BTC’s attempts to rally to the all-time high ($109,104) have met massive resistance at $107,796, suggesting that the sellers are determined to put up a fight. The good news for the buyers is that institutions have continued accumulating Bitcoin in May, increasing the likelihood of a sustained uptrend.

On Monday, the top institutional BTC holder, Strategy, acquired over 7,300 coins, expanding its Bitcoin treasury to 576,230. That day, Japan-based investment company Metaplanet bought 1,004 BTC. It now holds 7,800 coins.

So, will increased institutional demand for Bitcoin help the digital asset record a new all-time high before the month ends? And if the Bitcoin rally pushes altcoins higher, which critical resistance levels should we watch out for? Let’s explore the charts to find answers.

Bitcoin Price Analysis

Bitcoin surged to $107,796 on Wednesday morning but has since reversed to $106,265, indicating that higher prices are attracting sellers. However, the buyers are expected to guard the $104,500 support and resume the uptrend, with $110,000 being the immediate target. If that level attracts buyers, BTC could rally to $118,000 and even to $125,000.

On the other hand, if $104,500 gives way and the bulls also fail to defend the 20-day Exponential Moving Average of $100,653, then a dip to the 50-day Simple Moving Average of $91,942 could happen.

Ethereum Price Analysis

Ethereum bulls have protected the 20-day Exponential Moving Average of $2,287 since May 18th, signaling determination to continue applying pressure in an effort to push the coin toward $3,000. While prices above $2,600 have attracted sellers, increased buying from institutions like BlackRock is expected to be one of the primary catalysts to trigger a rally to the $2,851 resistance and eventually to $3k.

However, if profit taking intensifies in the coming days and ETH plummets below $2,287, then the bears will be at an advantage. As such, we predict a move to the $2,108 support, where dip buying is expected.

XRP Price Analysis

XRP has yet to break out of the wide trading range of $2 – $2.652, signaling a balance between the buyers and sellers. However, if it continues trading above the 20-day Exponential Moving Average of $2.338, a breakout could occur at $2.652, and the bulls would take the driver’s seat, targeting the $2.942 resistance. On the bearish side, a breakout at $2 puts XRP at risk of plunging to $1.770.

BNB Price Analysis

While the 20-day Exponential Moving Average of $634.88 has been guarded since the start of the week, higher prices continue to attract sellers. However, the Relative Strength Index (56.76) suggests that the buyers still have the upper hand. Therefore, if the sellers let $660 give way, the buyers would look to push BNB toward $735.

On the contrary, a drop below $634.88 creates room for a dip to the 50-day Simple Moving Average of $608.

Solana Price Analysis

On Tuesday, many expected positive news from the US Securities and Exchange Commission regarding the approval of several Solana ETFs. However, the agency delayed its decision, causing SOL to witness some selling pressure, but the bulls protected the 20-day Exponential Moving Average of $163.89. If an uptrend starts now, $180 will be our first area of interest. If it collapses, Solana could surge above $200.

Meanwhile, a break below $163.89 might invite more sellers, who will aim to drag SOL toward the 50-day Simple Moving Average of $142.

Dogecoin Price Analysis

Investor interest in Dogecoin has increased in the past few days, as evidenced by the meme coin’s price action. The bulls have blocked the bears from pulling DOGE below the $0.2176 breakout level this week, indicating their intentions to thrust the token to higher levels.

If buying pressure increases and $0.2659 gives way, Dogecoin could see its value hit $0.30, a level it last saw in January. Conversely, a sharp fall to $0.1473 is possible if the bears drag the number one meme coin by market capitalization below the 50-day Simple Moving Average of $0.1844.

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