Bitcoin (BTC) saw a 3% decline this week as sellers continued to put pressure on the market. Although the price fell below the short-term holder realized price (STH-RP) of $64,230, the bears were unable to deepen the correction. This indicates that the bulls are working to defend the STH-RP, which is the aggregate cost basis of Bitcoin holders who have had the cryptocurrency for 155 days or less.
Data from Farside Investors shows that Bitcoin’s weakness has led to sustained outflows from spot Bitcoin exchange-traded funds since June 13, suggesting that investors are nervous about the near-term prospects.
Independent analyst Willy Woo mentioned that Bitcoin’s recovery could start after “weak miners die” and the hashrate recovers. He noted that miner capitulation is taking more time post-halving this year, possibly due to “ordinal inscriptions boosting profits.”
If Bitcoin starts trading above $64,602, it is expected to attract buying in select altcoins. Here are the top 5 cryptocurrencies showing strength on the charts.
Bitcoin Price Analysis
Bitcoin broke below the $64,602 support on June 21, but the bears failed to capitalize on this, indicating a drying up of selling at lower levels.
The bulls need to push the price above the moving averages to trap the aggressive bears. If they succeed, the BTC/USDT pair is likely to gain momentum and rally to $70,000 and then to $72,000. However, a strong defense is expected from the bears in the $72,000 to $73,777 zone.
On the 4-hour chart, the bulls are attempting a recovery, facing selling at the 20-EMA. If the price continues lower, the bears may attempt to push the pair below $63,379 and resume the downtrend. However, positive divergence on the relative strength index (RSI) suggests that selling pressure may decrease. A break and close above the 50-simple moving average could lead to a rise to $67,000 and then to $70,000.
Toncoin Price Analysis
Toncoin (TON) did not drop below the 50-day SMA ($6.83), showing strong buying at lower levels. The bulls are trying to push the price above the overhead resistance of $7.67, with a potential rally to $8.29. However, a downward move below $6.60 could indicate a head-and-shoulders pattern, leading to a fall to $4.91.
The bulls are attempting to purchase aggressively at lower levels, with the $7.67 to $8.29 zone likely to see strong selling. The first support to watch on the downside is the 20-EMA. A break and close below $6.77 could give the bears the upper hand.
Pepe Price Analysis
Pepe (PEPE) has been correcting for the past few days, but the bounce off $0.000010 suggests a potential rebound. Buyers will need to push the price above the downtrend line and the moving averages to signal a sustained recovery. If they succeed, the PEPE/USDT pair could rise to $0.000014 and then to $0.000016.
On the 4-hour chart, the RSI suggests a balance between supply and demand, with a potential rally to $0.000014. However, a break below $0.000010 could lead to a fall to $0.000008.
Kaspa Price Analysis
Kaspa (KAS) bounced off the 50-day SMA ($0.14) on June 18, indicating buying at lower levels. If buyers maintain momentum and drive the price above the downtrend line, the KAS/USDT pair could rally to $0.19. The critical support on the downside is the 50-day SMA, with a potential fall to $0.10 if broken.
JasmyCoin Price Analysis
JasmyCoin (JASMY) rebounded off the 50-day SMA ($0.03) on June 21, indicating buyer interest at lower levels. If buyers overcome the resistance at the 20-day EMA, the JASMY/USDT pair could rally to $0.04. However, a break below the 50-day SMA could signal a deeper fall toward $0.02.
This article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.