The price of the Bitcoin market has fallen below its immediate support at $64,602, raising the possibility of a further drop to the psychologically important $60,000 level. This recent price movement suggests Bitcoin is trading within a narrower range of roughly $56,552 to $73,777 over the past few months. Analysts caution investors to stay disciplined and avoid emotional decisions due to short-term volatility.
Despite the current uncertainty, long-term forecasts for Bitcoin remain optimistic. Analysts at Bernstein, a research and brokerage firm, have increased their price target for Bitcoin to $200,000 by the end of next year, citing solid inflows expected into spot Bitcoin ETFs in the United States. This upward revision reflects their growing confidence in Bitcoin’s future potential.
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Some analysts expect a correction in the near term but that has not prevented MicroStrategy from adding more Bitcoin to its stockpile. The firm announced on June 20 that it had purchased 11,931 Bitcoin at an average price of $65,883 per Bitcoin, taking its total to 226,331 Bitcoin. The recently completed $800 million convertible note offering funded the latest purchase.
Could Bitcoin stage a strong recovery in the next few days and pull the cryptocurrency markets higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin attempted a recovery on June 20, but the long wick on the candlestick shows strong selling by the bears near the moving averages.
The bears pulled the price below the solid support at $64,602 on June 21, indicating the start of a deeper pullback. If bears sustain the price below $64,602, the selling could pick up, and the BTC/USDT pair may descend to the next significant support at $60,000.
Instead, if the price turns up and closes above $64,602, it will signal aggressive buying at lower levels. The pair may climb to the 20-day exponential moving average ($66,736), which is likely to act as a strong resistance. Buyers will have to overcome this barrier to clear the path for a rally to $70,000 and subsequently to $72,000.
Ether (ETH) Market Analysis
Buyers tried to push Ether above the 20-day EMA ($3,575) on June 20, but the bears held their ground. This suggests that bears remain sellers on relief rallies.
The bears will try to strengthen their position further by pulling and maintaining the price below the 50-day simple moving average ($3,458). If they manage to do that, the selling could accelerate, and the pair may dive to $3,000.
If bulls want to prevent the down move, they will have to quickly push and sustain the price above the 20-day EMA. The ETH/USDT pair could then attempt a rally to $3,730 and later to $3,977.
BNB Market Analysis
BNB has been trading below the moving averages for the past few days, indicating that the bears maintain their pressure.
The first support on the downside is $560. If the price rebounds off this level, it will signal that the BNB/USDT pair may remain between $560 and $635 for a while. A break above $635 will suggest that the bulls are back in the game.
On the contrary, if the price breaks below $560, the correction may deepen, and the pair could plunge to $536 and eventually to $495. The bulls are expected to fiercely defend this level.
Solana (SOL) Price Analysis
In the past two days, the bears have thwarted the bulls’ efforts to push Solana back inside the descending channel pattern.
This suggests that the bears have flipped the support line into resistance. A break below $128 could sink the SOL/USDT pair to the solid support at $116. Buyers are expected to defend this level with vigor.
The first sign of strength will be a break and close above the 20-day EMA ($148). The bulls will have to push the price above the resistance line to open the doors for a rally to $176 and then $188.
XRP Price Analysis
XRP has been trading between the 50-day SMA ($0.51) and the vital support at $0.46 for several days.
A minor positive in favor of the bulls is that they are trying to push the price above the 20-day EMA ($0.50). If they manage to do that, the possibility of a break above the 50-day SMA increases. The XRP/USDT pair could then rally to $0.57.
The critical level to watch on the downside is $0.46. If this level gives way, the pair may tumble to the pivotal level of $0.41. The bulls are expected to buy in the zone between $0.46 and $0.41.
Dogecoin (DOGE) Price Analysis
The Bulls have held Dogecoin above the crucial support of $0.12 for the past three days, but they have failed to start a strong rebound.
The downsloping 20-day EMA ($0.14) and the RSI near the oversold zone suggest that the bears are in command. If the $0.12 support breaks down, the DOGE/USDT pair could start declining to $0.08.
This negative view will be invalidated in the near term if the price turns up from the current level and breaks above the 20-day EMA. That will suggest the consolidation to continue for a few more days.
Toncoin (TON) Price Analysis
Toncoin is attempting a rebound off the 50-day SMA ($6.76), signaling that the bulls are aggressively defending the level.
If buyers shove the price above the 20-day EMA ($7.23), it will suggest the start of a relief rally to $7.67. This level may again attract selling by the bears, but if the bulls overcome this resistance, the TON/USDT pair may rise to $8.29.
The critical level to watch on the downside is the 50-day SMA. A break and close below this support will suggest the start of a deeper correction. The pair may slump to $6, and after that, to $5.50.
Cardano (ADA) Price Analysis
For the past few days, Cardano has been trading in a tight range near the breakdown level of $0.40.
If the price breaks above $0.40, it is again likely to face selling at the moving averages. However, if the bulls prevail, it will suggest the start of a robust recovery. The ADA/USDT pair could rise to $0.50, where the bears may pose a strong challenge.
Contrary to this assumption, if the price turns down from $0.40 or the moving averages and breaks below $0.35, it will indicate that the bears hold the edge. The pair may then plunge to $0.28.
Shiba Inu (SHIB) Price Analysis
The bulls are protecting the $0.000017 level in Shiba Inu but have failed to start a strong rebound. This suggests a lack of aggressive buying at current levels.
The downsloping 20-day EMA ($0.000021) and the RSI in the oversold zone suggest that the path of least resistance is to the downside. If the $0.000017 level cracks, the SHIB/USDT pair may plummet to $0.000014.
If bulls want to prevent the downside, they will have to swiftly drive the price above the 20-day EMA. If they do that, it will suggest that the markets have rejected the breakdown. The up move may pick up pace above the 50-day SMA ($0.000023).
Avalanche (AVAX) Price Analysis
The bulls are attempting a recovery in Avalanche, which is facing selling at the breakdown level of $29.
If the price turns down from $29, it will signal that the bears have flipped the level into resistance. That will increase the possibility of a drop below $25. If that happens, the AVAX/USDT pair could slide to $20.
Buyers will have to push the price above the 20-day EMA ($30.95) to weaken the selling pressure. The pair may then climb to the 50-day SMA ($34.39), suggesting that the breakdown below $29 could have been a bear trap.
