Bitcoin’s price has dropped below $60,000 this week, but this has attracted buyers looking to initiate a recovery. The cryptocurrency is currently in a range between $56,552 and $73,777, indicating a struggle between bullish and bearish sentiments. It’s uncertain which way the breakout will occur, so traders are advised to either trade within the range or wait for a breakout before making significant bets.
There are differing opinions on Bitcoin’s future price action. Peter Thiel, former CEO of PayPal, believes that Bitcoin has limited potential for growth. On the other hand, the popular trader BitQuant is optimistic, pointing to a target of $95,000 every time he runs his Bitcoin model.
Bitcoin’s decline has led to selling in several altcoins, but some have shown strength despite the trend. Here are the top 5 cryptocurrencies demonstrating strength on the charts.
Bitcoin’s price analysis shows that while bulls have defended the $60,000 level, they are struggling to push the price above $62,500. The bears currently hold the edge, with the possibility of a drop to $56,552 if the $60,000 support is broken. On the other hand, a break above $62,500 could signal a comeback, with a potential rise to $64,602 and $70,000.
TON coin is also struggling to maintain its position above $7.67, but the positive signs suggest that the path of least resistance is upwards. A break above $7.67 could lead to a rally to $8.29, while a sharp decline and break below $6.60 could invalidate this view.
Avalanche (AVAX) is facing resistance at $29, but the lack of a significant decline suggests that buyers are maintaining their pressure. A break above $29 could lead to a rise to the 50-day SMA, while a sharp turn down could test the June 24 intraday low of $23.51.
Kaspa (KAS) has surged and closed above the resistance of $0.19, with the potential to start the next leg of the rally towards $0.24 and $0.28. However, a sharp decline and break below $0.19 could signal a bull trap and pull the price down to the 20-day EMA.
Monero (XMR) is attempting to bounce off the 20-day EMA, indicating a bullish sentiment. A rise above $172 could lead to a rally to $180 and $190, while a break below the 20-day EMA could tilt the advantage in favor of the bears.
As always, this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.