Bitcoin (BTC) continues to trade within a wide range, but there are signs of bullish activity as buyers are maintaining the price above $60,000. This is a positive indication as it shows that buyers are not waiting for the price to drop to $56,552 before entering the market. According to data from Farside Investors, spot Bitcoin exchange-traded funds (ETFs) have seen net inflows over the past three days, suggesting a turnaround in investor sentiment.
Despite this, the lack of a breakout to a new high above $73,777 and the range-bound action in recent months has resulted in a decline in bullish sentiment on major social media platforms, according to data from Santiment. The drop in trader euphoria could be a signal of a market bottom, according to the crypto analytics firm.
Alongside Bitcoin, some analysts are also becoming more positive on Ether. Bitwise chief investment officer Matt Hougan believes that spot Ether ETFs could attract $15 billion in net inflows within 18 months of their launch.
The question now is whether Bitcoin will begin a recovery to $64,602 or if bears will push the price down to $56,552. Additionally, how will altcoins behave? Let’s examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Buyers are facing difficulty in pushing Bitcoin above $62,500 in the short term, but the positive sign is that they have not allowed the price to dip below $60,000 and sustain it.
If buyers manage to push the price above $62,500, the BTC/USDT pair will attempt a rally to $64,602. This level is crucial as it serves as resistance for the bears. A break above it would pave the way for a rise to $70,000.
On the downside, a break and close below $60,000 would indicate that the bears are in control. The pair could then drop to the key support level at $56,552, where buyers are expected to step in. However, a break below this level could result in a further decline to $50,000.
Ether Price Analysis
Ether’s relief rally is facing selling pressure at the moving averages, indicating that bears are active at higher levels.
If the price continues to decline from the current level, it suggests that sentiment remains negative and traders are selling during relief rallies. The bears will attempt to push the price below $3,200 and challenge the critical support at $3,000.
However, if the price rises above the moving averages, it would indicate the start of a rally towards $3,730. If the ETH/USDT pair turns down from $3,730 but finds support at the 20-day EMA, it would improve the chances of a breakout above the resistance level.
BNB Price Analysis
Buyers are trying to defend the $560 support, but BNB’s recovery is facing resistance at the 20-day EMA.
If the price turns down and breaks below $560, it would signal the beginning of the next leg of the downtrend towards $536. The bulls will attempt to halt the decline at this level, but if the bears prevail, the BNB/USDT pair could plummet to $495.
To prevent further decline, the bulls will need to push the price above the moving averages. This would clear the path for a potential move towards $635. A break and close above this level would give the bulls an advantage.
Solana Price Analysis
Solana turned sharply higher above the 20-day EMA on June 27 but is currently facing selling pressure at higher levels.
The flattening 20-day EMA and the RSI just below the midpoint suggest a balance between buyers and sellers. If the bulls can sustain the price above the 50-day SMA, it could open the doors for a possible rally towards $175 and later to $189.
On the other hand, if the bears sink and maintain the price below the 20-day EMA, the SOL/USDT pair may decline to the solid support at $116, where buyers are expected to step in.
XRP Price Analysis
The bears have been attempting to push XRP below the $0.46 support, but the bulls have been able to hold their ground.
However, the failure to push the price above the moving averages increases the risk of a breakdown. If the $0.46 support level is breached, the XRP/USDT pair is likely to slide down to the critical support at $0.41.
Alternatively, if the price turns up from the current level and breaks above the moving averages, it would suggest that the pair is attempting a rally towards the overhead resistance of $0.57.
Dogecoin Price Analysis
Dogecoin has been stuck between $0.12 and $0.13, indicating that the bulls have successfully defended the support but have failed to initiate a rebound.
The downsloping 20-day EMA and the negative RSI indicate that the bears have the upper hand. Sellers will attempt to push and sustain the price below $0.12. If they succeed, the DOGE/USDT pair may drop to $0.10.
This negative view would be invalidated if the price turns up from the current level and rises above the 20-day EMA. This would signal the beginning of a possible recovery towards the 50-day SMA. The pair could then remain within the large range between $0.12 and $0.18 for a few more days.
Toncoin Price Analysis
Toncoin broke above the $7.67 resistance on June 27 but is struggling to maintain the breakout.
If the price turns lower and breaks below the 20-day EMA, it would suggest that bears are selling during rallies. The TON/USDT pair may then drop to the 50-day SMA. A break below $6.60 would complete a bearish head-and-shoulders pattern, potentially leading to a decline to $6 and later to $5.50.
On the contrary, if the price turns up from the 20-day EMA and rises above $7.87, it would suggest that the bulls are still in control. The pair could then climb to $8.29. A break above this level could lead to a rally towards $10.
Cardano Price Analysis
Cardano has been trading within a range between $0.40 and $0.35, indicating a balance between supply and demand.
If the price turns down from the current level, it suggests that the ADA/USDT pair may remain within the range for a while longer. The first sign of strength would be a breakout above $0.40. The pair could then move up to the 50-day SMA, where the bears are expected to defend strongly.
On the downside, a break below $0.35 would favor the bears. The pair could then decline to $0.28.
Avalanche Price Analysis
Avalanche turned up from $23.51 on June 24 and reached the breakdown level of $29 on June 28.
The flattening 20-day EMA and the rising RSI suggest a reduction in selling pressure. If buyers can maintain the price above $29, it would signal a rejection of the breakdown and the AVAX/USDT pair may rally towards the 50-day SMA.
Conversely, if the price turns down sharply from $29, it would suggest that the bears are attempting to turn the level into resistance. The pair may then retest the solid support at $23.51.
Shiba Inu Price Analysis
Shiba Inu has been trading in a tight range between $0.000016 and $0.000018, indicating a balance between buyers and sellers.
The downsloping 20-day EMA and the RSI near oversold territory suggest that the path of least resistance is to the downside. If the $0.000016 level is breached, the SHIB/USDT pair may decline to $0.000014 and subsequently to $0.000010.
Conversely, if the range resolves to the upside, the pair may reach the breakdown level of $0.000020. A break above this resistance would indicate the start of a recovery towards the 50-day SMA.
Please note that this article does not provide investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.