The ongoing Iran-Israel war has bolstered crude oil and gold prices while weighing on stocks worldwide. However, Bitcoin, often referred to as digital gold, has failed both as a safe haven anda FOMO asset.
As is often the case, its underwhelming performance has spilled over to other crypto majors. Even so, its upside potential is significant. As the markets eye the ongoing conflicts, a recovery is still likely.
Bitcoin price fails as a safe haven amid the geopolitical tensions
The initial attack by Israeli forces on Iranian nuclear sites late last week yielded the expected moves; Brent crude oil price surged by about 7%, gold price rallied by 1.5%, and stocks dropped worldwide. Interestingly, Bitcoin, which is usually referred to as digital gold, failed to live up to its position as a safe haven.
In fact, the leading cryptocurrency dropped to a one-week low on Friday; extending losses recorded in the previous two sessions. Like gold, Bitcoin’s tight supply boosts its status as a store of value. However, the rebound of the US dollar in the wake of the Israel-Iran conflict has capped its upward momentum. Even so, it bears high upside potential amid the persistent uncertainties.
At a crypto fear & greed index of 50, the traders appear indecisive. However, a bullish undertone is observable.
Data released by SoSoValue showed that US BTC spot ETFs had daily total net inflows of $412.20 million as of 16th June. With no outflows, the top 6 ETFs recorded inflows with BlackRock’s IBIT leading with inflows of $266.60 million. Besides, as highlighted by CoinMarketCap, Bitcoin’s trading volume rose by 25.87% over the past 24 hours. A surge in trading volume usually points to increased investor interest.
In the short term, Bitcoin price is likely to trade within the range of between $106,309 and $101,370 as the markets continue to weigh in on the ongoing Iran-Israel conflict. Notably, the bullish golden-cross pattern that has been in place for close to two months now confirms a continuation of the uptrend. With the attraction of more buyers, the bulls will be looking to retest Monday’s high of $108,900.
Bearish pattern shapes Ripple price path as XRP lawsuit drags on
As the Ripple Labs – SEC lawsuit drags on and the broader crypto market remains in a neutral mode, Ripple price is still under pressure. A look at its daily chart shows the altcoin still trading below the descending trendline.
At the time of press, the crypto major was trading below the 25 and 50-day EMAs that appear to be converging around $2.24. Amid the traders’ indecisiveness, the range between $2.10 and $2.27 is worth watching. Even with the possible recovery, it will likely face resistance at May’s level of $2.39.
Read more: XRP price prediction if spot Ripple ETFs hit JPMorgan’s $8 billion target
Solana price underwhelms amid optimism of ETFs approval
Solana price has erased most of the gains recorded over the past two sessions. The altcoin’s performance in recent sessions has been rather underwhelming especially after Coinshares filed S-1 application with SEC. The heightened odds of approval for Solana ETFs is likely to reignite Solana price rallying.
At the time of press, the altcoin was trading at $148 after the point of convergence for the 25 and 50-day EMAs formed resistance for the altcoin. With the indecisiveness in the broader crypto market, $156 remains a pivot worth watching. This makes the range between $140 and $167 worth watching.
Read more: Crypto wrap: SEC postpones Solana ETFs decision, GameStop adds more Bitcoin
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