Bitcoin (BTC) once again tested the $60,000 support on July 3, suggesting that the bears are still exerting selling pressure. Breaking through the $60,000 to $56,552 support zone might prove challenging as the bulls are expected to defend it, thus keeping Bitcoin within a large range for the foreseeable future.
However, the threat to Bitcoin’s sideways movement could arise from the selling pressure triggered by Mt. Gox creditors, as they may rush to take profits upon receiving their repayments in early July.
In contrast, lower levels are likely to attract buying interest from United States-based spot Bitcoin exchange-traded funds, which have garnered $14.8 billion in net inflows since their launch in January.
The quantity of Bitcoin that Mt. Gox creditors could offload in the open market is uncertain, as some of it might pass through over-the-counter trading desks. This ambiguity could lead to volatility in the coming days. What are the crucial support and resistance levels to keep an eye on for Bitcoin and altcoins? Let’s delve into a detailed analysis of the charts for the top 10 cryptocurrencies to uncover this information.
**Bitcoin Price Analysis**
Bitcoin faced rejection from the 20-day exponential moving average ($63,212) on July 1, indicating prevailing negative sentiment as traders sell near overhead resistance levels. The bears will aim to further solidify their position by pulling the price below the immediate support at $60,000. A successful breach could potentially drive the BTC/USDT pair towards the pivotal support level at $56,552. Buyers are likely to fiercely defend this level, as a failure to do so might initiate a downtrend, with the next support at $50,000.
Should the price rebound from $56,552, the bulls may attempt to propel the pair towards the 20-day EMA. Overcoming this obstacle would signal the pair’s continued confinement within the $56,552 to $73,777 range for a few more days.
**Ether Price Analysis**
Despite initial efforts, bulls failed to sustain Ether (ETH) above the 20-day EMA ($3,451) on July 1, signaling bearish activity at higher levels. The downsloping 20-day EMA and the negative RSI imply bearish dominance. Sellers will likely aim to push the price down to $3,240, a strong support level. If breached, the next target could be $3,000.
On the upside, a breakthrough and close above the 50-day SMA could signal the end of the short-term correction. This could pave the way for a rally towards $3,730 and subsequently $3,887 for the ETH/USDT pair.
**BNB Price Analysis**
Following a decline from the 20-day EMA ($585) on July 1, BNB (BNB) highlighted the bear’s defense at this level. The bears will attempt to drive and maintain the price below the immediate support at $551 in order to accelerate selling pressure. In such a scenario, the BNB/USDT pair could descend to $536 and eventually to the robust support level at $495.
Conversely, if the price rebounds from $551, it would indicate strong demand at lower levels. To signal the end of the correction, bulls must push the price above the 50-day SMA ($604), potentially leading the pair to $635.
**Solana Price Analysis**
Solana (SOL) witnessed a surge above the resistance line on July 2, only to face a sharp downturn from the 50-day SMA ($156) on July 3. The 20-day EMA ($145) has stabilized, while the RSI hovers below the midpoint, reflecting a balance between supply and demand. Sustained pricing below the 20-day EMA may hint at the SOL/USDT pair oscillating between $116 and the 50-day SMA for a period.
A reversal in pricing and breach above the 50-day SMA could imply bullish control, setting the stage for a rally towards $175 and eventually $189. However, the price zone between $189 and $205 is anticipated to witness strong selling pressure.
**XRP Price Analysis**
XRP (XRP) bulls are striving to surpass the 20-day EMA ($0.48), but face resistance from the bears. If the price dips further, bears may attempt to push the XRP/USDT pair below