Bitcoin Trades Above $30K as Traders Interest in ETH, ARB, VET and STX Increases

Bitcoin (BTC) made a new 52-week high on June 23, indicating that bulls are on fire. The buyers have managed to retain a major part of the gains made during the week, indicating that they are in no hurry to book profits. Bitcoin climbed 16% on the week, outperforming the S&P 500, which fell 1.39%.

Not only bitcoin but also Ether (ETH) is showing signs of starting an uptrend. Glassnode data shows that Ether balances on exchanges have dropped sharply over the past 30 days, reaching a new low of 12.6%.

A similar drop in ether exchange balances occurred in November 2022, which was followed by a sharp rally of 33%. While a rally is possible, traders need to be cautious as this time around the drop in exchange balances could be due to SEC action against Binance and Coinbase.

Crypto recovery is not limited to bitcoin and ether. Many altcoins have risen sharply from their respective lows, indicating solid buying at lower levels. This implies that bearish sentiment may be waning.

Could the return of buyers start a new uptrend in the cryptocurrency, or will higher levels attract selling by bears? Let’s study the chart of the top five cryptocurrencies that could rise in the short term.

bitcoin price analysis

For the past four days, bitcoin has been trading near the $31,000 level. This shows that the bears are protecting this level, but the bulls have not given up. Usually, a strong consolidation near a key resistance level resolves to the upside.

The 20-day exponential moving average ($28,085) and the RSI in the overbought zone suggest gains for the bulls. If buyers hold and sustain the price above $31,000, the BTC/USDT pair could start the next uptrend. There is a resistance at $32,400, but it is likely to be surpassed. Then the pair can reach $40,000.

The first sign of weakness would be a break and close below $29,500. If this happens, the pair may drop to the 20-day EMA. This remains an important level to watch because if it gives way, the pair could decline towards the 50-day simple moving average ($27,199).

The pair is stuck between the 20-day EMA and $31,000, but this range-bound trade is unlikely to continue for long. A range break above the $31,000 to $31,500 area could start the next leg of the uptrend.

Conversely, if the price turns down and sustains below the 20-day EMA, it could trigger stops for short-term traders. After that the pair could decline towards $29,500 where the bulls are expected to set up a strong defence. A break below this level could open the doors for a possible downside move to the 50-day SMA.

ether price analysis

Ether has been facing a selloff at the $1,928 level for the past three days, but the bulls are not ready to cede ground to the bears. This shows that the buyers expect the resistance to be broken.

The moving averages are on the verge of a bullish crossover and the RSI is in the positive zone, indicating that the bulls are in control. If the buyers overcome the $1,928 hurdle, the ETH/USDT pair could continue to rise towards the overhead zone between $2,148 and $2,200.

If the bears want to halt the rally, they will need to drag the price below the faster moving averages. This could affect the resistance of the bulls, resulting in a correction towards the $1,700 strong support.

The four-hour chart shows that the price is stuck in a range between $1,936 and $1,861. The rising moving averages and the RSI in the positive zone suggest that the path of least resistance is to the upside. If buyers push the price above the range, the pair could start its journey towards the psychological level of $2,000.

Instead, if the price declines and breaks below the $1,861 support, it will tilt the short-term gains in favor of the bears. The pair could then decline further towards the 50-SMA and $1,750.

arbitrum price analysis

Arbitrum (ARB) rose above the breakdown level of $1 on 19 June, followed by a sharp rally on 20 June. It signals the rejection of the recent breakdown.

The bears are trying to stop the recovery at the 50-day SMA ($1.12), but a positive sign is that the bulls have successfully defended the 20-day EMA ($1.07). This narrow-range trade is unlikely to continue for long, and a breakout can be expected soon.

A break and close above $1.18 could signal the start of a new uptrend. The ARB/USDT pair may rise first to $1.28, and later to $1.54. This bullish outlook will be negated if the price turns down and breaks below the $1-to-$0.90 support area.

The four-hour chart shows that the bulls are struggling to overcome the $1.18 barrier. This indicates that the bears are active at higher levels. The sellers dragged the price below the 20-day EMA, but could not break the 50-day SMA.

The 20-day EMA is flattening out and the RSI is near the midpoint, indicating a balance between buyers and sellers. If the bulls propel the price above $1.18, it will signal the start of a strong recovery. Conversely, a break and close below the 50-day SMA could result in a drop of up to $1.

Connected: Bitcoin Hits New All-Time High in 3 Countries as BTC Price Reaches $31K

vechain price analysis

VeChain (VET) broke below the resistance line on June 23, but the bears are struggling to keep the price below the 50-day SMA ($0.018). This suggests that traders are buying on the decline.

The bulls will once again try to take the price above the resistance line. If they succeed, it will signal that the downtrend has come to an end. After that the VET/USDT pair could start moving towards $0.026.

Contrary to this assumption, if the price breaks below the resistance line once again, it would suggest that the bears remain in control. Then they will try to sink the pair below the moving averages and challenge the support at $0.013.

The four-hour chart shows that the price is moving in the opposite direction from the resistance line but is finding support at the 20-day EMA. This suggests that the sentiment is turning positive and traders are viewing the decline as a buying opportunity.

The bulls will again try to take the price above the resistance line. If they succeed in doing so, the pair could climb up to $0.021. This level can again act as a barrier but if it is crossed, an upward move could start. The first support on the downside is the 20-day EMA, followed by the 50-day SMA.

heap value analysis

On June 20, Stacks (STX) reached above the moving averages, indicating a possible trend change. The corrective phase started on June 22, but a positive sign is that the price is holding above the moving averages.

The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that the bulls have the upper hand. If the price rises from the current levels or turns back above the 20-day EMA ($0.65), it will suggest to buy on the decline. This will increase the chances of a break above $0.89.

If this happens, the STX/USDT pair could rally to $1.10 and then to $1.30. This positive outlook will be invalidated if the price turns lower and breaks below the moving averages. Such a move will show that the bears have not given up yet and will continue selling on rallies.

The four-hour chart shows that the pair is in a corrective phase. The bears dragged the price below the 20-day EMA, but the bulls are defending the 50% Fibonacci retracement level of $0.71. Buyers need to move the price above the downtrend line to open the doors for a potential rally to $0.88.

Alternatively, if the price breaks below the downtrend line, it would suggest that the bears are trying to gain the upper hand. A break and close below the 61.8% retracement level of $0.67 could signal that the bears are back in the game.