Bitcoin has underperformed over the past seven days. Late last week, the coin hit a level ($54,056) it hadn’t seen in over four months thanks to selling pressure exerted by the German government as it continues to dump over 39,000 seized Bitcoin.
Btcoin’s price pullback saw numerous top altcoins bleed. However, investors viewed the dips as an opportunity to accumulate more tokens.
While Bitcoin and altcoins performed poorly last week, crypto investment products processed $441 million in inflows during that period, suggesting that investors remain bullish on digital assets.
Meanwhile, analysts from crypto exchange Bitfinex believe that a local bottom has been formed on Bitcoin’s price chart. They claim that BTC could start rallying in the next few weeks.
That said, it is time to look at the charts to find key areas to keep an eye on in the coming days.
Bitcoin Price Analysis
BTC had been trading below $56,587, a crucial support, until July 8th. The bears’ inability to sustain the coin at lower levels indicated that the bulls were purchasing the dip aggressively. As of this writing, Bitcoin is trading at $58,891, up 2.7% in the past 24 hours.
If the digital currency continues surging, then we should monitor the 20-day Exponential Moving Average of $60,630. A break above that level would suggest that the bulls are growing stronger and may propel Bitcoin to the $69,029 resistance level.
However, if BTC reverses from $60,630, the new support at $54,056 could be at risk of collapsing. If that happens, Bitcoin is likely to hit $50,102.
Ethereum Price Analysis
Like Bitcoin, Ethereum has also been under massive selling pressure over the past few days. The positive thing is that the bulls have prevented the $2,857 support from collapsing. ETH is changing hands for $3,096 at press time. If the buyers push and keep the digital asset above the $3,111.30 resistance, the prospects of a rally toward the 20-day Exponential Moving Average of $3,281 will increase.
This assumption will become invalid if ETH bulls allow the bears to tug the token below $2,876. That’s because the chances of a drop to the $2,209 support will be enhanced.
BNB Price Analysis
Recent attempts by the bears to drag BNB below the $462 support haven’t succeeded, suggesting that the bulls are determined to keep the token at high levels. BNB is priced at $522.98 as of this writing. If the bulls want to take complete control, they must push the coin above the 20-day Exponential Moving Average of $554.15. As such, a rally to the 50-day Simple Moving Average of $602 is likely.
Conversely, a price reversal from $554.15 could signal the beginning of a correction, which might cause $462 to break, forcing BNB to touch $400.24.
Solana Price Analysis
The bearish pattern, which almost formed earlier this week, failed when the bulls pushed Solana above $140.20 on July 9th. With the Relative Strength Index forming a positive divergence at press time, it signals that the advantage is shifting to the buyers’ side. If SOL breaks above the 50-day Simple Moving Average of $152.30, a further upward move to $192 could occur.
However, if the coin starts to reverse now and hits $117, the bearish pattern will be completed, leading to a fall to $100.22 or even $94.
XRP Price Analysis
Over the past seven days, XRP has been the second-worst performing top-ten cryptocurrency after Dogecoin. It has shed 9.6% of its value and now trades at $0.4398, below the $0.4503 crucial support.
If the sellers sustain XRP below this support over the coming days, a bearish move to the second support at $0.4114 could happen. The buyers’ failure to guard $0.4114 will indicate that demand for XRP is drying up. As such, the digital currency might fall to $0.3067 for the first time since June 2022.
On the positive side, a price growth to $0.5082 seems likely if the bulls thrust and keep XRP above $0.4503.
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