Bitcoin (BTC) is slowly descending towards the support range of $56,552 to $73,777, where it has been stuck for several months. Glassnode lead analyst James Check warned traders not to get shaken out of their positions due to boredom and small price fluctuations. Despite the uncertain near-term price action, analysts at Bernstein expect strong inflows into US Bitcoin exchange-traded funds to push the price of Bitcoin to $200,000 by the end of next year, an upward revision from their previous target of $150,000. MicroStrategy continues to accumulate Bitcoin, recently purchasing 11,931 Bitcoin at an average price of $65,883 per Bitcoin, bringing their total holdings to 226,331 Bitcoin. Now, let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin can stage a recovery and lift the overall cryptocurrency market.
Bitcoin Price Analysis:
On June 20, Bitcoin attempted a recovery, but strong selling pressure near the moving averages resulted in a long wick on the candlestick. Bears pulled the price below the solid support at $64,602 on June 21, indicating the start of a deeper pullback. If the price sustains below $64,602, selling could intensify, and the BTC/USDT pair may drop to the next significant support at $60,000. However, if the price closes above $64,602, it will signal aggressive buying at lower levels. The pair may then climb to the 20-day exponential moving average ($66,736), which is a strong resistance. To clear the path for a rally to $70,000 and subsequently $72,000, buyers will need to overcome this barrier.
Ether Price Analysis:
On June 20, buyers attempted to push Ether (ETH) above the 20-day EMA ($3,575), but the bears held their ground, indicating that sellers are still dominant during relief rallies. Bears will try to strengthen their position by pulling and maintaining the price below the 50-day simple moving average ($3,458). If they succeed, selling could accelerate, and the pair may decline to $3,000. To prevent the down move, bulls will need to quickly push and sustain the price above the 20-day EMA. If they do so, the ETH/USDT pair could attempt a rally to $3,730 and later $3,977.
BNB Price Analysis:
BNB has been trading below the moving averages, showing that bears are exerting pressure. The first support on the downside is $560. If the price bounces off this level, it suggests that the BNB/USDT pair may remain between $560 and $635 for some time. A break above $635 would indicate that bulls are back in the game. Conversely, if the price breaks below $560, the correction may deepen, and the pair could drop to $536 and eventually $495. Bulls are expected to defend this level.
Solana Price Analysis:
Efforts by bulls to push Solana (SOL) back inside the descending channel pattern have been thwarted by bears in the past two days. This suggests that bears have turned the support line into resistance. A break below $128 could push the SOL/USDT pair to the solid support at $116, which buyers are expected to strongly defend. The first sign of strength would be a break and close above the 20-day EMA ($148). To open the doors for a rally to $176 and then $188, bulls will need to push the price above the resistance line.
XRP Price Analysis:
XRP has been trading between the 50-day SMA ($0.51) and the crucial support at $0.46 for several days. Bulls are attempting to push the price above the 20-day EMA ($0.50), which would increase the likelihood of a break above the 50-day SMA. If that happens, the XRP/USDT pair could rally to $0.57. On the downside, the critical level to watch is $0.46. If this level breaks, the pair may fall to the pivotal level of $0.41, where bulls are expected to provide support.
Dogecoin Price Analysis:
Dogecoin has been held above the crucial support of $0.12 by bulls for the past three days, but they have failed to initiate a strong rebound. The downsloping 20-day EMA ($0.14) and the RSI near the oversold zone indicate that bears are in control. If the $0.12 support breaks, the DOGE/USDT pair could decline to $0.08. However, if the price turns up from the current level and breaks above the 20-day EMA, it would suggest that consolidation will continue for a few more days.
Toncoin Price Analysis:
Toncoin (TON) is attempting a rebound off the 50-day SMA ($6.76), indicating that bulls are aggressively defending this level. If buyers push the price above the 20-day EMA ($7.23), it would suggest the start of a relief rally to $7.67. The critical level to watch on the downside is the 50-day SMA. A break below this support would indicate a deeper correction, with the pair potentially dropping to $6 and then $5.50.
Cardano Price Analysis:
Cardano has been trading near the breakdown level of $0.40 for the past few days. If the price breaks above $0.40, it is likely to face selling at the moving averages. However, if bulls prevail, it would suggest the start of a strong recovery. The ADA/USDT pair could rise to $0.50, where bears may pose a strong challenge. On the other hand, if the price turns down from $0.40 or the moving averages and breaks below $0.35, it would indicate that bears have the upper hand. The pair may then plunge to $0.28.
Shiba Inu Price Analysis:
Bulls are defending the $0.000017 level in Shiba Inu, but they have failed to initiate a strong rebound. This suggests a lack of aggressive buying at current levels. The downsloping 20-day EMA ($0.000021) and the oversold RSI indicate that the path of least resistance is to the downside. If the $0.000017 level breaks, the SHIB/USDT pair may plummet to $0.000014. To prevent the downside, bulls will need to swiftly drive the price above the 20-day EMA. If they succeed, it would suggest that the markets have rejected the breakdown, and the up move may gain momentum above the 50-day SMA ($0.000023).
Avalanche Price Analysis:
Bulls are attempting a recovery in Avalanche, but they are facing selling pressure at the breakdown level of $29. A turn down from $29 would indicate that bears have turned the level into resistance, increasing the possibility of a drop below $25. If that happens, the AVAX/USDT pair could slide to $20. To weaken the selling pressure, buyers will need to push the price above the 20-day EMA ($30.95). The pair may then climb to the 50-day SMA ($34.39), suggesting that the breakdown below $29 could have been a bear trap.
Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should conduct their own research before making a decision.