Bitcoin market enthusiasts have maintained the $65,000 threshold, yet an analysis of BTC and altcoin charts suggests that traders are too early to anticipate a short-term trend reversal.
On 29 July, Bitcoin encountered significant resistance close to $70,000, highlighting that the bears are rigorously defending the upper boundaries of the $55,724 to $73,777 range. Many analysts are keenly observing the $69,000 mark, considering it essential for the bulls to convert this level into support before Bitcoin can surpass $72,000 and challenge the record high near $74,000.
A significant catalyst is required for Bitcoin to break free from its five-month trading range. Should this occur, analysts are optimistic that Bitcoin could exceed the $100,000 milestone. Nonetheless, some experts predict that reaching six figures might only happen in 2025.
Analysts believe the United States’ $35 trillion national debt will bolster Bitcoin adoption. Turbofish CEO Matt Bell told Cointelegraph that the ballooning US debt will boost Bitcoin’s importance as “‘hard money’ — a decentralized and deflationary asset that offers a hedge against currency devaluation.”
Could Bitcoin rise from the current level and challenge the $70,000 resistance, or will Bears lower the price? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The Bitcoin market turned down from $70,080 on July 29 to the 20-day exponential moving average ($65,390) on July 30.
BTC/USDT daily chart. Source: TradingView
To maintain a positive sentiment, buyers will have to start a strong rebound off the 20-day EMA. If they do that, the likelihood of a break above $70,000 increases. The BTC/USDT pair may ascend to $72,000, which is again likely to behave as a significant barrier.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will indicate that the bulls are booking profits. The pair may slide to the 50-day simple moving average ($63,294).
Ether (ETH) Market Analysis
The Ether market turned down the 50-day SMA ($3,348) on July 29, but the buyers did not cede much ground to the sellers.
ETH/USDT daily chart. Source: TradingView
The bulls are again trying to push the price above the 50-day SMA. If they manage to do that, the ETH/USDT pair could rise to $3,563.The bears are expected to fiercely defend the zone between $3,563 and the downtrend line. If the price turns down from this zone, it will signal that the pair may remain inside the triangle for a few more days.
The next trending move will likely begin on a break above the downtrend line or below the support at $2,850.
BNB Market Analysis
BNB turned up from the moving averages on July 30, indicating a positive sentiment where the bulls are buying the dips.
BNB/USDT daily chart. Source: TradingView
There is a minor resistance at $606, but if this level is crossed, the BNB/USDT pair could reach $635. This level is expected to attract strong sales from the bears. If the price turns down from $635 but rebounds off the 20-day EMA, it will improve the breakout prospects. The pair may then reach $722.
This optimistic view will be invalidated soon if the price drops and dives below $553. That could keep the pair range-bound between $495 and $635 longer.
Solana (SOL) Price Analysis
Solana increased from $175 on July 30, indicating that the sentiment is optimistic and traders are buying on dips.
SOL/USDT daily chart. Source: TradingView
The bulls will make another attempt to propel the price above the $194 resistance. If they can pull it off, the SOL/USDT pair will attempt a rally to $210, which is expected to act as a solid resistance.
If the price turns down sharply from the overhead resistance and breaks below the 20-day EMA, it will signal that the pair may remain stuck inside the $116 to $210 range for some more time.
XRP Price Analysis
XRP turned sharply on July 30, and the bulls extended the up move on July 31 by pushing the price above the $0.64 resistance.
XRP/USDT daily chart. Source: TradingView
If the price maintains above $0.64, the XRP/USDT pair is likely to start its northward journey toward $0.74. This level has acted as a strong barrier on three previous occasions; hence, the bears are expected to defend it vigorously.
On the downside, the critical support to watch is the 20-day EMA ($0.58). Sellers will have to tug the price below the 20-day EMA to suggest that the upmove may be over. The pair may then tumble to the 50-day SMA ($0.51).
Dogecoin (DOGE) Price Analysis
Dogecoin has been gradually slipping toward the solid support at $0.12, where the buyers are likely to step in.
DOGE/USDT daily chart. Source: TradingView
The flattish 20-day EMA ($0.12) and the RSI near the midpoint suggest a balance between supply and demand. If the price rebounds off $0.12, the DOGE/USDT pair may rise to the overhead resistance at $0.14. If buyers clear this hurdle, the pair will likely rally toward $0.18.
Alternatively, if the price continues lower and breaks below $0.12, it will signal an advantage to the bears. The pair may then sink to $0.10.
Toncoin (TON) Price Analysis
The bulls are trying to maintain Toncoin above the breakdown of $6.77, signalling a lack of sellers at lower levels.
TON/USDT daily chart. Source: TradingView
The bears will try to prevent the recovery at the 20-day EMA ($6.94), but if the bulls prevail, the next stop will likely be the 50-day SMA ($7.30). That will indicate the price is stuck inside the extensive range between $6.36 and $8.29.
This optimistic view will be negated soon if the price turns down from the current level or the 20-day EMA and breaks below the $6.36 support. The TON/USDT pair could slump to $6 and later to $5.50.
Cardano (ADA) Price Analysis
The bulls have been trying to push Cardano above the 20-day EMA ($0.41) for the past few days, but the bears have held their ground.
ADA/USDT daily chart. Source: TradingView
A minor advantage for the bulls is that they have not allowed the price to slip below the 50-day SMA ($0.40). Buyers will again try to achieve a close above the 20-day EMA. The ADA/USDT pair could jump to $0.46 if they succeed.
Instead, if the price closes below the 50-day SMA, it will suggest that the bulls are losing their grip. Minor support is at $0.38, but if this level breaks down, the pair may decline to solid support at $0.35.
Avalanche (AVAX) Price Analysis
Avalanche has been trading below the $29 level for the past few days, suggesting that the bears maintain the pressure.
AVAX/USDT daily chart. Source: TradingView
The AVAX/USDT pair could drop to the strong support at $24, where the buyers are expected to defend the level aggressively. A bounce off $24 could push the pair to $29 and keep the pair stuck between these two levels for a few days.
The next trending move could begin on a break above $29 or below $24. If the $29 level is removed, the pair may rally to $33 and then to $37. On the downside, a break below $24 could sink the pair to $21.80.
Shiba Inu (SHIB) Price Analysis
Shiba Inu turned down the 20-day EMA ($0.000017) on July 29, indicating that the bears sell on minor rallies.
SHIB/USDT daily chart. Source: TradingView
Sellers will try to strengthen their position further by pulling the price below the $0.000015 support. If they do that, the selling could intensify, and the SHIB/USDT pair could plummet to $0.000013.
Bulls must quickly push the price above the moving averages if they want to prevent the downside. If they do that, it will signal demand at lower levels. The pair may climb to $0.000018 and later to $0.000020.
