Bitcoin could consolidate, but ETH, HYPE, TAO, and QNT could resume their bullish movement.
The rise of Bitcoin above USD 105,000 could improve sentiment and trigger a rally in ETH, HYPE, TAO, and QNT.
Any relief rally in Bitcoin is likely to push ETH, HYPE, TAO, and QNT higher.
Bitcoin (BTC) remains stuck below the USD 105,000 level over the weekend, indicating that sellers have maintained their pressure.
CryptoQuant stated in its latest report sent to Cointelegraph that "some of the demand metrics for Bitcoin may be reaching a short-term peak, which could imply a pause in the current rally."
On the downside, analysts expect Bitcoin to find support at the psychologically crucial level of USD 100,000. Even if the level breaks, the decline appears limited. Glassnode data shows that the short-term realized price is at USD 96,000. Historically, Bitcoin has not stayed below the short-term realized price for long during bullish phases.
Bitcoin price prediction:
Bitcoin fell below the 20-day exponential moving average (USD 105,232) on May 30, indicating a weakening of bullish momentum.
Bulls are trying to push the price back above the 20-day EMA, but are likely to face selling at higher levels. If the price retraces from the 20-day EMA, the BTC/USDT pair could drop to USD 100,000. Bulls are expected to defend the USD 100,000 level with all their might, as a drop below it could initiate a bearish trend towards USD 93,000.
The flat 20-day EMA and the relative strength index (RSI) near the midpoint suggest possible range-bound action in the short term. Buyers will need to push the pair above USD 111,980 to open the doors for a rally towards USD 130,000
