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Bitcoin, ETH, XRP, SOL, HYPE and DOGE look ready to rally

Bitcoin, ETH, XRP, SOL, HYPE and DOGE look ready to rally

Key points:

  • Bitcoin ETPs continue to witness solid buying, signaling that the bulls expect the uptrend to continue.

  • Several major altcoins witnessed a pullback, but lower levels continue to attract buyers.

Bitcoin (BTC) is attempting to sustain above $109,588, indicating buying on every minor dip. Bitcoin has risen for seven consecutive weeks, and if buyers can extend the streak to eight weeks, it clears the path for further upside. Crypto analyst and trader Carpe Noctom said in a post on X that Bitcoin has only seen three instances of eight consecutive weekly positive closes, and every time, Bitcoin has been higher in the following six- and 12-month time period.

Institutional investors sense a long-term opportunity and, hence, have continued to pump money into Bitcoin exchange-traded products (ETPs). CoinShares reported on May 26 that Bitcoin ETPs witnessed $2.9 billion in inflows last week, which is a quarter of the total inflows for 2024.

Crypto market data daily view. Source: Coin360

Although most analysts remain bullish over the long term, some are warning of a possible short-term pullback in Bitcoin. CryptoQuant contributor Crazzyblockk wrote in a QuickTake blog post that the data shows buyer exhaustion and increasing volatility, which could start a short-term correction toward $105,000

Could buyers catapult Bitcoin to a new all-time high, pulling altcoins higher? 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) turned down from 5,968 and reached the 20-day exponential moving average (5,759).

SPX daily chart. Source: Cointelegraph/TradingView

If the price rebounds off the 20-day EMA, the index could gradually climb toward the overhead resistance of 6,000. Sellers are expected to pose a strong challenge in the 6,000 to 6,147 zone.

The short-term advantage will favor the bears on a break and close below the 20-day EMA. The index could then plummet to the 50-day simple moving average (5,584), which is likely to attract buyers. 

US Dollar Index price prediction

The bulls tried to push the US Dollar Index (DXY) above the 20-day EMA (100.15) on May 22, but the bears held their ground.

DXY daily chart. Source: Cointelegraph/TradingView

Sellers are trying to strengthen their position by pulling the price below the 99 support. If they manage to do that, the index could continue its slide to the solid support at 97.92. Buyers are expected to defend the 97.92 level with all their might because…

Click Here to Read the Full Original Article at Cointelegraph.com News…