large $110 to $260 range into play.
If bears want to prevent the upside, they will have to swiftly pull the price below the 20-day EMA. If they do that, the pair could descend to the 50-day SMA ($133). That suggests the pair may consolidate between $110 and $153 for a while.
Related: XRP price risks 45% decline to $1.20 — Here is why
Dogecoin price prediction
Buyers have managed to keep Dogecoin (DOGE) above the moving averages but failed to start a strong rebound.
The flattish moving averages and the RSI near the midpoint suggest the DOGE/USDT pair may extend its stay inside the $0.21 to $0.14 range for some time.
If the price turns up from the moving averages, the bulls will try to push the pair to $0.21. Sellers are expected to defend the level aggressively, but if the bulls prevail, the pair could skyrocket to $0.28. Contrarily, a break below the moving averages could sink the pair to the solid support at $0.14.
Cardano price prediction
Cardano (ADA) is witnessing a tough battle between the bulls and the bears near the moving averages.
The flattish moving averages and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. The first sign of strength will be a break and close above $0.75. That opens the doors for a rally to $0.83.
On the downside, a close below the moving averages tilts the advantage in favor of the bears. There is solid support at $0.58, but if the level gives way, the ADA/USDT pair could plunge to $0.50.
Sui price prediction
Sui (SUI) is attempting to bounce off the 20-day EMA ($3.09), indicating demand at lower levels.
The bulls will try to push the price to $3.90, which is expected to act as a stiff resistance. However, the upsloping 20-day EMA and the RSI in the positive territory suggest that buyers have an edge. A break and close above $3.90 could catapult the SUI/USDT pair to $4.25 and later to $5.
Instead, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it signals that the bulls have given up. That may pull the price to $2.86 and then to the 50-day SMA ($2.57).
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
