Over the past seven days, Bitcoin has been plummeting, with some analysts anticipating a move to the $56,550 support level in the coming days. However, on Thursday, Glassnode’s crypto analyst James Check told short traders to be cautious of the current trend of “mini-dumps” as the bulls might trap them, thus leading to liquidation.
While a section of experts remains bearish in the near term, most analysts are positive that Bitcoin and altcoins will surge significantly in the long term. Crypto experts at Bernstein research and brokerage company said in their recent report that the increasing inflows into Bitcoin spot exchange-traded funds will boost BTC’s value to $150,000 by December 2025.
Several companies have taken advantage of the current price correction to add more BTC to their stash. MicroStrategy, for example, announced on June 20th that it had bought over 11,900 Bitcoin at $65,887 per coin. The tech company now holds 226,331 BTC.
Will Bitcoin bulls stage a solid recovery and push the coin higher, or will the bears hold their ground and continue to pull BTC to lower levels? Let’s find out by analyzing the price charts.
Bitcoin Price Analysis
The long-wicked candlestick seen on the Bitcoin price chart indicates that the bears are not done selling. BTC has broken below the $64,604 support to trade at $64,228 as of this writing. Intense selling pressure could force a move toward the second support at $60,654. If this is level cracks, the bears are likely to drag Bitcoin to $56,550.
On the upside, if the bulls fuel a move above $64,604, it’ll be assumed that lower levels are attracting buying. As such, Bitcoin could go above the 20-day Exponential Moving Average of $66,728 and then rise toward $72,106 after overcoming bears’ resistance at $70,000.
Ethereum Price Analysis
The buyers’ failure to help Ethereum cross above the 20-day Exponential Moving Average of $3,573 on June 20th suggests that sellers are canceling out relief rallies. However, if ETH eventually exceeds $3,573 and the bulls manage to sustain its price above that level, the coin could witness a solid recovery rally toward $3,727 and later to $3,974.
Conversely, if Ethereum falls below the 50-day Simple Moving Average of $3,453.90, the selling activity could accelerate, dragging the second-biggest crypto asset by market cap to the $3,006 support.
BNB Price Analysis
The bears have kept BNB below the 20-day Exponential Moving Average of $611.59 and the 50-day Simple Moving Average of $604.11 for the past few days, signaling their intention to maintain selling pressure.
The first major level to monitor on the downward side is the $560.36 support. If BNB gets there and fails to start a recovery, it may witness a deeper correction toward $531.99 and then to $490.43, where we expect the buyers to mount a strong barrier.
Meanwhile, pushing BNB above $611.59 will indicate the bulls’ comeback. As such, a move to $635.21 and eventually to the $690.47 resistance level seems likely.
Solana Price Analysis
The buyers’ efforts to break Solana out of the descending channel have met strong bears’ resistance in the last three days. SOL needs to cross $160 to break above the channel. If this happens, the bulls could begin a rally toward the $177.03 and $188.22 resistance levels. On the downside, the bears stand a chance to drag Solana toward the $116.05 support if the bulls are unable to defend the support line of the descending channel.
XRP Price Analysis
XRP continues to trade between the $0.46730 support level and the 50-day Simple Moving Average of $0.51979. The minor advantage in favor of the bears is that XRP has dropped below the 20-day Exponential Moving Average of $0.50039. If they succeed in dragging the Ripple-issued digital asset below $0.46730, the chance of a correction toward $0.41130 will increase massively. On the positive side, a break above $0.51979 makes $0.57006 an achievable target.
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