Bitcoin (BTC) and Ether (ETH) continue to show signs of bullish momentum, with both cryptocurrencies experiencing significant gains. In the past 30 days, Ether balances on exchanges have dropped sharply, reaching a new low of 12.6%. This decrease in exchange balances is reminiscent of a similar dip that occurred in November 2022, which was followed by a sharp rally of 33%. However, traders should be cautious as this recent dip in exchange balances may be a result of regulatory actions against Binance and Coinbase by the U.S. Securities and Exchange Commission.
The bullish sentiment is not limited to Bitcoin and Ether, as several altcoins have also seen a significant rise from their respective lows. This indicates that bearish sentiment may be waning in the market.
Bitcoin has been trading near the $31,000 level for the past four days, with the bears attempting to hold the price down while the bulls continue to fight. However, a tight consolidation near a major resistance level often leads to an upward breakout. If the price can sustain above $31,000, Bitcoin could rally to $40,000.
Ether has been facing selling pressure at the $1,928 level, but the buyers are not giving up. The moving averages and relative strength index (RSI) indicate that the bulls are in command. A breakout above $1,928 could lead to a surge in the ETH/USDT pair to the $2,148 to $2,200 range.
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Arbitrum (ARB) experienced a sharp rally on June 20, indicating rejection of a recent breakdown. The bulls have successfully defended the 20-day exponential moving average (EMA), and a breakout above $1.18 could suggest the start of a new upward move for the ARB/USDT pair.
VeChain (VET) turned down from a resistance line on June 23 but found support at the 50-day SMA. This suggests that traders are buying the dips, and if the bulls can propel the price above the resistance line, it could indicate the end of the downtrend for the VET/USDT pair.
Stacks (STX) saw a potential trend change when it soared above the moving averages on June 20. Although the STX/USDT pair entered a corrective phase on June 22, the price remains above the moving averages. A rebound from the 20-day EMA could indicate buying on dips and a potential rally to $1.30 for STX.
While the market is currently showing signs of bullish momentum, it is important to note that all investments and trading moves involve risk. It is crucial for individuals to conduct their own research and exercise caution before making any investment decisions.
In conclusion, Bitcoin and Ether are leading the bullish charge in the cryptocurrency market, with several altcoins also experiencing significant gains. Traders should closely monitor key resistance and support levels for Bitcoin, Ether, Arbitrum, VeChain, and Stacks to gauge the potential for continued upward moves.
