Bitcoin (BTC) has surpassed psychological resistance of $ 40,000 after a series of positive news last week. The first positive news that affected the price of bitcoin was a tweet from Tesla CEO Elon Musk, who said that the carmaker would accept payments in bitcoin if more than 50% of the clean energy is used by bitcoin miners with a “positive trend in the future. ”

Another novelty that may have contributed to the Bitcoin rally is Paul Tudor Jones’ proposal that 5% of each investment portfolio is linked to Bitcoin, which corresponds to gold, cash and commodities. Jones was critical of the US Federal Reserve’s view of a temporary rise in inflation.

Recent bullish news suggests that Bitcoin’s fundamentals have not been affected by the current downturn. Therefore, when the price stabilizes, Bitcoin may attract institutional investment again.

Daily cryptocurrency market indicators. Source: Coin360
Meanwhile, MicroStrategy has completed an offer of $ 500 million secured banknotes, which the company plans to use to buy bitcoins. After deducting various expenses, the business intelligence company has $ 488 million left to be used to buy bitcoins. This will add 92,079 bitcoins to the company’s current stack.

Related: Bitcoin sales pressure could go to zero in July thanks to Grayscale Giant 16K BTC opening

Can Bitcoin provide a recovery in cryptocurrency markets with potential demand for returns? Let’s analyze the maps of the top 10 cryptocurrencies to find out.

Bitcoin gathered on June 13 and gathered above the emerging declining triangle resistance line. This move will cancel out the bearish setup, which is a bullish signal. Buyers continued to buy today, pushing the price above $ 40,000.

BTC / USDT daily chart. Source: TradingView
The 20-day simple moving average flattened ($ 36,779) and the relative strength index (RSI) climbed to positive territory, indicating that selling pressure eased.

The BTC / USDT pair can now try to rise to the 50-day moving average ($ 44,571), which can act as serious resistance. If the price falls from this resistance, but finds support at the 20-day moving average, it will indicate that the feeling has shifted upwards.

A 50-day SMA breach would indicate a possible change of direction, and the pair could increase to $ 51,483 thereafter. This trend is reversed if the pair declines and falls below the support level of $ 34,600.36. Such a movement will signal that traders are giving up their positions with a small increase.

Ether (ETH) fell below the symmetrical triangle guideline on June 12, but the bears failed to maintain the lower levels. This indicates that buyers are accumulating in downturns.

ETH / USDT daily chart. Source: TradingView
ETH / USDT jumped off the trend line on June 13, and the bulls are now trying to push the price above the 20-day simple moving average ($ 2,581). If successful, the pair can rise to the resistance line in the triangle.

A break and proximity over the triangle and the 50-day moving average ($ 2,940) will indicate that the downturn is over. The pair may then rise to 78.6% Fibonacci retracement level of $ 3,806.91.

This positive view will be void if the pair falls from the current level or upper resistance and breaks below $ 2200. This could open for a decrease to $ 2079 and then to $ 1,728.74.

The Binance coin (BNB) jumped off the trend line on June 13 and the bulls pushed the price above the 20-day simple moving average ($ 364). This indicates that the bulls are aggressively defending the trend line.

BNB / USDT daily chart. Source: TradingView
If the bulls keep the price above the 20-day simple moving average, the BNB / USDT pair may rise to $ 433. This level may act as resistance, but if the bulls manage to push the price above it, the rising triangle pattern will end.

The target for this bullish setup is $ 609. 20-day SMA and RSI rising above 46 indicate that buyers are trying to come back.

However, if the price falls below the current level and breaks the trend line, it will indicate that the supply exceeds the demand. After that, the pair may decline to $ 291.06 and then to $ 211.70.

Cardano (ADA) fell below the trend line on June 11, but the Bears failed to keep the lower levels. This indicates that bulls are buying on downturns. On June 13, altcoin gathered above the trend line, and the bulls are currently trying to push the price above the moving average.

Source: CoinTelegraph