During the past week, Bitcoin (BTC) saw a drop below $60,000, but this attracted buyers who are now trying to initiate a recovery. Bitcoin remains in a tight range between $56,552 and $73,777, indicating a struggle between the bulls and the bears. Predicting the breakout direction is challenging, so traders have the option to either trade within the range or wait for a breakout before making significant bets.
There are conflicting opinions among investors regarding Bitcoin’s future price action. Former PayPal CEO Peter Thiel expressed his belief that Bitcoin has limited upward potential. Thiel stated in an interview with CNBC that Bitcoin’s price might increase slightly, but it will be a volatile journey.
On the other hand, popular trader BitQuant expressed optimism about Bitcoin, indicating that his Bitcoin model consistently points to a target objective of $95,000.
Despite Bitcoin’s drop to below $60,000, some altcoins have resisted selling pressure. Let’s take a look at the top 5 cryptocurrencies showing strength on the charts.
Bitcoin Price Analysis
Bitcoin bulls have successfully defended the $60,000 level in recent days, but they are struggling to push the price beyond $62,500. The downsloping 20-day exponential moving average ($63,651) and the relative strength index (RSI) in negative territory indicate that the bears have the upper hand. If the support at $60,000 is breached, the BTC/USDT pair could plummet to $56,552. Conversely, if the price turns upwards and breaks $62,500, it could suggest a potential rally to $64,602 and then to $70,000.
Toncoin Price Analysis
Toncoin (TON) is facing challenges in maintaining a price above $7.67, but the bulls have prevented a decline below the 20-day EMA ($7.43). The upward sloping moving averages and the RSI in positive territory indicate that the path of least resistance is upwards. A break above $7.67 could result in a rally to $8.29 and possibly to $10. However, a sharp downturn and a break below $6.60 could invalidate this positive view.
Avalanche Price Analysis
Buyers are attempting to push Avalanche (AVAX) above the $29 overhead resistance to initiate a strong recovery. The current resistance at $29 may lead to a retest of the June 24 intraday low of $23.51 if the price sharply turns downwards. On the 4-hour chart, the formation of an inverse head and shoulders pattern could lead to a rally to the pattern target of $34.50.
Kaspa Price Analysis
Kaspa (KAS) surged and closed above the overhead resistance of $0.19 on June 29, indicating a bullish trend. If buyers can maintain the price above $0.19, the KAS/USDT pair could continue to rally to $0.24 and then to $0.28. However, a sharp turn down from the current level and a break below $0.19 could suggest a bearish trend.
Monero Price Analysis
Monero (XMR) is trying to bounce off the 20-day EMA ($165), indicating a bullish sentiment. If the price rises above $172, the XMR/USDT pair could rally to the resistance levels at $180 and $190. On the 4-hour chart, the moving averages and RSI indicate bullish momentum, with the pair likely to move higher toward $180.
It is important to note that this article does not offer investment advice or recommendations. Each investment and trading decision carries risk, and readers should conduct their own research before making any decisions.