BTC and some altcoins saw slight gains after the Federal Reserve implemented a 75 basis point rate hike, but technical analysis suggests a further downtrend is the most realistic outcome.

Bitcoin (BTC) fell near the critical $20,000 support as traders panicked and dumped their holdings amid fears of an aggressive US Federal Reserve rate hike on June 15. Another reason for the sell-off could be fears of a possible infection of the Celsius lending platform and cryptocurrency. venture capital firm Three Arrows Capital (3AC) is on its knees.

Data from online analytics platform CryptoQuant showed a 24-hour exchange inflow of 59,376 bitcoins on June 14, the highest inflow since November 30, 2018. Bitcoin miners have also joined other investors in sending bitcoins to exchanges. The Bitcoin Miners to Exchange flow hit a seven-month high of 9,476, suggesting that miners are expecting another drop in the near term.

Daily dynamics of the cryptocurrency market. Source: Coin360
Prominent investors are divided over whether bitcoin has bottomed out. Mike Novogratz, Chairman and CEO of Galaxy Digital Holdings, believes Bitcoin could hold $20,000 and Ether (ETH) could be worth $1,000. These levels were also mentioned by Arthur Hayes, co-founder and former head of BitMEX, who warned that breaking the levels could lead to “tremendous selling pressure in the spot markets.”

What are the key levels to watch for in bitcoin and major altcoins? Let’s examine the charts of the top 10 cryptocurrencies to find out.

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Bitcoin/US dollar
Bitcoin remains in a firm bear grip. The bulls tried to start a rebound on June 14, as evidenced by the long wick of the daily candle, but the bears were not going to give up. They sold aggressively, raising the price to $20,111 on June 15th.

BTC/USDT daily chart. Source: Trading View
Strong selling over the past few days has brought the relative strength index (RSI) closer to 21. This suggests that a recovery is possible in the near future. The BTC/USDT pair could rise to the 38.2% Fibonacci retracement level of $24,562 and then to the 50% retracement level of $25,938. The bears are expected to build a strong defense in this zone.

If the price deviates from this upper zone, the bears will try to continue the downtrend by pushing the pair below $20,000. If successful, the pair could fall to the next support at $17,500 and then to $16,000.

Buyers need to push and hold the price above the 20-day exponential moving average (EMA) ($27,748) to signal a possible trend reversal.

Ethereum is in a strong downtrend. Buyers tried to stop the fall on June 14, but could not hold on to higher levels. The bears resumed selling on June 15, but the bulls are vigorously defending the $1,000 psychological level.

Daily ETH/USDT chart. Source: Trading View
The incessant selling of the past few days has brought the RSI into a heavily oversold zone. This suggests that sales may have been excessive in the short term. This could lead to a strong bear market rally that could gain momentum above $1,268. The ETH/USDT pair could then rise to the 20-day EMA ($1,636).

Alternatively, if the price continues to drop and falls below $1,000, this would indicate a resumption of the downtrend. The pair could then drop to $900 where the bulls will try to stop the fall again.

BNB is witnessing an uphill battle between bulls and bears near the critical $211 level. The bulls attempted to rise on June 14 but were unable to hold on to the higher levels.

BNB/USDT daily chart. Source: Trading View
The bears took advantage of this and pushed the price below $211 on June 15. While declining moving averages point to bearish dominance, the RSI’s oversold level points to a short-term recovery rally.

If the bulls keep the price above $211, the BNB/USDT pair could try to push up to the 20-day EMA ($275). A break and close above this resistance could indicate that the pair could be stuck in a wide range of $211 to $350 for a few more days.

Source: CoinTelegraph