BNB, AR, XMR, TIA Poised for Rally: Is Bitcoin’s $70K Breakout the Catalyst?

Bitcoin is experiencing significant resistance as it approaches the critical $70,000 mark. Despite this challenge, the bulls have managed to hold their ground against the bears, causing Bitcoin to drop only slightly by less than one percent over the past week. This range-bound behavior observed over recent days has not deterred investment in spot Bitcoin exchange-traded funds (ETFs). According to data from Farside Investors, there has been an influx of over $2.1 billion into Bitcoin ETFs since May 14. This trend indicates that investors are amassing Bitcoin, possibly predicting an upward breakout.

Renowned trader Peter Brandt remains optimistic about Bitcoin in the long term, specifically in its comparison to gold. In a recent social media post, Brandt mentioned that the gold-to-Bitcoin ratio might remain volatile for the next 12-18 months. He forecasts a future where 100 ounces of gold will be needed to purchase a single Bitcoin, a steep increase from the current 29 ounces per Bitcoin. This potential rally could significantly boost the overall cryptocurrency market, provided Bitcoin manages to bounce back from key support levels.

Analyzing Bitcoin’s price movement, it fell below the support line of a symmetrical triangle on May 31. The bears failed to maintain these lower levels, indicating sustained buying by the bulls during dips. For the bulls to gain a decisive advantage, they need to push Bitcoin’s price above the triangle. Achieving this could propel the BTC/USDT pair toward the challenging resistance at $73,777, with a further possibility of reaching $80,000 if the momentum continues.

Conversely, failure to sharply rebound from current levels could increase the chances of a breakdown from the triangle, potentially driving the pair down to the 50-day simple moving average (SMA) at $64,956 and then to $61,000. Bitcoin’s price action has oscillated between the 50-SMA and the support line of the symmetrical triangle. Bears are expected to make a concerted effort to drag the price below the support line. Should they succeed, Bitcoin might fall toward the pattern target of $61,500.

In contrast, if Bitcoin’s price climbs above the moving averages, it would imply that the bears are losing their grip. This could lead the BTC/USD pair to test the triangle’s resistance line, where bears are likely to put up a stiff defense. If the bulls manage to overcome this, the pair could resume its upward trajectory towards $73,777.

BNB has been trading above its moving averages recently, suggesting that the bulls are defending these levels vigorously. The primary target for BNB is the overhead resistance at $635. A breakthrough and close above this level could pave the way for a rally to the pattern target of $775. If BNB fails to maintain momentum and drops below the uptrend line, it could negate the ascending triangle pattern and accelerate a downturn, potentially sinking to $536.

For BNB to continue its upward trend, it needs to surpass minor resistance at $615, which could then take it to $635. The gradually rising 20-day exponential moving average (EMA) and the relative strength index (RSI) in positive territory slightly favor the bulls. This optimistic perspective could be undermined if BNB’s price reverses and falls below the uptrend line, likely triggering a more profound correction towards $560 and eventually $536.

Arweave (AR) has shown strength by bouncing off the 50-day SMA at $37.58, indicating aggressive buying at lower levels. While bulls might face tough resistance between $47.51 and $50, positive indicators like the rising 20-day EMA at $41.84 and RSI suggest the path of least resistance is upward. A breakthrough above $50 could complete an inverse head-and-shoulders pattern, potentially leading to a rise towards $72.

If Arweave fails to break the overhead resistance and heads downward, it would indicate persistent bearish pressure. The AR/USDT pair could then seek support at the moving averages. If the bears manage to pull the price below $36, they could take control. If the price rises above the 20-EMA on the 4-hour chart after finding support there, the bulls might again challenge the overhead resistance, with a successful break potentially propelling the price to $57.

Monero has been steadily rising, breaking above its downtrend line on June 1, signaling a potential end to its correction. This upward movement could face significant resistance around $153.44. Still, if bulls sustain their buying at the 20-day EMA at $140.90, they might increase the likelihood of a breakout above this resistance, aiming for a rally to $170. If Monero reverses sharply below the 20-day EMA, it might trigger a deeper correction towards the 50-day SMA at $130.80.

Celestia (TIA) has remained above its moving averages, indicating that the bulls are aiming to initiate a new uptrend. The completion of a bullish crossover in the moving averages, coupled with a positive RSI, suggests that bulls are ahead. Buyers need to push the price above the overhead zone between $12.02 and $12.90 to confirm a new upward leg, potentially targeting $15.50 and then $18.50. Failure to do so might see the pair staying within a range for some time.

In the shorter term, the 4-hour chart shows a sharp rebound at the 20-EMA reflecting strong demand at lower levels. If TIA continues to climb toward the resistance at $12.02 and breaks through, the pair could gain momentum. If the price declines and falls below the 20-EMA, it could signify waning bullish momentum, potentially causing a slump towards the 50-SMA, which might act as strong support.