Price predictions 5/28: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, HYPE, LINK
Investor profit-taking eroded Bitcoin’s bullish momentum and opened the doors to a price consolidation phase. Will traders buy altcoins at a discount?
Key point:
Bitcoin’s market structure is still bullish, even as a phase of profit taking and consolidation sets in.
Bitcoin
$108,278
remains pinned below the breakout level of $109,588, indicating that the bears are fiercely defending the level. Bitfinex analysts said in a market note that profit-taking generally follows after Bitcoin hits a new all-time high after a sharp rally. The report added that a mild retracement or consolidation would be healthy and lay the foundation for the next leg higher.
Glassnode had a similar view. In its latest report, the market intelligence company said that the relative strength indicator (RSI) has weakened, suggesting easing momentum, which could lead to “a potential pause or reversal in the recent bullish trend.”
Even if a correction happens, dips are likely to be purchased. Material Indicators co-founder Keith Alan remains bullish as Bitcoin continues to trade above $100,000, and the whales are accumulating. He expects Bitcoin to find support near the $94,000 level.
What are the critical levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
