Cardano

Bitcoin

Toncoin

Grayscale Bitcoin Trust

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 <p class=""><strong>The Bitcoin market is encountering resistance around the 50-day SMA, indicating that the period of range-bound activity may persist for a few days.</strong></p>
 <p class="">Bitcoin experienced heightened volatility in the past week. It bounced back from an intra-week low of approximately $56,500 to close above $64,000, marking a slight increase of around 1.5% compared to the previous week. This demonstrates ongoing positive sentiment, with bullish investors seizing opportunities at lower price levels.</p>
 <p class="">As per data from Farside Investors, spot Bitcoin exchange-traded funds saw net inflows of $378 million on May 3. Particularly noteworthy was the influx of $63 million into the Grayscale Bitcoin Trust ETF, its first since transitioning into a spot Bitcoin ETF in January. While it’s premature to conclude, early indicators suggest that the continuous selling pressure on GBTC may be subsiding.</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/fac5d62fa3e903fd317cd8bbbcb8aed4.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>Daily cryptocurrency market performance. Source:&nbsp;</em><em>Coin360</em>
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 <p class="">Bitcoin’s recovery in 2024 has helped the sector attract venture capital funding of over $1 billion for two consecutive months in March and April, according to RootData. This was the first such occasion since October through November 2022.</p>
 <p class="">What are the critical resistance levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts to find out.</p>
 <h2 class="wp-block-heading" id="sp-500-index-spx-market-analysis">S&amp;P 500 Index (SPX) Market Analysis</h2>
 <p class="">The bears struggle to sustain the S&amp;P 500 Index market below the moving averages, indicating solid buying at lower levels.</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/6897b8a0158b826002a7f068403c9599.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>SPX daily chart. Source:&nbsp;</em><em>TradingView</em>
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 <p class="">If buyers sustain the price above the 50-day simple moving average (5,131), it will signal that the corrective phase may be over. The index may attempt a rally to the all-time high at 5,265, where the bulls are likely to encounter strong selling by the bears.</p>
 <p class="">If the price drops sharply from 5,265, the index may enter a range for a few days. On the other hand, a break above 5,265 will indicate the resumption of the uptrend. The index may attempt a rally to 5,500. The critical support on the downside is 5,000 and then 4,950.</p>
 <h2 class="wp-block-heading" id="u-s-dollar-index-dxy-market-analysis">U.S. Dollar Index (DXY) Market Analysis</h2>
 <p class="">The U.S. Dollar Index market turned down from the 106.50 overhead resistance on May 1, indicating that the bears are fiercely defending the level.</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/febb115c8dd217ba292bfca69dd72efb.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>DXY daily chart. Source:&nbsp;</em><em>TradingView</em>
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 <p class="">The bears pulled the price below the 20-day EMA (105.43) on May 2 and extended the fall to the 50-day SMA (104.56) on May 3. Lower levels attracted solid buying by the bulls, as seen from the long tail on the May 3 candlestick.</p>
 <p class="">If the price turns down from the 20-day EMA, it will increase the likelihood of a drop to the support line of the ascending channel. On the other hand, a break above the 20-day EMA could propel the price toward 106.50.</p>
 <h2 class="wp-block-heading" id="bitcoin-btc-market-analysis">Bitcoin (BTC) Market Analysis</h2>
 <p class="">After a minor hesitation, the Bitcoin market surged above the 20-day EMA ($63,556), but the bulls could not pierce the 50-day SMA ($65,937).</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/0d6a10faa80fd695fa70453d15479f6e.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>BTC/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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 <p class="">Both moving averages have flattened out, and the RSI is near the midpoint, indicating a range-bound action in the near term. The BTC/USDT pair will likely remain between $56,500 and $73,777 for some more time.</p>
 <p class="">A break and close above the 50-day SMA could attract further buying, pushing the pair to $73,777. The bulls are expected to face formidable resistance at this level because if it breaks down, the pair may start the next leg of the uptrend to $80,000.</p>
 <h2 class="wp-block-heading" id="ether-eth-price-analysis">Ether (ETH) Price Analysis</h2>
 <p class="">Ether&nbsp;<a target="_blank" rel="noreferrer noopener">broke out of the 20-day EMA ($3,143) on May 6, but the long wick on the candlestick shows strong selling by the bears.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/c7ba914c2c289c7b9b8f79bb30b611e9.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>ETH/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The sellers will try to build upon their strength and pull the price down to the vital support at $2,850. This is a significant level to keep an eye on because a drop below it could result in a decline to the support line of the descending channel.</p> <p class="">This negative view will be invalidated in the near term if the price rises from the current level and soars above the resistance line. Such a move would suggest a potential trend change, and the ETH/USDT pair may then rise to $3,730.</p> <h2 class="wp-block-heading" id="bnb-price-analysis">BNB Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">BNB&nbsp;</a><a target="_blank" rel="noreferrer noopener">rose above the moving averages on May 3, signalling that the bulls are trying to push the price to the overhead resistance of $635.</a></p><a target="_blank" rel="noreferrer noopener">
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/cd95766cc59d0aeec6fc3d700cb480dc.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>BNB/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The bears have successfully protected the $635 level on four previous occasions; hence, they will try to do the same again. If the price turns sharply from the overhead resistance, it will suggest that the BNB/USDT pair may oscillate between $495 and $635 for a while longer.</p> <p class="">A break and close above $635 will indicate the resumption of the uptrend. The pair may climb to $692, where the buyers may face stiff resistance. On the way down, the bears must sink and maintain the price below $495 to seize control.</p> <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) Price Analysis</h2> <p class="">Solana&nbsp;has been trading between $126 and $162 for several days, indicating indecision about the next directional move.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/150f73899b2ca9580f7c07fbf5d02794.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>SOL/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The flattish 20-day EMA ($146) and the RSI just above the midpoint suggest that the range-bound action may continue for some more time. If the price maintains above the 20-day EMA, the SOL/USDT pair could rally to the overhead resistance at $162. Buyers may find it challenging to overcome this obstacle.</p> <p class="">However, if the bulls bulldoze above $162, the pair may accelerate toward $205. This level is likely to act as a formidable resistance. On the downside, a break below the 20-day EMA could sink the pair to $126.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP Price Analysis</h2> <p class="">The bulls pushed XRP above the 20-day EMA ($0.53) on May 6, indicating that the corrective phase may end.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/36671b5592a2adab0c3ac63c85ba9fe7.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>XRP/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The flattish 20-day EMA and the RSI just above the midpoint suggest a balance between supply and demand. If the bulls drive the price above the 50-day SMA ($0.56), this advantage will tilt in their favour of them. The XRP/USDT pair could then pick up momentum and climb to stiff resistance at $0.67.</p> <p class="">The bears are likely to have other plans. They will try to protect the 50-day SMA and pull the price back below the 20-day EMA. If they do that, the pair may plummet toward the crucial support zone between $0.46 and $0.41.</p> <h2 class="wp-block-heading" id="toncoin-ton-price-analysis">Toncoin (TON) Price Analysis</h2> <p class="">Toncoin rose above the moving averages on May 3, indicating that the lower levels are attracting strong buying by the bulls.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/b5da853c7f8cf19282626f748902102f.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>TON/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The relief rally will likely face selling in the zone between the 50% Fibonacci retracement level of $6.13 and the 61.8% retracement level of $6.49. If the price turns down from the overhead zone, the bears will try to strengthen their position by pulling the TON/USDT pair below the moving averages. That could tug the price to the pivotal support at $4.72.</p> <p class="">On the contrary, if the price breaks above $6.49, it will signal sustained buying at higher levels. That could lead to a possible rise to $7.24 and thereafter to $7.67.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) Price Analysis</h2> <p class="">Dogecoin’s recovery is facing selling at the 50-day SMA ($0.17), but a minor advantage in favour of the bulls is that they have not allowed the price to slip below the 20-day EMA ($0.15).</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/f26644034d16aa94e0db8d8f188bda08.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>DOGE/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">If the price maintains above the 20-day EMA, the bulls will take another shot at the 50-day SMA. Repeated retests of a resistance level tend to weaken it. If this level is removed, the DOGE/USDT pair could rally to $0.21.</p> <p class="">If bears want to prevent the upside move, they must quickly pull the price back below the 20-day EMA. If they do that, it will suggest that the bears remain active at higher levels. The pair may then drop to $0.12.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) Price Analysis</h2> <p class="">Cardano again turned down the 20-day EMA ($0.47) on May 6, indicating that the bears continue to defend the level aggressively.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/07/7789cc4b458499f475bcd829cad893fb.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>ADA/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The bulls are trying to defend the $0.46 support because if this level breaks down, the ADA/USDT pair could retest the crucial support at $0.40. Buyers are expected to defend this level fiercely.</p> <p class="">Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, it will signal that the selling pressure is reducing. The pair could then attempt a rally to the overhead resistance at $0.57.</p> <h4 class="wp-block-heading">Source – Rakesh&nbsp;Upadhyay</h4> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-6th-may-spx-dxy-btc-eth-bnb-sol-xrp-ton-doge-ada-tbt87667.html">https://thebittimes.com/latest-market-overview-6th-may-spx-dxy-btc-eth-bnb-sol-xrp-ton-doge-ada-tbt87667.html</a></p>

Latest Market Overview 6th May: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA

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