Bitcoin price drops while TON PEPE KAS and JASMY gain traction among traders

Bitcoin (
BTC
) saw a decline of over 3% this week as the selling pressure from bears continued. Despite the price falling below the short-term holder realized price (STH-RP) of $64,230, the bears were unable to deepen the correction, indicating that the bulls are fighting to protect the STH-RP. This figure represents the aggregate cost basis of Bitcoin holders with wallets storing Bitcoin for 155 days or less.
According to data from Farside Investors, Bitcoin’s weakness has led to sustained outflows from spot Bitcoin exchange-traded funds since June 13, suggesting that investors are anxious about the near-term outlook.
Independent analyst Willy Woo stated in a post on X that Bitcoin’s recovery is likely to begin after the “weak miners die” and the hashrate recovers. He noted that in 2020, the hashrate recovered in 8 days, while in 2017, it took 24 days. Woo also mentioned that miner capitulation is taking longer 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. Let’s take a look at 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, suggesting that selling pressure diminishes at lower levels.
The bulls will need to push the price above the moving averages to trap aggressive bears. If successful, the BTC/USDT pair could gain momentum and rally to $70,000 and then to $72,000. However, the bears are likely to put up a strong defense in the $72,000 to $73,777 zone.
On the other hand, if the price turns down from the current level or the moving averages, it will indicate negative sentiment and a likelihood of a deeper correction to $60,000.
The 4-hour chart shows that the bulls are attempting a recovery, facing resistance at the 20-EMA. If the price continues to drop, the bears will once again attempt to push the pair below $63,379, potentially leading to a further decline to $60,000. However, the positive divergence on the relative strength index (RSI) suggests a reduction in selling pressure. A break and close above the 50-simple moving average could strengthen the bulls and push the pair to $67,000 and then to $70,000.
Toncoin price analysis
Toncoin (TON) remained above the 50-day SMA ($6.83), indicating strong buying at lower levels.
The bulls are aiming to push the price above the overhead resistance of $7.67, with a potential rally to $8.29. Conversely, a breakdown from the current level could complete a head-and-shoulders pattern, signaling a downward move towards the pattern target of $4.91.
The 4-hour chart shows that the bears repeatedly pulled the price below the uptrend line but failed to start a downward move, indicating strong buying at lower levels. The $7.67 to $8.29 zone is likely to face strong selling pressure, but a successful break could lead to a march towards $10. The first support to monitor on the downside is the 20-EMA, and a break below this level could signal a period of consolidation between $6.60 and $7.67. A close below $6.77 could give the bears an advantage.
Pepe price analysis
Pepe (
PEPE
) has been correcting lately but showed signs of a rebound after bouncing off $0.000010.
Buyers need to drive the price above the downtrend line and the moving averages to confirm a sustained recovery. The PEPE/USDT pair could rise to $0.000014 and then to $0.000016. On the other hand, a failure at the downtrend line or the moving averages could indicate continued selling by the bears. A break below $0.000010 could lead to a drop to $0.000008.
The 4-hour chart reveals a balanced situation between supply and demand, with the 20-EMA flattening out and the RSI near the midpoint. If buyers succeed in breaking the downtrend line, the pair could reach $0.000014 and possibly extend the relief rally to $0.000016. A break below the uptrend line would favor the bears and push the price towards the strong support zone between $0.000009 and $0.000010.
Kaspa price analysis
Kaspa (KAS) bounced off the 50-day SMA ($0.14), indicating buying interest at lower levels. The bulls managed to push the price above the 20-day EMA ($0.15).
If buyers maintain momentum and break above the downtrend line, it could signal the end of the correction, with a potential rally to the stiff resistance of $0.19. The 50-day SMA serves as critical support, and a close below this level may lead to a sharper correction to $0.10.
The 4-hour chart shows the moving averages on the verge of a crossover, and the RSI is in the positive territory, indicating a comeback attempt by the bulls. A break and close above $0.16 could pave the way for a rally to $0.18. Conversely, a drop below the moving averages could lead to a test of the $0.14 level and potential consolidation between $0.14 and $0.16. A break below $0.14 may result in a decline to $0.13.
JasmyCoin price analysis
JasmyCoin (JASMY) rebounded off the 50-day SMA ($0.03), suggesting buying interest at lower levels. The 20-day EMA ($0.03) is flattening out, and the RSI near the midpoint indicates reduced selling pressure.
If buyers overcome the resistance at the 20-day EMA, the JASMY/USDT pair could rally to $0.04. Conversely, a turn down from the 20-day EMA could lead to a period of oscillation between the moving averages, with a potential drop to $0.02 on a close below the 50-day SMA.
The 4-hour chart reveals an attempt by the bulls to start a relief rally, facing resistance between the 50-SMA and the downtrend line. The crucial support to watch is the 20-EMA, and a rebound off this level could improve the prospects of a break above the downtrend line. On the other hand, a drop below the 20-EMA could indicate continued bearish pressure, potentially leading to a plunge to $0.02.
This article does not provide investment advice or recommendations. Every investment and trading move carries risk, and readers should conduct their own research before making decisions.