Bitcoin held above $80,000 on Friday after pulling back toward $79,000 earlier in the session. The bounce comes after BTC exchange-traded funds recorded their first net outflow in May, with $277.5 million leaving the products on Thursday, according to data from SoSoValue. The outflow suggests some participants are taking profit near overhead resistance levels rather than chasing the move higher.
The move off the lows keeps the cryptocurrency above the 20-day exponential moving average at $77,929. That level is the line in the sand for the near-term structure. Hold it and the bid stays. Lose it and $74,937 comes into play, with the 50-day simple moving average sitting at $73,448 below that.
Bitcoin holds $80,000 after exchange-traded fund outflow
Resistance sits between $84,000 and $92,000. Bitcoin pulled back from $82,850 on Wednesday, which marked the upper edge of that zone. CryptoQuant analyst IT Tech noted in a Thursday piece that BTC needs to rally and hold above $88,880 for a bottom to be confirmed. Until then, the $85,000 to $88,000 band is likely to see selling from holders looking to exit flat.
| Level | Type | Price (USD) | Note |
|---|---|---|---|
| 20-day EMA | Support | 77,929 | Critical near-term floor |
| Resistance zone | Resistance | 84,000 to 92,000 | Selling expected |
| 50-day SMA | Support | 73,448 | Deeper pullback target |
| Confirmation level | Resistance | 88,880 | Bottom signal per CryptoQuant |
Bollinger Bands creator John Bollinger took a different view in an X post on Thursday. He said their trend model turned positive for BTC a day earlier and they had taken a position accordingly. That puts two technical reads in opposition, one calling for caution below $88,880 and one seeing the trend already intact.
Altcoins track Bitcoin pullback
Ether closed below the 20-day EMA at $2,304 on Wednesday, signalling profit-taking. The 50-day SMA at $2,225 is the next support. A solid bounce off that level would keep ETH within the channel structure. A break and close above $2,465 would be the first sign of strength, opening a move toward the resistance line and potentially $3,050.
BNB pulled back toward the moving averages, with resistance at $687. A break above that signals the bulls are back in control, targeting $730 and then $790. On the downside, a close below $570 would break the range.
XRP continues to trade near the moving averages, indicating equilibrium. The flattish moving averages and the RSI just below the midpoint do not give either side a clear edge. A break below $1.27 would keep XRP inside the descending channel. On the upside, resistance sits at the downtrend line and then at $1.61. A break above $1.61 would signal a potential trend change, targeting $2.
Solana and Dogecoin face resistance
Solana is facing selling pressure at the $90.73 level, though the bulls have not ceded much ground. A push above that opens a move to $98, with $117 beyond. A break below the moving averages would keep SOL in the tight range, with $82.65 the lower boundary and $76 the deeper support.
Dogecoin declined sharply from the $0.12 resistance level on Wednesday. The 20-day EMA at $0.10 is the critical support in the near term. A sharp turn up from that level sets up another attempt at $0.12, targeting $0.14 and then $0.16. A close below the 20-day EMA would keep DOGE within the $0.09 to $0.12 range.
Hyperliquid turned down from the $43.76 to $45.77 zone on Wednesday and pulled back to the 20-day EMA at $41.69. A sharp bounce from that level sets up another attempt at the overhead hurdle, targeting $50. A break below the 50-day SMA at $40.29 would invalidate the bullish view and open a move to $34.45.
Cardano continues to oscillate within the $0.22 to $0.31 range. The 20-day EMA at $0.25 has begun to turn up gradually, and the RSI is in positive territory, giving the bulls a slight edge. A move above the moving averages targets $0.30 and then $0.31. A break below the moving averages would bring $0.22 into play.
Zcash broke above the $560 resistance on Wednesday but stalled at $607. The shallow pullback suggests the bulls are not rushing to close positions. A break above $607 targets $750. On the downside, support sits at the 38.2% Fibonacci retracement level at $496, then at the 50% retracement at $462. A close below the 61.8% retracement at $428 would put the sellers back in control.
Bitcoin Cash turned down sharply from $486 on Wednesday. The flattish 20-day EMA at $450 and the RSI near the midpoint suggest BCH may remain inside the $419 to $486 range for some more time. A close above $486 starts an up move to $520. A close below $419 signals the resumption of the downtrend toward $375.
Next catalyst: the weekend close. Bitcoin holds $80,000 for now, but the path higher narrows above $84,000.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
