Bitcoin Chases Range Highs While Altcoins Struggle

Key points:

• Bitcoin’s relief rally rose above $108,000, but the bulls may struggle to push and sustain the price above the all-time high of $111,980.

• Several major altcoins have bounced off their recent lows but are not finding buyers at higher levels.

Bitcoin’s (BTC) relief rally that started on Monday following US President Donald Trump’s “total ceasefire” announcement between Israel and Iran, rose above $108,000, indicating sustained demand from the bulls.

Institutional investors did not stop buying despite increasing geopolitical tensions in the past few days, as seen from the 11 consecutive days of inflows into US spot Bitcoin exchange‑traded funds (ETFs). According to Farside Investors’ data, the ETFs attracted $3.35 billion in inflows starting June 9.

Bitcoin looks set to challenge the all-time high at $111,980, but the cryptocurrency markets may require a catalyst to hold on to the higher levels. The absence of a trigger may extend Bitcoin’s stay inside the range for more time.

Could Bitcoin break out to a new all-time high, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin turned up sharply from $100,000 on Monday and rose above the moving averages, indicating solid buying at lower levels.

The 20-day exponential moving average (EMA) ($105,154) has started to turn up, and the relative strength index (RSI) has jumped into positive territory, signaling that the bulls are back in the game. Sellers are expected to defend the zone between the downtrend line and the all-time high of $111,980.

If the price turns down from the overhead zone but finds support at the 20-day EMA, it signals that the bulls are buying on dips. The bulls will then again try to clear the overhead zone. 

On the contrary, a slide below the moving averages suggests the BTC/USDT pair may consolidate between $111,980 and $98,200 for a while longer.

Ether price prediction

Ether (ETH) turned up from the $2,111 level on Sunday and reached the 20-day EMA ($2.473) on Tuesday.

The 20-day EMA is flattening out, and the RSI is just below the midpoint, suggesting a balance between supply and demand. If the price rises above the moving averages, the ETH/USDT pair could rally to $2,738 and then to $2,879.

Contrary to this assumption, if the price turns down…