The Bitcoin market is struggling to recover from the $64,500 level, which raises the chances of a further decline to $60,000.
For several days, Bitcoin has fluctuated between $56,552 and $73,777. Predicting the direction of a breakout is challenging due to the random and volatile nature of trading within this range. Therefore, waiting for a clear breakout before making significant investments is prudent.
Due to this uncertainty, traders are adopting a cautious approach in the short term. Data from Farside Investors indicates that Bitcoin exchange-traded funds have experienced outflows over the past four days. Furthermore, CoinShares’ “Weekly Asset Fund Flows” report revealed outflows of $600 million from digital asset investment products, the highest since 22 March.
However, Cointelegraph’s analysis of Deribit derivatives data shows that Bitcoin whales and market makers are not panicking and “remained optimistic during the dip.” Several analysts maintained a bullish view during Bitcoin’s drop below $65,000.
Will Bitcoin rebound off its strong support, pulling the altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The Bitcoin market reached the bottom of its $64,602 to $72,000 range on June 18. The failure of the bulls to start a strong rebound off the level suggests that the bears are maintaining their selling pressure.
The downsloping 20-day exponential moving average ($67,249) and the relative strength index (RSI) below 40 indicate that the bears have the edge. If the $64,602 level cracks, the BTC/USDT pair could collapse to $60,000.
However, the bulls are unlikely to give up the $64,602 level without putting up a fight. If the price rises from the current level and above the 20-day EMA, it will signal the start of a robust recovery. The pair may then climb to $70,000.
Ether (ETH) Market Analysis
Ether remains stuck between the moving averages, suggesting a sharp breakout could be around the corner.
If the price breaks above the 20-day EMA ($3,586), the ETH/USDT pair could rise to $3,730. The bears must defend this level because a break above it could open the doors for a potential rise to $3,977.
Conversely, if the price breaks below the 50-day simple moving average ($3,436), it will signal that the bears are in charge. The pair could tumble to psychological support at $3,000 and eventually to $2,850.
BNB Market Analysis
BNB fell below the immediate support of $590 on June 18, but the bears could not challenge the vital support at $560. This suggests a lack of aggressive selling at lower levels.
The bulls are trying to start a recovery and push the price above the moving averages. If they manage to do that, the BNB/USDT pair could rally to $617. This is an important level to watch because a rise above it will suggest that the corrective phase may be over. The bulls will then try to push the price toward $722.
On the contrary, if the price turns down from the overhead resistance, the bears will attempt to sink the pair below $560. If they do that, the next stop will likely be $536.
Solana (SOL) Price Analysis
Solana fell below the descending channel pattern on June 18, but the bulls purchased the dip, as seen from the long tail on the day’s candlestick.
The downsloping 20-day EMA ($152) and the RSI in the negative territory suggest that the Bears are in command. If the price turns down from the current level or the 20-day EMA, the bears will try to tug the SOL/USDT pair to critical support at $116. This level is expected to attract solid buying by the bulls.
This bearish view will be negated in the near term if the price turns up and rises above the resistance line. The pair may then climb to $176.
XRP Price Analysis
XRP turned down from the 50-day SMA ($0.51) on June 17 but found support at $0.46 on June 18.
The 20-day EMA ($0.50) is flattening out, and the RSI is just below the midpoint, suggesting a minor advantage for the bears. To tilt the advantage in their favour, the bulls must propel the price above the 50-day SMA.
On the other hand, a break and close below the $0.46 support will suggest that the bears have overpowered the bulls. The XRP/USDT pair could then skid to $0.41. The bulls are expected to defend the zone fiercely between $0.46 and $0.41.
Dogecoin (DOGE) Price Analysis
The bears pulled Dogecoin below the strong support at $0.12 but could not sustain the lower levels. This shows that the bulls are defending the $0.12 level with vigovigour
Buyers will try to start a relief rally, but there will likely be intense selling pressure at the 20-day EMA ($0.14). If the price drops below the 20-day EMA, the bears will again strive to sink the DOGE/USDT pair below $0.12. If they succeed, the pair could start the next leg of the downtrend to $0.08.
Alternatively, a rally above the 20-day EMA will suggest that the pair may extend its stay inside the $0.12 to $0.18 range for some more time.
Toncoin (TON) Price Analysis
The bulls could not sustain Toncoin’s rebound off $7.67 on June 16, indicating a lack of demand at higher levels.
The bears maintained their selling pressure and pulled the price below the 20-day EMA ($7.23) on June 18 and the uptrend line on June 19. The price maintains below the uptrend line. The ascending triangle pattern will be negated, which could lead to a decline of $6.
Conversely, if the price turns up sharply from the 50-day SMA ($6.67) and breaks above the uptrend line, it will signal that the breakdown may have been a bear trap. That could propel the TON/USDT pair to $7.67.
Cardano (ADA) Price Analysis
Cardano signalled the resumption of the downtrend after the price plummeted and closed below the strong support at $0.40 on June 18.
A minor positive is that the bulls purchased the dip to the $0.35 support. Buyers will attempt to start a recovery, which is expected to face strong selling at the moving averages. If the price turns down from the moving averages, the bears will try to sink the ADA/USDT pair below $0.35 if they slump to $0.28.
Co, if they can pull it off. Conversely, if buyers thrust the price above the moving averages, it will indicate that the corrective phase may be over.
Shiba Inu (SHIB) Price Analysis
Shiba Inu broke below the $0.000020 support on June 17, signalling that the bears are in control.
When the buyers stepped in, the price slipped to the 78.2% Fibonacci retracement level of $0.000017 on June 18. The SHIB/USDT pair is attempting a rebound and is likely to face aggressive selling at $0.000020. If the price rises from $0.000020, the bears will try to drag the pair to $0.000014.
This bearish view will be invalidated in the near term if the price turns up and rises above the moving averages. Such a move will suggest solid buying at lower levels.
Avalanche (AVAX) Price Analysis
Avalanche plunged and closed below the $29 support on June 17, signing the consolidation to be resolved in favour of the bears.
The selling continued on June 18, and the price slipped to $25, where the buyers are trying to arrest the decline. The price could rise to the breakdown level of $29, which will likely be a tough battle between the bulls and the bears.
If the price turns down from $29, it will suggest that the bears have flipped the level into resistance. T, increasing the likelihood of a drop to $20.
If buyers want to make a comeback, they will purchase the AVAX/USDT pair above the 20-day EMA ($31.71). If they do that, the bears may get trapped, resulting in a short squeeze.
