Bitcoin’s failure to fall below the $56,552 to $73,777 support range has led to a recovery. Typically, in a range, the price fluctuates between support and resistance, while the middle price action is unpredictable and volatile.
A small positive for the bulls is their attempt to establish a higher low at $58,402 on June 24. If history repeats itself, Bitcoin’s recovery could gain momentum in July. CoinGlass data reveals that after a negative monthly close in June, there has been a sharp rebound every July.
However, some analysts warn that the rally could encounter obstacles. The risk of Mt. Gox repayments starting in early July could pose an upside threat. It is anticipated that creditors may rush to cash in on the substantial gains in Bitcoin since the hack, creating selling pressure that could push Bitcoin lower.
Will Bitcoin rally in July, lifting altcoins, or will Mt. Gox repayments drag the markets down? Let’s examine the charts to find out.
S&P 500 Index Price Analysis
The S&P 500 Index (SPX) reached a new all-time high on June 28, but the bulls were unable to sustain these levels, indicating profit booking by short-term traders.
The first support to monitor on the downside is the 20-day exponential moving average (5,418). A rebound from this level would signal that traders view the dips as buying opportunities, increasing the likelihood of an uptrend resumption. The index may climb to 5,600 and then towards 6,000. Conversely, a downturn from the current level and a break below the 20-day EMA would indicate an exit rush by the bulls, potentially pulling the price down to the 50-day simple moving average (5,279).
U.S. Dollar Index Price Analysis
The bulls pushed the U.S. Dollar Index (DXY) above the 105.74 resistance on June 26, but the bears pulled the price below the breakout level on July 1. A robust bounce off the 20-day EMA (105.43) suggests that sentiment remains positive, with bulls buying the dips.
Minor resistance is anticipated at 106.13, but a move above this level may see the index rise to 106.50. Bears seeking to prevent an upside move will need to quickly push the price below the channel’s support line, potentially leading to a drop to 104, where buyers are expected to intervene.
Bitcoin Price Analysis
Bitcoin’s range trading broke to the upside with a move above $62,500 on June 30. Bulls are attempting to strengthen their position further by pushing the price above the $64,602 resistance. If successful, the BTC/USDT pair could reach the 50-day SMA ($66,476) and later aim for $72,000, which the bears are expected to fiercely defend.
If the price sharply turns down from $64,602, indicating bears trying to flip it into resistance, the pair may descend to $60,000 and then to $56,552. A strong rebound from this zone would suggest a prolonged stay inside the range.
Ether Price Analysis
Bulls are trying to initiate a relief rally in Ether (ETH), likely to face strong resistance at the moving averages. If the price turns down from the 50-day SMA ($3,538), bears may attempt to push the ETH/USDT pair to $3,200 and later to the psychological support at $3,000.
Conversely, a move above the 50-day SMA would signal the correction may be over. The pair could then climb to $3,730, with potential resistance, and if bulls prevail, a move toward the overhead resistance of $4,094.
BNB Price Analysis
The failure to pull BNB (BNB) below the $560 support indicates waning selling pressure at lower levels. Bulls will aim to push the price above the moving averages, potentially leading to a rally to the overhead resistance of $635. If surpassed, it would suggest the bulls are back in control.
Alternatively, a downturn from the overhead resistance could see the pair swing between $635 and $560 for a while. A move below $560 would favor the bears, possibly leading to a slide to $536 and eventually to $495.
Solana Price Analysis
Bears pulled Solana (SOL) below the 20-day EMA ($143) on June 28 but failed to sustain the lower levels. Bulls bought the dip and are again attempting to push the price above the resistance line. A successful move would signal the correction may be over, with the SOL/USDT pair potentially rising to $175 and later to $188.
Conversely, a sharp downturn from the resistance line would indicate bearish activity, with sellers potentially aiming to sink the pair to the strong support at $116.
XRP Price Analysis
XRP (XRP) has been trading below the 20-day EMA ($0.48), with bears failing to push the price below the $0.46 support. Bulls will seek to push the price to the 50-day SMA ($0.50). A move above this level could take the XRP/USDT pair to $0.53 and thereafter to $0.57. On the downside, $0.46 remains a critical support level.
TONcoin Price Analysis
TONcoin (TON) bounced off the 20-day EMA ($7.45) on June 29, indicating that bulls are buying on minor dips. The gradually upsloping 20-day EMA and the RSI in positive territory suggest a slight edge for the bulls. A minor resistance at $7.87 could see the TON/USDT pair jump to $8.29 if breached. A downturn from the 20-day EMA could lead to a fall to the 50-day SMA ($7.04) and later to $6.60.
Dogecoin Price Analysis
The failure to push Dogecoin (DOGE) below the $0.12 support indicates firm defense by the bulls. Buyers will aim to drive the price above the 20-day EMA ($0.13) and strengthen their position. Success could see the DOGE/USDT pair climb to the 50-day SMA ($0.14), potentially leading to a range-bound movement between $0.12 and $0.18. A move lower from the current level and a break below $0.12 could see the pair decline to the psychological support at $0.10.
Cardano Price Analysis
Cardano (ADA) has been trading near the $0.40 resistance, suggesting sustained buying pressure by the bulls. A flattening 20-day EMA ($0.40) and RSI near the midpoint indicate the potential weakening of bearish influence. If sustained above $0.40, the ADA/USDT pair could rally to the 50-day SMA ($0.43) and subsequently to $0.51. On the downside, turning down sharply from the current level could result in a drop to the critical support at $0.35.
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.