Bitcoin rebounded from the strong support of $56,686 on July 12th, signaling solid demand at lower prices. According to a report by onchain analytics firm CryptoQuant, institutional investors view the recent price drops as an opportunity to buy the dip. Over the last seven days, these investors have purchased more than 105,000 Bitcoin.
A major reason for investors to be bullish is that the German authorities have sold their entire seized Bitcoin holding. The focus has now shifted toward the creditors of the bankrupt crypto exchange Mt. Gox. Many are waiting to see whether these creditors will dump their BTC repayments or hold them. If most of them decide to hold their Bitcoin after repayment, the current relief rally could extend further.
Although most of the top altcoins haven’t witnessed significant rallies this week, the bulls have continued safeguarding key support levels, indicating that an uptrend could happen soon.
Will the bears give up and allow the bulls to thrust cryptocurrencies above major resistance levels, or will they drag the coins below critical support levels in the coming days? Studying the price charts will help us get the answers.
Bitcoin Price Analysis
The bears’ efforts to protect the 20-day Exponential Moving Average of $59,639 on July 12th were unsuccessful as the bulls overpowered them to push Bitcoin to $60,227 on Sunday afternoon. BTC must now remain above the $60,001.59 support level to increase its chances of rallying toward the 50-day Simple Moving Average of $64,692.
However, if the sellers pull and keep the coin below $60,001.59, the $56,686 support might collapse, leading to a sharp fall to $53,409 or even $50,218.
Ethereum Price Analysis
There is massive selling pressure near the 20-day Exponential Moving Average of $3,267.80. If the bears sustain Ethereum below this level for a longer time, it would be assumed that there is a lack of buying interest. As such, ETH might drop to $2,856.90, where the bulls must apply buying pressure to avoid a deeper correction to $2,300.
On the positive side, if Ethereum exceeds $3,267.80 in the coming days, we might witness a move toward the 50-day Simple Moving Average of $3,582.
BNB Price Analysis
The buyers have failed to keep BNB above the 50-day Simple Moving Average of $546.98 in the past 24 hours, suggesting that the sellers are determined to block any upward move. However, if the buyers eventually defeat the sellers at that price, BNB might rise above the minor resistance of $590.27 to rally toward the $634.66 barrier.
Meanwhile, a break below $500.29 will give the sellers a huge advantage, which, when well-capitalized, a downward move to $420 could become a reality.
Solana Price Analysis
Solana is the top performer today among the top ten digital currencies by market capitalization, following a 24-hour rally of 4.35%. Despite the gains, SOL hasn’t crossed the 50-day Simple Moving Average of $151.03, signaling bears’ presence.
It is worth mentioning that the bearish setup on Solana’s price chart will remain valid until the bulls thrust the coin above $151.03. If this happens, a surge to $180.33 is possible.
However, if the bears grow stronger in the coming week, they might tug Solana below the $139.53 support and then fuel a deeper correction to $116.28 or even $100.96.
Dogecoin Price Analysis
The biggest meme coin by market cap, Dogecoin, has seen its price grow by 2.4% today to trade at $0.11205. It has been outperformed significantly by Donald Trump-inspired tokens. For example, the MAGA meme coin has surged by 25.3% to change hands for $8.09 following news that the former US president escaped an assassination attempt during a rally.
Dogecoin bulls need to push the meme coin above the $0.12003 resistance to improve their chances of starting a solid rally toward $0.14295, the 50-day Simple Moving Average. Conversely, if they fail to guard $0.10033, the bears will be happy to sink DOGE to the $0.08226 support.
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