Bitcoin (BTC) is slowly approaching the support range of $56,552 to $73,777 that it has been stuck in for the past few months. Glassnode lead analyst James Check warned traders not to get shaken out of their positions due to boredom and small price fluctuations.
While the short-term price action of Bitcoin remains uncertain, analysts are optimistic about its long-term prospects. Research and brokerage firm Bernstein expects strong flows into US Bitcoin exchange-traded funds to push the price of Bitcoin to $200,000 by the end of next year, an increase from their previous target of $150,000.
Despite expectations of a correction in the near term, MicroStrategy has continued to add more Bitcoin to its stockpile. The company recently announced the purchase of 11,931 Bitcoin at an average price of $65,883 per Bitcoin, bringing their total holdings to 226,331 Bitcoin.
Now, let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin can stage a strong recovery in the coming days and lift the overall cryptocurrency markets.
Bitcoin Price Analysis:
On June 20, Bitcoin attempted a recovery but faced strong selling pressure near the moving averages. The bears pulled the price below the solid support at $64,602 on June 21, signaling a deeper pullback. If the price remains below $64,602, selling could intensify, and the BTC/USDT pair may drop to the next significant support at $60,000. However, if the price manages to close above $64,602, it will indicate aggressive buying at lower levels. In that case, the pair could climb to the 20-day exponential moving average ($66,736), which is a strong resistance. Buyers will need to overcome this barrier to clear the path for a rally to $70,000 and eventually $72,000.
Ether Price Analysis:
On June 20, buyers tried to push Ether (ETH) above the 20-day EMA ($3,575) but were unsuccessful. This suggests that bears remain sellers on relief rallies. The bears will try to strengthen their position further by keeping the price below the 50-day simple moving average ($3,458). If they succeed, selling could accelerate, and the pair may drop to $3,000. However, if bulls can push and sustain the price above the 20-day EMA, the ETH/USDT pair could attempt a rally to $3,730 and later $3,977.
BNB Price Analysis:
BNB has been trading below the moving averages, indicating bearish pressure. The first support on the downside is $560, and if the price bounces off this level, it may remain range-bound between $560 and $635. A break above $635 would indicate the return of bulls. On the other hand, if the price breaks below $560, the correction may deepen, and the pair could drop to $536 and eventually $495. Bulls are expected to defend this level aggressively.
Solana Price Analysis:
The bears have prevented Solana (SOL) from breaking back into the descending channel pattern. This suggests that bears have turned the support line into resistance. A break below $128 could push the SOL/USDT pair to the solid support at $116, which is expected to be defended by buyers. To show strength, the bulls need to break and close above the 20-day EMA ($148). They will also need to push the price above the resistance line to open the doors for a rally to $176 and then $188.
XRP Price Analysis:
XRP has been trading between the 50-day SMA ($0.51) and the crucial support at $0.46 for several days. A minor positive sign for the bulls is their attempt to push the price above the 20-day EMA ($0.50). If they succeed, a break above the 50-day SMA becomes more likely, and the XRP/USDT pair could rally to $0.57. On the downside, the critical level to watch is $0.46. If this level is breached, the pair may drop to $0.41, where bulls are expected to provide support.
Dogecoin Price Analysis:
Dogecoin has held above the important support level of $0.12 for the past three days but has struggled to start a strong rebound. The downsloping 20-day EMA ($0.14) and the RSI near the oversold zone indicate that bears are in control. If the $0.12 support breaks, the DOGE/USDT pair could decline to $0.08. However, if the price turns up from the current level and breaks above the 20-day EMA, it would suggest continued consolidation for a few more days.
Toncoin Price Analysis:
Toncoin is attempting a rebound off the 50-day SMA ($6.76), indicating strong defense from the bulls. If buyers push the price above the 20-day EMA ($7.23), it would suggest the start of a relief rally to $7.67. This level may attract selling, but if the bulls overcome it, the TON/USDT pair could rise to $8.29. On the downside, the critical level to watch is the 50-day SMA. A break below this support could lead to a deeper correction, with the pair potentially dropping to $6 and then $5.50.
Cardano Price Analysis:
Cardano has been trading near the breakdown level of $0.40 for a few days. If the price breaks above $0.40, it is likely to face selling at the moving averages. However, if the bulls prevail, it would suggest the start of a strong recovery, with the ADA/USDT pair potentially rising to $0.50. On the other hand, if the price turns down from $0.40 or the moving averages and breaks below $0.35, it would indicate that bears are in control. The pair may then drop to $0.28.
Shiba Inu Price Analysis:
Shiba Inu is finding support at the $0.000017 level but has not seen a strong rebound. This suggests a lack of aggressive buying at current levels. The downsloping 20-day EMA ($0.000021) and the oversold RSI indicate that the path of least resistance is to the downside. If the $0.000017 level breaks, the SHIB/USDT pair could plummet to $0.000014. However, if bulls can quickly drive the price above the 20-day EMA, it would suggest a rejection of the breakdown, and the up move may accelerate above the 50-day SMA ($0.000023).
Avalanche Price Analysis:
Avalanche is experiencing a recovery attempt but is facing selling at the breakdown level of $29. If the price turns down from $29, it would indicate that bears have turned the level into resistance, increasing the chances of a drop below $25. In that case, the AVAX/USDT pair could slide to $20. To weaken the selling pressure, buyers will need to push the price above the 20-day EMA ($30.95). If they succeed, the pair may climb to the 50-day SMA ($34.39), suggesting that the previous breakdown below $29 could have been a bear trap.
Please note that 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 a decision.