Bitcoin continues to consolidate inside a wide range ($57,000 – $73,745), suggesting buying activity near key support levels and massive selling at resistance levels. In most cases, when a crypto asset spends a significant time consolidating, a solid trigger is required to push or pull below the trading range.
Earlier this week, the bears attempted to drag Bitcoin below $57,000 when news emerged that the German authorities were planning to start selling $2.7 billion worth of seized BTC. Mt. Gox’s upcoming payouts also encouraged selling activity. However, the bulls were determined to defend the support level, pushing Bitcoin over $60,000 on Wednesday.
Based on SoSo Value’s latest report, investors seem to be capitalizing on the current weakness to accumulate more coins. The company says most investors holding at least 100 BTC have bought additional coins since the start of the week. Moreover, SoSo Value reports that Bitcoin spot exchange-traded funds have processed net inflows worth $31 million this week after witnessing $1.2 billion in net outflows within the past two weeks.
Will Bitcoin bears drag the coin below $57,000, or will the bulls cause a breakout at $73,745 over the coming days? We now study the price charts to find out.
Bitcoin Price Analysis
The external forces, from the German government’s selloffs to Mt. Gox’s July payouts, are in favor of the bears at the moment. The bulls must ensure Bitcoin does not fall below $57,000 when selling pressure escalates. If they fail to defend that key support, the chances of a bearish move to $50,500 will increase.
However, if the bulls push BTC above the 20-day Exponential Moving Average of $64,842, it will be safe to assume that the sellers are losing their advantage. As such, we anticipate a bullish move above $70,253, which may meet resistance at $73,745.
Ethereum Price Analysis
ETH bears succeded in pulling the coin to $3,239 on June 24th. However, they couldn’t force a further bearish move to the $3,000.04 support level as the bulls intensified buying pressure, propelling Ethereum to $3,433 as of this writing.
Still, Ether will have to break above the 20-day Exponential Moving Average of $3,504.45 for the bulls to regain total control. If this happens, a path to the $3,729.80 resistance level will be cleared.
From a bearish point of view, Ethereum might slide to $2,849 and even to $2,500.06 if the bulls allow the bears to tug the coin below $3,000.04.
BNB Price Analysis
BNB was trading below $560.54, a major support, on June 24th. However, the bears’ attempts to keep the coin below that level didn’t bear fruits as the bulls mounted buying pressure, thrusting BNB above $560.54 to $574.89 at press time.
This recovery attempt could face strong resistance from the bears at the 20-day Exponential Moving Average of $596.89. However, if the bears are overpowered, a surge to $634.89 is expected. Meanwhile, a reversal from $596.89 could invite selling pressure, which might fuel a move to the $536.24 support.
Solana Price Analysis
The bulls have defended the $122.67 support level to start a recovery to $139.78 as of this writing. The current price means Solana has crossed above the support line to re-enter the descending channel. If the coin continues to recover, we anticipate that the bears will camp at the 20-day Exponential Moving Average of $142.78 to try and force a price reversal. If they succeed, Solana might slide toward $115 and then later hit major support at $100.08.
However, if the buyers push SOL above $142.78, it will signal that the bears are weakening. As such, the bulls could regain the advantage and use it to fuel a move to the 50-day Simple Moving Average of $156.06.
Shiba Inu Price Analysis
The current price action suggests that the bears remain in the driver’s seat. Shiba Inu is currently priced below the $0.0000178 support. If the bears maintain the meme coin below that level longer, a drop to $0.0000104 could happen. Meanwhile, the bulls must push SHIB above the 20-day Exponential Moving Average of $0.0000196 to regain control. In that case, a rally to $0.0000234 could occur.
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