Key points:
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Bitcoin’s bullish momentum has weakened, raising the chance of a correction to $100,000.
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Altcoins are likely to follow Bitcoin price and consolidate near their most immediate support levels.
Bitcoin’s (BTC) failure to rise above $109,588 may have tempted short-term buyers to book profits. That has pulled the price under $104,000 on May 30. US spot Bitcoin exchange-traded funds recorded a net outflow of $347 million on May 29, its first outflow since May 13, according to CoinGlass.
Derive founder Nick Forster told Cointelegraph that Bitcoin is likely to enter a consolidation phase, which will be “a healthy pause” before another “significant upward movement.”
Analyst Willy Woo had a similar opinion. In a post on X, Woo said that the current week was critical as a lack of follow-through could result in another consolidation.
The near-term pullback has not altered the long-term view. Trading account Stockmoney Lizards said in a post on X that Bitcoin could rally up to $200,000 in 2025 and possibly extend the up move to $250,000 next year.
What critical support levels could arrest the decline in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin has pulled back to the 20-day exponential moving average ($105,485), which is likely to witness a tough battle between the bulls and the bears.
If the price closes below the 20-day EMA, the BTC/USDT pair could sell off toward the $100,000 level. Buyers are expected to fiercely defend the zone between $100,000 and the 50-day simple moving average ($97,775). If the price rebounds off the support zone, the bulls will try to push the pair to $109,588.
Alternatively, if the price turns up from the 20-day EMA, it signals a positive sentiment. That increases the likelihood of a break above the $111,980 resistance. The pair could then surge…
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