Bitcoin, Ethereum & XRP Stay Bullish — Institutional Inflows Keep the Rally Alive
Metaplanet Inc. (TYO) bought 1,005 BTC at an average price of $107,923. Metaplanet paid $108 million to acquire 13,350 Bitcoins. Company board members decided to implement a "Bitcoin-accumulation strategy." Strategy has 592,345 BTC, while Metaplanet holds 592,345 BTC.
Bitcoin falls on Monday following three days of gains. Weekend gains peaked at $108,818 before falling to $107,467 at the time of writing.
The SuperTrend indicator flashed a sell signal on June 22 on the daily chart below. This dynamic resistance indicator signals the down leg may continue into future sessions. Bitcoin may continue upside-heavy until the price flips above the SuperTrendline and becomes green.
The 50-day Exponential Moving Average (EMA) around $104,120 and Friday's challenge of immediate support at $106,600 will determine Bitcoin's technical structure this week.
Recovery over $109,000 might stabilize the rally and boost the likelihood of BTC clearing the $110,000 psychological barrier.
Update: Ethereum, XRP fall.
Ethereum is trading at $2,450 after Monday's $2,522 resistance barrier was rejected. The smart contracts token is below the 200-day EMA, which would function as resistance at $2,468 if the momentum continues.
RSI has dropped below midline. The daily chart below shows the 50-day EMA around $2,427, which traders may consider if the fall continues. The 100-day EMA at $2,378 and June 22 support around $2,110 are also important.
Ripple's XRP is down 1.5% intraday at $2.17. The rally last week stalled below $2.22, the 100-day EMA. With the RSI below midline, losses may continue in next sessions.
If the decline holds, XRP might target the $2.10 support, denoted by the 200-day EMA and highlighted at $1.90, tested on June 22 when the US attacked Iranian nuclear facilities.
