Bitcoin and altcoin prices soared to monthly highs as investor sentiment was lifted by the recent institutional interest in Bitcoin, crypto and BTC ETFs.
The short-term traders who are expecting a quick rally to the all-time highs may be in for a shock. In the, “The Week On-Chain,” analytics firm Glassnode warned investors that their patience could be tested for another eight to 18 months before the market hits a new all-time high.
Will Bitcoin’s rally continue to rise for a few more days, or is it time to book profits? Let’s study the charts of the top 10 cryptocurrencies to find out.Bitcoin broke and closed above the 20-day exponential moving average of $26,934 on June 17. The bears tried to sink the price back below the level on June 18, but the bulls held their ground.That attracted aggressive buying on June 19, which picked up further momentum on June 20.
The bears are unlikely to give up easily. They will try to halt the rally at $31,000, but if the bulls do not give up much ground from the current level, it will enhance the prospects of a rally above the overhead resistance. If that happens, the BTC/USDT pair may surge to $32,400. The bears are expected to defend this level with all their might because if they fail to do that, the pair may surge to $40,000.
If bears want to trap the bulls, they will have to yank the price back below the moving averages. That could result in a long liquidation and threaten the $25,250 support.
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