Bitcoin (BTC) is gradually falling towards support in the $56,552 to $73,777 range, where it has been stagnating for the past few months. James Check, senior analyst at Glassnode, warned traders in a June 19
Although near-term Bitcoin price movements remain uncertain, analysts are optimistic about the long-term outlook. Analysts at research and brokerage firm Bernstein said strong inflows into U.S. Bitcoin spot exchange-traded funds could push the price of Bitcoin to $200,000 by the end of next year, up from a previous target of $150,000. We expect it to rise.
Some analysts expect a correction in the near term, but that hasn’t stopped MicroStrategy from adding Bitcoin to its reserves. The company announced on June 20 that it purchased 11,931 Bitcoins at an average price of $65,883 per Bitcoin, for a total of 226,331 Bitcoins. The latest purchase was funded by a recently completed $800 million convertible bond issuance.
Could Bitcoin make a strong recovery in the coming days and push the cryptocurrency market higher? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin attempted a recovery on June 20th, but the long wicks of the candlesticks indicate strong selling due to weakness near the moving average.
The bears pulled the price below the solid support level of $64,602 on June 21st, signaling the start of a deeper decline. If the bears hold below $64,602, selling could increase and the BTC/USDT pair could move down to the next important support at $60,000.
Instead, if the price rises and closes above $64,602, it would send an aggressive buy signal at lower levels. It could rise to the 20-day exponential moving average ($66,736), which is likely to act as strong resistance. Buyers must overcome this barrier to gain a path to $70,000 and then $72,000.
Ether Price Analysis
Buyers attempted to push Ether (ETH) above the 20-day EMA ($3,575) on June 20th, but the bears remained there. This suggests that bears remain sellers at relief rallies.
The bears will try to further strengthen their positions by pulling the price below the 50-day simple moving average ($3,458) and holding it there. If that happens, the selling could accelerate and the pair could plummet to $3,000.
If bulls want to stop the decline, they need to quickly push price above the 20-day EMA and hold there. The ETH/USDT pair could then rise to $3,730 and later rise to $3,977.
BNB price analysis
BNB (BNB) has been trading below its moving averages for the past few days, indicating that the bears are maintaining pressure.
The first downward support level is at $560. If the price bounces from this level, it would signal that the BNB/USDT pair could stay between $560 and $635 for some time. A break above $635 means the bulls are back in the game.
Conversely, if the price falls below $560, the correction could deepen and plummet to $536 and eventually $495. Bulls are expected to fiercely defend this level.
Solana Price Analysis
The bears have thwarted the bulls’ efforts to push Solana (SOL) back into a descending channel pattern over the past two days.
This means that the bears have turned support into resistance. A decline below $128 could push the SOL/USDT pair towards solid support at $116. Buyers are expected to defend this level vigorously.
The first sign of strength would be a break and close above the 20-day EMA ($148). Bulls will need to push the price above resistance to open the door to a rally towards $176 and $188.
XRP Price Analysis
XRP (XRP) has been trading between its 50-day SMA ($0.51) and essential support at $0.46 for several days.
A small positive in favor of the bulls is that they are trying to push the price above the 20-day EMA ($0.50). Doing so increases the likelihood of a break above the 50-day SMA. The XRP/USDT pair could then rise to $0.57.
The important level to watch for downside is $0.46. If this level is broken, the pair could fall towards the key level of $0.41. Bulls are expected to buy in the area between $0.46 and $0.41.
Dogecoin price analysis
Bulls have kept Dogecoin (DOGE) above the important support level of $0.12 over the past three days, but have been unable to initiate a strong rebound.
The bearish 20-day EMA ($0.14) and RSI near the oversold zone suggest that the bears are leading. If the $0.12 support is broken, the DOGE/USDT pair may start to decline towards $0.08.
This negative view will be invalidated in the near term if the price rises from current levels and breaks above the 20-day EMA. This suggests consolidation will continue for a few more days.
Toncoin price analysis
Toncoin (TON) is trying to bounce off its 50-day SMA ($6.76), indicating that bulls are aggressively defending the level.
If buyers push the price above the 20-day EMA ($7.23), we suggest a relief rally to $7.67 will begin. This level could again induce bearish selling, but if the bulls overcome this resistance, the TON/USDT pair could rise to $8.29.
An important level to watch for downtrends is the 50-day SMA. A close below this support line would indicate that a deeper correction is about to begin. The pair could fall to $6 and then to $5.50.
Related: Why did Bitcoin price fall today?
Cardano Price Analysis
Cardano (ADA) has been trading in a narrow range over the past few days, near the $0.40 collapse level.
If the price falls above $0.40, selling off the moving average is likely again. But if the bulls win, it would mark the start of a strong recovery. The ADA/USDT pair could rise to $0.50, where bears could pose a strong challenge.
Contrary to this assumption, if the price declines from $0.40 or the moving average to fall below $0.35, it indicates that the bears are gaining the upper hand. The pair could then plummet to $0.28.
Shiba Inu price analysis
Bulls are protecting the $0.000017 level of Shiba Inu (SHIB), but have failed to initiate a strong rebound. This means there is a lack of aggressive buying at current levels.
The bearish 20-day EMA ($0.000021) and RSI in the oversold zone indicate that the path of least resistance is to the downside. If the $0.000017 level is broken, the SHIB/USDT pair could plummet to $0.000014.
If bulls want to stop the decline, they will need to quickly push the price above the 20-day EMA. Doing so would mean that the market refused to collapse. An upward move could push it above the 50-day SMA ($0.000023).
Avalanche Price Analysis
Bulls are attempting to recover Avalanche (AVAX), which faced selling at the $29 breakdown level.
If the price falls from $29, it would signal that the downtrend has reversed towards the resistance level. That increases the likelihood of a drop below $25. If that happens, the AVAX/USDT pair could fall to $20.
To dampen selling pressure, buyers would need to push the price above the 20-day EMA ($30.95). The pair could then rise to its 50-day SMA ($34.39), suggesting that a drop below $29 may have been bearish.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.