By Chris Hollingworth 
Bitcoin price experienced profit booking near $105,819, indicating continued bearish activity at higher levels. On the other hand, select altcoins have shown upward movement, reflecting growing investor interest. The SPX and the DXY have been playing catch-up with Bitcoin following the US-China trade deal.
Bitcoin (BTC) began the new week cautiously, dipping below $103,000, while the S&P 500 Index (SPX) and the US Dollar Index (DXY) surged after the US-China trade agreement announcement. This shift could be attributed to other assets trying to catch up with Bitcoin, with the sharp rally in the US dollar potentially acting as a near-term headwind for Bitcoin.
According to Bitwise European Head of Research André Dragosch, the firm’s proprietary indicator has recently hit its highest level since 2024. Historically, elevated levels of this indicator have led to short-term corrections or sideways price movements.
Despite short-term uncertainty, long-term Bitcoin bulls have continued to add to their holdings. Michael Saylor’s Strategy acquired 13,390 Bitcoin at an average price of $99,856 between May 5 and May 11, increasing the firm’s total Bitcoin holdings to 568,840.
Analyzing the crucial support levels for Bitcoin and altcoins, let’s delve into the charts of the top 10 cryptocurrencies.
### S&P 500 Index Price Prediction
The S&P 500 Index witnessed a significant gap up on May 12, surpassing strong resistance at 5,800. Bears must fiercely defend the 5,800 level to prevent further upside and push the price below the 20-day exponential moving average (5,570) to initiate a deeper correction towards 5,400. Conversely, a close above 5,800 could lead to further upward movement towards 6,000 and potentially retesting the all-time high at 6,147.
### US Dollar Index Price Prediction
The US Dollar Index breached the 20-day EMA (100.42) on May 8, signaling weakening bearish control. If the price finds support at the 20-day EMA after testing the 50-day SMA (102.08) resistance, it indicates positive sentiment, potentially resulting in a rally towards 103.54 and 104.68.
### Bitcoin Price Prediction
Bitcoin retraced from $105,819, suggesting bearish defense in the $107,000 to $109,588 range. Initial support lies at $100,000, followed by the 20-day EMA at $97,238. A bounce from this support could propel BTC/USDT above $109,588 towards $130,000. Conversely, a breakdown below the 20-day EMA may lead to a decline to $93,000 and the 50-day SMA at $89,302.
### Ether Price Prediction
Ether (ETH) bulls are striving to maintain prices above $2,550, while bears exert selling pressure. A drop below $2,435 could trigger a decline to $2,320, with a potential rebound targeting $2,850 and $3,000. However, a break below $2,320 may indicate profit-taking by bulls, potentially driving the pair to $2,111.
Stay informed and monitor these key support and resistance levels to make informed decisions in the volatile cryptocurrency market.
