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Bitcoin bulls have held the $65,000 level, but BTC and altcoin charts show it’s too early for traders to expect a short-term trend reversal.
Price Analysis
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Bitcoin (BTC) faced strong rejection near $70,000 on July 29, indicating that the bears are fiercely defending the upper boundaries of the $55,724 to $73,777 range. Several analysts are closely watching the $69,000 level as they believe it is crucial for the bulls to flip this level into support before Bitcoin takes out $72,000 and challenges the all-time high near $74,000.
Bitcoin will need a strong trigger to shake it out from its five-month-long trading range. Once it does, analysts are confident that Bitcoin will cross the $100,000 mark. However, some analysts believe that six figures may hit only in 2025.
Analysts believe the $35 trillion national debt of the United States will bolster Bitcoin adoption. Turbofish CEO Matt Bell told Cointelegraph that the ballooning US debt will boost the importance of Bitcoin as “‘hard money’ — a decentralized and deflationary asset that offers a hedge against currency devaluation.”
Could Bitcoin rise from the current level and challenge the $70,000 resistance, or will bears pull the price lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin turned down from $70,080 on July 29 and reached the 20-day exponential moving average ($65,390) on July 30.
Buyers will have to start a strong rebound off the 20-day EMA to maintain a positive sentiment. If they do that, the likelihood of a break above $70,000 increases. The BTC/USDT pair may ascend to $72,000, which is again likely to behave as a significant barrier.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will indicate that the bulls are booking profits. The pair may slide to the 50-day simple moving average ($63,294).
Ether price analysis
Ether (ETH) turned down from the 50-day SMA ($3,348) on July 29, but the buyers did not cede much ground to the sellers.
The bulls are again trying to push the price above the 50-day SMA. If they manage to do that, the ETH/USDT pair could rise to $3,563.The bears are expected to fiercely defend the zone between $3,563 and the downtrend line. If the price turns down from this zone, it will signal that the pair may remain inside the triangle for a few more days.
The next trending move is likely to begin on a break above the downtrend line or below the support at $2,850.
BNB price analysis
BNB (BNB) turned up from the moving averages on July 30, indicating a positive sentiment where the bulls are buying the dips.
There is a minor resistance at $606, but if this level is crossed, the BNB/USDT pair could reach $635. This level is expected to attract strong selling by the bears. If the price turns down from $635 but rebounds off the 20-day EMA, it will improve the prospects of a breakout. The pair may then reach $722.
This positive view will be invalidated in the near term if the price turns down and dives below $553. That could keep the pair range-bound between $495 and $635 for a while longer.
Solana price analysis
Solana (SOL) turned up from $175 on July 30, indicating that the sentiment is positive and traders are buying on dips.
The bulls will make another attempt to propel the price above the $194 resistance. If they can pull it off, the SOL/USDT pair will attempt a rally to $210, which is expected to act as a solid resistance.
If the price turns down sharply from the overhead resistance and breaks below the 20-day EMA, it will signal that the pair may remain stuck inside the $116 to $210 range for some more time.
XRP price analysis
XRP (XRP) turned up sharply on July 30, and the bulls extended the up move on July 31 by pushing the price above the $0.64 resistance.
If the price maintains above $0.64, the XRP/USDT pair is likely to start its northward journey toward $0.74. This level has acted as a strong barrier on three previous occasions hence the bears are expected to defend it with vigor.
The critical support to watch on the downside is the 20-day EMA ($0.58). Sellers will have to tug the price below the 20-day EMA to suggest that the up move may be over. The pair may then tumble to the 50-day SMA ($0.51).
Dogecoin price analysis
Dogecoin (DOGE) has been gradually slipping toward the solid support at $0.12, where the buyers are likely to step in.
The flattish 20-day EMA ($0.12) and the RSI near the midpoint suggest a balance between supply and demand. If the price rebounds off $0.12, the DOGE/USDT pair may rise to the overhead resistance at $0.14. If buyers clear this hurdle, the pair is likely to start a rally toward $0.18.
Alternatively, if the price continues lower and breaks below $0.12, it will signal advantage to the bears. The pair may then sink to $0.10.
Toncoin price analysis
The bulls are trying to maintain Toncoin (TON) above the breakdown level of $6.77, signaling a lack of sellers at lower levels.
The bears will try to prevent the recovery at the 20-day EMA ($6.94), but if the bulls prevail, the next stop is likely to be the 50-day SMA ($7.30). That will indicate the price is stuck inside the large range between $6.36 and $8.29.
This optimistic view will be negated in the near term if the price turns down from the current level or the 20-day EMA and breaks below the $6.36 support. The TON/USDT pair could then slump to $6 and later to $5.50.
Related: Why is XRP price up today?
Cardano price analysis
The bulls have been trying to push Cardano (ADA) above the 20-day EMA ($0.41) for the past few days, but the bears have held their ground.
A minor advantage in favor of the bulls is that they have not allowed the price to slip below the 50-day SMA ($0.40). Buyers will again try to achieve a close above the 20-day EMA. If they succeed, the ADA/USDT pair could jump to $0.46.
Instead, if the price closes below the 50-day SMA, it will suggest that the bulls are losing their grip. There is minor support at $0.38, but if this level breaks down, the pair may decline to the solid support at $0.35.
Avalanche price analysis
Avalanche (AVAX) has been trading below the $29 level for the past few days, suggesting that the bears are maintaining the pressure.
The AVAX/USDT pair could drop to the strong support at $24, where the buyers are expected to defend the level aggressively. A bounce off $24 could push the pair to $29 and keep the pair stuck between these two levels for a few days.
The next trending move could begin on a break above $29 or below $24. If the $29 level is taken out, the pair may rally to $33 and then to $37. On the downside, a break below $24 could sink the pair to $21.80.
Shiba Inu price analysis
Shiba Inu (SHIB) turned down from the 20-day EMA ($0.000017) on July 29, indicating that the bears are selling on minor rallies.
Sellers will try to strengthen their position further by pulling the price below the $0.000015 support. If they do that, the selling could intensify, and the SHIB/USDT pair could plummet to $0.000013.
If bulls want to prevent the downside, they will have to quickly push the price above the moving averages. If they do that, it will signal demand at lower levels. The pair may climb to $0.000018 and later to $0.000020.
This article first appeared at Cointelegraph.com News
