Bitcoin (BTC) has seen a resurgence after failing to drop below the $56,552 to $73,777 support range for bears, suggesting a potential recovery. Typically, in such ranges, prices oscillate between support and resistance levels, with interim movements being erratic and volatile.
A modest positive for bulls is their attempt to establish a higher low at $58,402 on June 24. Historical patterns indicate that Bitcoin’s recovery might gain momentum in July following negative monthly closes in June, as shown by CoinGlass data.
Daily cryptocurrency market performance. Source: Coin360
However, analysts caution that the rally could encounter obstacles. Beginning in early July, the Mt. Gox repayments pose an upside risk. Creditor expectations to capitalize on significant Bitcoin gains since the hacking incident may lead to selling pressure, potentially driving Bitcoin’s price down.
The question remains: Will Bitcoin’s potential July rally lift altcoins, or will Mt. Gox repayments drag down the broader market? Let’s delve into the charts for insights.
S&P 500 Index Price Analysis
The S&P 500 Index (SPX) reached a new all-time high on June 28, but the bulls struggled to sustain these levels, suggesting profit-taking by short-term traders.
SPX daily chart. Source: TradingView
Initial support to monitor on the downside is the 20-day exponential moving average (5,418). A bounce from this level would signal that traders view dips as buying opportunities, bolstering the likelihood of a bullish continuation towards 5,600 and potentially 6,000.
Conversely, a downturn from current levels breaking below the 20-day EMA may signal bearish sentiment, potentially pulling the index towards the 50-day simple moving average (5,279).
U.S. Dollar Index Price Analysis
The U.S. Dollar Index (DXY) breached the 105.74 resistance on June 26, but retreated below this breakout level by July 1.
DXY daily chart. Source: TradingView
A strong bounce from the 20-day EMA (105.43) indicates ongoing positive sentiment, with bulls seizing dips. There’s a minor hurdle at 106.13; surpassing this level could propel the index towards 106.50.
To halt upside momentum, bears must swiftly drive the price below the channel’s support line, potentially pushing it towards 104, where buying interest is anticipated.
Bitcoin Price Analysis
Bitcoin broke above $62,500 on June 30, signaling an upward resolution from its narrow range trading. Bulls are striving to consolidate above the $64,602 resistance.
BTC/USDT daily chart. Source: TradingView
A successful breach could propel the BTC/USDT pair towards the 50-day SMA ($66,476) and subsequently aim for $72,000. Bears are likely to defend the $72,000 to $73,777 range staunchly.
However, a sharp reversal from $64,602 may indicate bearish attempts to establish resistance, potentially pushing the pair towards $60,000 and then $56,552. A strong rebound at these levels might extend range-bound trading for several days.
Ether Price Analysis
Ether (ETH) bulls are attempting a relief rally, potentially encountering resistance at moving averages.
ETH/USDT daily chart. Source: TradingView
A rejection from the 50-day SMA ($3,538) could lead bears to test lower support levels at $3,200 and psychological support at $3,000.
Conversely, breaching the 50-day SMA suggests an end to correctionary pressures, with Ether possibly targeting $3,730, a formidable resistance. Overcoming this could pave the way for a move towards $4,094.
BNB Price Analysis
The failure of bearish attempts to breach BNB’s ($BNB) $560 support suggests diminished selling pressure at lower levels.
BNB/USDT daily chart. Source: TradingView
Bulls may aim to push above moving averages, setting the stage for a potential rally towards the $635 resistance. Breaking above would indicate bullish control.
However, a retreat from overhead resistance could result in range-bound trading between $635 and $560. Bears gaining momentum below $560 might drive the pair towards $536 and subsequently $495.
Solana Price Analysis
Solana (SOL) briefly dipped below the 20-day EMA ($143) on June 28, but rebounded swiftly.
SOL/USDT daily chart. Source: TradingView
Bulls bought the dip and are aiming to breach the resistance line. Overcoming this would suggest an end to the correction, potentially pushing SOL/USDT towards $175 and later $188.
A sharp downturn from resistance levels would indicate continued bearish sentiment, potentially pulling the pair towards strong support at $116.
XRP Price Analysis
XRP has traded below the 20-day EMA ($0.48) but has held above $0.46 support.