Resistance around the $60,000 mark hinders Bitcoin’s market recovery, signalling ongoing bearish activity at higher price points.
Efforts to push Bitcoin’s price lower resumed on July 8 but were countered by buying support from bulls. Recent data from Farside Investors reveals that US-listed spot Bitcoin exchange-traded funds (ETFs) have seen inflows exceeding $650 million since July 5, indicating robust demand at lower price levels.
Despite this, selling pressure is expected to persist. Arkham Intelligence reports that the German government is preparing to sell 6,000 Bitcoin from its wallet. Additionally, the market focus remains on the selling activities of Mt. Gox creditors following the distribution of repayments.
Uncertainty about the extent of Bitcoin’s additional supply in the markets has hurt sentiment. According to Glassnode data, the Crypto Fear & Greed Index has plunged to 27, its lowest level since January 23.
Could Bitcoin start a rebound in the next few days, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin’s bounce on July 8 shows that the bulls are fiercely defending the $56,552 to $53,485 support zone. On July 10, buyers pushed the price to the 20-day exponential moving average ($60,217).
If the price turns sharply from the 20-day EMA, it will indicate that the sentiment remains negative and that traders are selling on rallies. The bears will then try to sink the BTC/USDT pair below the support zone. The pair may tumble to the psychological support at $50,000 if they succeed.
The first sign of strength will be a break and close above the 20-day EMA. That will pave the way for a potential rise to the 50-day simple moving average ($64,970). Such a move will signal that the range-bound action between $53,485 and $73,777 may continue.
Ether (ETH) Market Analysis
The bulls successfully held the retest of the $2,850 support in Ether on July 8, signalling that the range remains intact.
The relief rally could reach the 20-day EMA ($3,245), which is critical resistance to watch out for. If the price drops sharply from the 20-day EMA, the bears will try to tug the ETH/USDT pair below $2,850. If they manage, the pair may plummet to $2,200.
Contrary to this assumption, if the price rises above the 20-day EMA, it will signal that the pair may continue to swing inside the extensive range between $2,850 and $4,094 for a few more days.
BNB Market Analysis
The bears pulled BNB below the $495 support on July 8, but the Bulls successfully defended the $460 support.
The BNB/USDT pair could reach the 20-day EMA ($548), likely acting as a stiff resistance. If the price drops from the 20-day EMA, the bears will attempt to sink the BNB/USDT pair below $460.
Contrarily, a break and close above the 20-day EMA will signal that the corrective phase may be over. The pair could rise to the 50-day SMA ($593) and the stiff resistance at $635.
Solana (SOL) Price Analysis
The bulls pushed Solana above the 20-day EMA ($141) on July 10, indicating that the bears are losing their grip.
The SOL/USDT pair could rise to the 50-day SMA ($151), where the bears are expected to mount a strong defence. If the price drops from the 50-day SMA, the bears will try to pull the pair to $116.
On the contrary, a break and close above the 50-day SMA will suggest higher-level demand. The pair may then climb to the downtrend line. Buyers must propel the price above the downtrend line to invalidate the developing descending triangle pattern.
XRP Price Analysis
On July 8, the ears again tried to sink XRP below the $0.41 support, but the bulls held their ground.
The XRP/USDT pair could rise to $0.46, where bears will likely sell aggressively. If the price turns down from the overhead resistance, the pair may consolidate between $0.41 and $0.46 for some time.
The downsloping moving averages and the RSI in the negative territory indicate that bears have the upper hand. If the price turns down and breaks below $0.41, it will suggest a downward move to $0.38 and eventually to $0.30.
Dogecoin (DOGE) Price Analysis
Dogecoin has been trading below the breakdown level of $0.12, but the bears have not been able to start a downtrend.
The DOGE/USDT pair could rise to $0.12, where the bulls and bears will likely witness a tough battle. If the price turns sharply from $0.12, the pair could again drop toward $0.09 and swing between these two levels for some time.
Instead, if buyers shove the price above $0.12, it will suggest that the markets have rejected the breakdown. The pair could then attempt a rally to the 50-day SMA ($0.14), which could act as a hurdle.
Toncoin (TON) Price Analysis
Toncoin rebounded off the $6.77 support on July 8, indicating that the bulls are buying dips to the range’s support.
A break and close above the 20-day EMA ($7.39) will open the doors for a possible rise to $7.72 and then to the range’s resistance at $8.29. Sellers are expected to defend this level with vigour, as a break above it will start the next leg of the uptrend.
On the downside, the $6.77 level remains the key level for the bulls to protect. If this level cracks, the selling could intensify as the TON/USDT pair will complete a double top pattern. That could yank the price to $6 and later to $5.50.
Cardano (ADA) Price Analysis
Cardano bounced off the support line of the descending channel on July 5 and will try to reach the resistance line.
The bears will try to defend the resistance line, but if the bulls prevail, the ADA/USDT pair could start a robust recovery toward $0.50. The positive divergence on the RSI points to a possible relief rally in the near term.
This optimistic view will be invalidated soon if the price turns down sharply from the 20-day EMA or the resistance line. Otherwise, it will stay inside the descending channel for some more time.
Avalanche (AVAX) Price Analysis
The bears have not allowed Avalanche to rise above the 20-day EMA ($27.14), but a positive sign is that the bulls have not ceded much ground to the sellers.
The AVAX/USDT pair could rise to the 50-day SMA ($30.96), where the bears will try to stall the recovery. If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it will suggest that the sentiment is positive and traders are buying on dips.
Contrary to this assumption, if the price turns down from the current level, it will signal that the bears remain in control. A break and close below $21.80 will signal the resumption of the downtrend. The following support is at $19.
Shiba Inu (SHIB) Price Analysis
For the past few days, Shiba Inu has been clinging to the 20-day EMA ($0.000017), indicating that the bulls are trying to return.
A break and close above the 20-day EMA could push the price to the breakdown of $0.000020. If bears flip this level into resistance, the SHIB/USDT pair may retest the July 5 low of $0.000012. If this level cracks, the next stop will likely be $0.000010.
On the contrary, if buyers drive and maintain the price above the 50-day SMA ($0.000020), it will suggest that the correction may be over. The bulls will then attempt to push the pair toward $0.000026.
