Bitcoin market enthusiasts strive to maintain the $65,500 level, but if they don’t succeed, the price could decline to $62,000.
On July 24, the cryptocurrency exchange Kraken announced on X that it had fully distributed the funds to the Mt. Gox creditors. Despite this, Bitcoin’s volatility has remained unchanged, indicating that the recipients are not hastily selling off their repayments, contrary to some analysts’ expectations.
Similarly, the introduction of spot Ether exchange-traded funds (ETFs) did not ignite significant activity in Ether, suggesting that the markets are adopting a cautious approach. On a slightly positive note, the Ether ETFs saw net inflows of $106.6 million on the first day, even though Grayscale’s newly converted Ethereum Trust experienced $485 million in outflows.
Bitcoin and select major altcoins have been consolidating for some time, indicating indecision between the bulls and the bears about the next directional move. The longer the range, the stronger the trigger needed for the price to break out from it.
Will Bitcoin continue its range-bound action, or could buyers propel the price above the range? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin remains stuck in sideways price action between $56,552 and $73,777, indicating buying on support and selling near resistance.
BTC/USDT daily chart. Source: TradingView
The upsloping 20-day simple moving average ($61,887) and the relative strength index (RSI) in the positive territory indicate that the short-term trend favours the buyers. The bulls will try to propel the price to $73,777 but may encounter stiff resistance at $70,000 and again at $72,000.
If the $65,000 support cracks, the BTC/USDT pair could drop to the moving averages. The bulls must defend this support because a break below it could open the doors for a fall to $60,000.
Ether (ETH) Market Analysis
Ether turned up from the 50-day SMA ($3,411) on July 23, but the bulls struggled to sustain the bounce. This suggests that the bears are active at higher levels.
ETH/USDT daily chart. Source: TradingView
If the price skids below the 50-day SMA, the ETH/USDT pair could drop to the 20-day SMA ($3,272). This is a critical level to watch out for because if this support breaks down, the selling could pick up, and the pair may plummet to $3,000.
Conversely, if the price rises from the current level and breaks above $3,563, it will suggest that the short-term trend remains positive. The pair could rally to $3,722 and then to $4,000. Sellers are expected to fiercely defend the $4,000 to $4,094 zone.
BNB Market Analysis
The bulls attempted to push BNB toward the overhead resistance at $635, but the bears pulled the price back to the 50-day SMA ($583).
BNB/USDT daily chart. Source: TradingView
If the price rebounds off the 50-day SMA with strength, it will indicate that the bulls are buying on every minor dip. That will improve the prospects of a break above $635. If that happens, the BNB/USDT pair could rally to $722.
Conversely, if the price breaks and closes below the 50-day SMA, it will suggest that the bears try to keep the price inside the $495 to $635 range for some more time. The pair could then tumble to the 20-day SMA ($552).
Solana (SOL) Price Analysis
Solana turned down from $185 on July 22 and is retesting the breakout level from the descending triangle.
SOL/USDT daily chart. Source: TradingView
The upsloping 20-day SMA ($154) and the RSI in the positive territory suggest that the bulls are in command. If the price exceeds the current level and breaks above $185, the SOL/USDT pair could reach $210.
This optimistic view will be invalidated soon if the price re-enters the triangle. The bears will gain strength after they sink the price below the moving averages as it will signal the recent breakout may have been a bull trap.
XRP Price Analysis
On July 23, the bears tried to pull XRP below the $0.57 support, but the bulls held their ground.
XRP/USDT daily chart. Source: TradingView
The buying picked up on July 24, and the bulls are trying to overcome the barrier at $0.64. If they succeed, the XRP/USDT pair will likely pick up momentum and surge toward the formidable resistance of $0.74.
Time is running out for the bears. To prevent the up move, they must successfully defend the $0.64 level and yank the pair below $0.57. The pair may slide to the 20-day SMA ($0.52) if they do that.
Dogecoin (DOGE) Price Analysis
Dogecoin returned to the 50-day SMA ($0.13) on July 23, which will likely attract buyers.
DOGE/USDT daily chart. Source: TradingView
The 20-day SMA ($0.12) has started to turn up, and the RSI is in positive territory, indicating that the bulls have a slight edge. If the bounce off the 50-day SMA sustains, the bulls will try to kick the DOGE/USDT pair to $0.15 and then to $0.18.
Instead, if the 50-day SMA cracks, it will signal that the bears have overpowered the bulls. The pair may then slump to the 20-day SMA, which is again likely to act as a support. A break below this level will tilt the advantage in favour of the Bears.
Toncoin (TON) Price Analysis
Toncoin dropped to the support of the range at $6.77, a critical level to watch out for.
TON/USDT daily chart. Source: TradingView
A weak rebound off the current level will signal a lack of aggressive buying, increasing the likelihood of a break below $6.77. If that happens, the TON/USDT pair will complete a double-top pattern. That may start a decline to $6 and subsequently to $5.50.
Alternatively, if the price turns sharply from the current level, it will signal solid bull demand. The pair may climb to $7.72, where the bears are expected to mount a strong defence.
Cardano (ADA) Price Analysis
Cardano dropped to the moving averages on July 23, where the buyers are expected to step in to arrest the decline.
ADA/USDT daily chart. Source: TradingView
If the price turns sharply from the current level, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then try to propel the price above $0.46, starting a move to $0.52.
Contrary to this assumption, if the price breaks below the moving averages, it will suggest that the bears are trying to assert their supremacy. The ADA/USDT pair could drop to the strong support near $0.35.
Avalanche (ADA) Price Analysis
Avalanche turned down from $33 on July 21 and reached the moving averages on July 24, indicating a lack of demand at higher levels.
AVAX/USDT daily chart. Source: TradingView
The flattish 20-day SMA ($27.55) and the RSI just above the midpoint do not favour the bulls or the bears. If the price breaks below the 20-day SMA, the AVAX/USDT pair may drop to $24 and $21.80.
On the contrary, if the price rebounds off the moving averages, it will signal that the bulls are trying to form a higher low. The bulls will have to push and sustain the price above $33 to suggest the start of a more robust recovery toward $37 and then $42.
Shiba Inu (SHIB) Price Analysis
Shiba Inu has been trading between the moving averages for the past few days, but this tight-range trading is unlikely to continue.
SHIB/USDT daily chart. Source: TradingView
If the price maintains below the 20-day SMA, it will open the doors for a fall to $0.000015 and then to $0.000013. A bounce off this level will keep the price between $0.000013 and $0.000020 for some time.
The SHIB/USDT pair will likely gain strength after buyers drive the price above $0.000020. Such a move will suggest that the markets have rejected the lower levels. The pair could then attempt a rally to $0.000026.
