XRP News Today: Bitcoin Faces 30% Drop in Supply as Institutional Adoption Rises

Bitcoin (BTC) is currently hovering around the $105,000 mark, but the inability of bulls to sustain a bounce on June 3 suggests a lack of demand at higher levels. Analysts are predicting that Bitcoin could fall to the psychologically significant $100,000 level. Willy Woo, a prominent analyst, cautioned that buying Bitcoin at six figures might not be prudent in the short term, but it could be one of the best long-term investments within the next decade. Sygnum Bank also provided a bullish outlook, noting that institutional adoption and the rise of Bitcoin acquisition vehicles have led to a 30% drop in Bitcoin’s liquid supply, potentially creating conditions for demand shocks and upside volatility.

Bitcoin is currently engaged in a battle between bulls and bears near the 20-day exponential moving average of $105,347. If buyers can push and sustain the price above $106,800, it could clear the path for a rally to the $109,588 to $111,980 overhead resistance zone. However, sellers are expected to defend this zone vigorously, as a break above it could launch the BTC/USDT pair toward $130,000. Conversely, if the bears achieve a close below the $103,000 support, the pair could plunge to the vital support at $100,000.

Ether (ETH) bounced off the 20-day EMA of $2,528 on June 2, indicating positive sentiment and buying on dips. The bulls will attempt to strengthen their position by pushing the price above the $2,738 resistance. If successful, the ETH/USDT pair could rally to $3,000 and subsequently to $3,153. However, if the bears defend the $2,738 resistance and pull the price below the 20-day EMA, the pair could sink to $2,323.

XRP (XRP) has risen to the moving averages, where the bulls are expected to face selling pressure from the bears. If the price turns down sharply from the moving averages, the XRP/USDT pair could descend to likely solid support at $2. A strong rebound off $2 suggests the range-bound action may continue for a while longer. Alternatively, if buyers propel the price above the moving averages, the pair could rally to the $2.65 overhead resistance. Sellers will defend the $2.65 level, but if the bulls prevail, the pair may jump to $3.

BNB (BNB) rose and closed above the 20-day EMA of $661 on June 1. Sellers tried to pull the price back below the 20-day EMA on June 3, but the bulls successfully defended the level. The BNB/USDT pair could rally to $693, a significant challenge. If the bulls maintain the pressure and break through $693, the pair could skyrocket to $732 and eventually to $761. Conversely, if the price turns down sharply from $693 and breaks below the 20-day EMA, it signals a possible range-bound action in the short term, with the pair swinging between $634 and $693 for a few more days.

Solana (SOL) buyers tried to push the price above the 20-day EMA of $163 on June 3, but the bears held their ground. A minor positive for the bulls is that they have not allowed the price to dip below the $153 support. The bulls will again try to thrust the price above the 20-day EMA, opening the gates for a rally to $185. On the other hand, if the price turns down from the 20-day EMA once again, it heightens the risk of a break below the $153 support, with the SOL/USDT pair potentially declining to $140 and thereafter to $133.

Dogecoin (DOGE) has been clinging to the 50-day simple moving average of $0.19, indicating a lack of aggressive selling at lower levels. The bulls will try to push the price above the moving averages. If they manage to do that, the DOGE/USDT pair could rally to $0.23 and then to $0.26. Buyers must overcome the barrier at $0.26 to signal the start of a new up-move. Conversely, if the price turns down sharply from the 20-day EMA of $0.20, it indicates that bears are active at higher levels, increasing the risk of a drop to the $0.16 to $0.14 support zone.

Cardano (ADA) is taking support near $0.64, but the bulls have failed to push the price above the moving averages. If the price turns down from the moving averages, the bears will try to sink the ADA/USDT pair below the $0.64 support, potentially collapsing to the crucial support at $0.50. Instead, if the price breaks above the moving averages, it signals buying at lower levels, with the pair potentially reaching the downtrend line, a critical level to watch. Buyers will have to thrust the price above the downtrend line to open the gates for a rally to $0.86 and later to $1.01.

Sui (SUI) buyers could not push the price back above the 50-day SMA of $3.40 in the past few days, with traders selling on rallies. The moving averages are on the verge of a bearish crossover, and the relative strength index (RSI) is in the negative territory, indicating an advantage to sellers. A break and close below $3.05 could sink the SUI/USDT pair to $2.86. This negative view will be invalidated in the near term if the bulls push the price above the moving averages, with the pair potentially marching toward the $3.90 to $4.25 overhead zone.

Hyperliquid (HYPE) buyers pushed the price above the $35.73 overhead resistance on June 2, indicating solid buying on dips. Sellers tried to pull the price back below $35.73 on June 3, but the bulls held their ground. Buyers will try to push the price above $40, challenging the stiff overhead resistance at $42.50. If the $42.50 level is scaled, the HYPE/USDT pair could soar to $50. The 20-day EMA of $32.33 is the crucial support to watch on the downside. A break and close below the 20-day EMA will be the first sign of profit-booking by the short-term buyers, with the pair potentially sliding to $30.59 and then to $28.50.

Chainlink (LINK) turned up from the $13.20 support on May 31, but buyers continue to face selling near the resistance line of the descending channel pattern. The 20-day EMA of $14.90 has started to turn down, and the RSI is in the negative zone, indicating that bears have a slight edge. Buyers will have to pierce the resistance line to seize control, with the LINK/USDT pair potentially climbing to $18, where the bears are expected to mount a strong defense. Sellers are likely to try to pull the price below the $13.20 support, potentially extending the pair's stay inside the channel for some more time.