Traders continue to accumulate Bitcoin ETFs, signaling that they expect the uptrend to resume.
) to break out of its range, but that has not yet happened. The longer the price remains inside the range, the greater the force needed for the breakout. A bullish sign is that the spot Bitcoin exchange-traded funds have witnessedOther than Bitcoin ETFs, firms are also directly investing in Bitcoin. A June 6 S-3 filing by Nasdaq-listed medical manufacturer Semler Scientific shows that, having purchased its first lot of 581 Bitcoin on May 28.
On the contrary, a break below the 20-day EMA will signal that the range-bound action may extend for a few more days.) has been struggling to start a strong recovery off the $3,730 support, indicating that demand dries up at higher levels.However, the upsloping 20-day EMA and the RSI in the positive territory suggest that the bulls are in control. If the price rises from the current level and above $3,900, the ETH/USDT pair could move to $3,977 and eventually to $4,094.
If bears want to prevent the up move, they will have to quickly drag the price below the 50-day SMA . If they do that, the pair may drop to $140 and subsequently to the critical support at $116.The flattish moving averages and the RSI near the midpoint suggest that the dull price action may continue for a while. If the price breaks and closes above $0.54, it will indicate that the bulls are trying to make a comeback. The XRP/USDT pair could rise to the overhead resistance of $0.57.
The crucial support to watch on the downside is the 20-day EMA. A bounce off this support will suggest that the bulls are in control, but a break below it will signal that the buyers are losing their grip. The pair may then slide to the 50-day SMA .The bears are trying to pull the price below the moving averages and the support line. If they manage to do that, the ascending triangle pattern will be invalidated, which could start a slide to $0.000018.
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