After a brief pullback, Bitcoin (BTC) has started to march back towards the psychological resistance level of $70,000, suggesting that every little dip is being bought. CryptoQuant CEO Ki Young Ju said in a post on X that “358K BTC were moved to permanent holder addresses in July,” suggesting that Bitcoin is “in an accumulation phase.”
Marathon Digital Holdings, the world’s largest Bitcoin miner, added $100 million in Bitcoin to its holdings last month, bringing its total holdings to over 20,000. The company’s CEO and Chairman Fred Thiel said in a July 25 X post that Marathon is holding Bitcoin as a strategic treasury reserve asset and will “now fully HODL.”
While most analysts were bullish in the long term, some were cautious in the short term. Capriole Investments founder Charles Edwards told Cointelegraph that the launch of an Ether (ETH) exchange-traded fund (ETF) in a somewhat weak market could create selling pressure on Bitcoin if some Bitcoin ETF institutional investors look to diversify their holdings.
Will Bitcoin hit $70,000, or could the bears sell aggressively at higher levels? Let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin Price Analysis
Bitcoin bounced off its 20-day exponential moving average ($64,283) on July 25, indicating that positive sentiment remains.
The bulls will try to break above the $68,500 hurdle and reach the overhead resistance of $72,000. Sellers are expected to be fiercely defensive in the $72,000 to $73,777 range. If the price declines sharply in the range but finds support at the 20-day EMA, it will be a sign that the bulls are still in control. This will increase the chances of a break above $73,777.
The 20-day EMA remains a key level to watch in a downtrend, as a break below it would signal that the bulls have given up. This could lead to a drop to $60,000 for the BTC/USDT pair.
Ether Price Analysis
Ether broke below the moving average on July 24 and extended its downtrend on July 25, indicating that the downtrend is attempting to form a lower high at $3,563.
The moving averages are starting to decline and the RSI is just below the midpoint, suggesting that the bears have a slight advantage. If the current recovery shakes off the moving averages, a drop to $3,000 is likely.
Conversely, if buyers push the price above the moving average, it signals that the lower levels are continuing to attract buyers. The ETH/USDT pair could rise to $3,563 and then move up to the downtrend line.
BNB Price Analysis
BNB (BNB) broke below the 20-day EMA ($570) on July 25, but the long tails of the candlesticks show that buying is taking place at lower levels.
The bulls will make another attempt to push the price towards overhead resistance at $635. Sellers are expected to defend this level with all their might, as a break above it could lead to a rally towards $722.
If the price declines and falls below $550, this bullish outlook will be invalidated in the short term. This move suggests that the BNB/USDT pair is likely to spend more time in the $495 to $635 range.
Solana Price Analysis
Solana (SOL) bounced off the downtrend line on July 25, indicating that bulls are trying to turn that level into support.
The rising 20-day SMA ($163) and the RSI in positive territory suggest that bulls are in favor. A break and close above $189 should trigger a rally to overhead resistance at $210.
Alternatively, if the price declines from $189 and breaks below the 20-day EMA, it suggests that demand is drying up at higher levels. This could lead the pair to fall to the 50-day SMA ($149).
XRP Price Analysis
XRP (XRP) fell from the resistance level of $0.64 on July 25, indicating an active downtrend from higher levels.
The XRP/USDT pair is stuck between $0.57 and $0.64. The rising 20-day EMA ($0.56) and the RSI in the positive zone suggest that the bulls have the upper hand. If the price breaks above $0.64, the pair could start its journey towards the formidable hurdle of $0.74.
Conversely, if the price declines and breaks below the 20-day EMA, it indicates that short-term strength is taking profits. This could start a decline towards the 50-day SMA ($0.50), indicating a large range formation between $0.41 and $0.64.
Dogecoin Price Analysis
Dogecoin (DOGE) bounced off the important support level of $0.12 on July 25, showing that buyers are willing to defend that level.
The bulls will try to further strengthen their position by pushing the price above the $0.14 resistance. If they can do this, the DOGE/USDT pair could rise to $0.18, where the bulls are likely to face strong selling from the bears.
This positive outlook will be invalidated in the short term if the price suddenly falls below $0.12. This could accelerate selling and push the pair down to $0.10, at which point bulls are expected to intervene.
Toncoin Price Analysis
TON Coin (TON) completed a double top pattern on July 25, breaking through the $6.77 support level and closing below it.
The bulls will try to push the price back into the range on July 26, but will likely face strong resistance from the bears at higher levels. If the price breaks down from the 20-day EMA ($7.12), the bears will try again to push the TON/USDT pair down to $6 and eventually $5.50.
If the buyers want to stop the decline, they will need to quickly push the price above the moving average, which could take the pair to $7.72, where the bears will try to delay the recovery.
Related: Why did the Bitcoin price go up today?
Cardano Price Analysis
Cardano (ADA) fell below the moving average on July 25, but the lower price is attracting buyers.
If the price rises and stays above the moving average, it suggests that sentiment is turning positive and traders are buying on the dip. The ADA/USDT pair could rise to $0.46 and then to $0.52.
Conversely, if the price breaks below the moving average, it suggests that the bears are trying to gain the upper hand. The pair may slide towards the strong support level of $0.35.
Avalanche Price Analysis
Avalanche (AVAX) broke below its moving average on July 25, but the bears are struggling to maintain their low levels.
The bulls are trying to push the price back above the moving average and resistance at $29. If successful, it will indicate that the AVAX/USDT pair has formed a higher low. Then, the pair can go up to $34 and later $37.
Instead, if the price breaks below $29, it suggests that the market has rejected the higher levels. The bears will then try to push the price down to the strong support level of $24 and then to $21.80.
Shiba Inu Price Analysis
Shiba Inu (SHIB) broke above its 50-day SMA ($0.000017) on July 23, but the downtrend failed to push the price below $0.000015.
Buyers are trying to push the price back above the moving averages. If they do, it suggests that the SHIB/USDT pair could consolidate between $0.000015 and $0.000020 for a few days.
Conversely, if the price breaks down from the moving average, it suggests that the bears are still in control. This increases the likelihood of a drop below $0.000015. Then, the pair can retest the support at $0.000013.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.