Cryptocurrencies

Bitcoin (BTC) gradually moving towards support at the $56,552 range

Bitcoin (BTC) is gradually moving towards support ranging from $56,552 to $73,777 in which it has been stuck for several months. James Cheek, senior analyst at Glassnode, warned traders on June 19.

Although Bitcoin’s short-term price action remains uncertain, analysts are optimistic about the long-term outlook. Analysts at research and brokerage firm Bernstein expect strong inflows into U.S. Bitcoin exchange-traded funds to push the price of Bitcoin to $200,000 by the end of next year, a upward revision from their previous target of $150,000.

Daily view of crypto market data. source: Queen 360

Some analysts expect a short-term correction, but that hasn’t stopped MicroStrategy from adding more Bitcoin to its stock. The company announced on June 20 that it purchased 11,931 bitcoins at an average price of $65,883 per bitcoin, bringing the total price to 226,331 bitcoins. A recently completed $800 million convertible note offering funded the latest purchase.

Could Bitcoin see a strong recovery in the coming days and push cryptocurrency markets higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin Price Analysis

Bitcoin attempted to rally on June 20, but the long candlestick wick shows strong bearish selling near the moving averages.

BTC/USDT daily chart. source: Trading View

The bears pulled the price below the strong support level at $64,602 on June 21, signaling the start of a deeper pullback. If the bears hold the price below $64,602, selling could resume and BTC/USDT could fall to the next important support level at $60,000.

Alternatively, if the price rises and closes above $64,602, it will indicate significant buying at lower levels. The pair could reach the 20-day EMA ($66,736), which would likely act as strong resistance. Buyers will need to overcome this hurdle to pave the way for a rise to $70,000 and then $72,000.

Ethereum Price Analysis

Buyers attempted to push Ethereum (ETH) above the 20-day EMA ($3,575) on June 20, but bears held firm. This indicates that the bears continue to sell during relief rallies.

ETH/USDT daily chart. source: Trading View

The bears will attempt to further consolidate their position by pulling the price and keeping it below the 50-day SMA ($3,458). If they succeed, sales could accelerate and the pair could fall to $3,000.

If the bulls want to prevent a decline, they will need to push the price up quickly and keep it above the 20-day EMA. The ETH/USDT pair could then attempt to rise to $3,730 and then to $3,977.

BNB Price Analysis

BNB Coin (BNB) has been trading below its moving averages over the past few days, indicating that the bears are maintaining their pressure.

BNB/USDT daily chart. source: Trading View

The first support on the downside is $560. If the price rebounds above this level, it would indicate that the BNB/USDT pair could remain between $560 and $635 for some time. A break above the $635 level would signal that the bulls are back in the game.

Conversely, if the price falls below $560, the correction could deepen and the pair could fall to $536 and eventually $495. Bulls are expected to vigorously 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.

SOL/USDT daily chart. source: Trading View

This indicates that the bears have turned the support line into resistance. A break below $128 could send the SOL/USDT pair down to the strong support level at $116. Buyers should vigorously defend this level.

The first sign of strength will be a breakout and close above the 20-day EMA ($148). The bulls will need to push the price above the resistance line to open the door for an increase to $176 and then $188.

XRP Price Analysis

XRP (XRP) has been trading between the 50-day simple moving average ($0.51) and vital support at $0.46 for several days.

XRP/USDT daily chart. source: Trading View

The slight positive point in favor of the bulls is that they are trying to push the price above the 20-day EMA ($0.50). If they succeed, the probability of a breakout above the 50-day simple moving average increases. The XRP/USDT pair could then rise to $0.57.

The critical level to watch on the downside is $0.46. If this level breaks down, the pair could fall all the way to the pivot level at $0.41. Bulls are expected to buy in the area between $0.46 and $0.41.

Dogecoin price analysis

The bulls held Dogecoin (DOGE) above the crucial $0.12 support level for the past three days but failed to initiate a strong recovery.

DOGE/USDT daily chart. source: Trading View

The 20-day EMA ($0.14) and RSI near the oversold zone indicate that the bears are in control. If the support at $0.12 breaks, the DOGE/USDT pair could start falling to $0.08.

This negative view will be invalidated in the short term if the price rises from the current level and exceeds the 20-day EMA. This will indicate that the consolidation will continue for a few more days.

Toncoin price analysis

Toncoin (TON) is attempting to rebound from the 50-day simple moving average ($6.76), suggesting that bulls are aggressively defending the level.

TON/USDT daily chart. source: Trading View

If buyers push the price above the 20-day EMA ($7.23), it will signal the start of a comfortable rally to $7.67. This level could attract selling from the bears again, but if the bulls overcome this resistance, the MT/USD pair could reach $8.29.

The critical level to watch on the downside is the 50-day simple moving average. A breakout and close below this support will signal the start of a deeper correction. The pair could fall to $6 and then to $5.50.

about: Why did the price of Bitcoin fall today?

Cardano Price Analysis

Cardano (ADA) has been trading in a tight range near the $0.40 breakout level over the past few days.

ADA/USDT daily chart. source: Trading View

If the price rises above $0.40, it will likely be sold off to the moving averages again. However, if the bulls take control, it will signal the start of a strong rally. ADA/USDT could reach $0.50, where declines could pose a significant challenge.

Contrary to this assumption, if the price breaks above $0.40 or the moving averages and falls below $0.35, it will indicate that the bears hold the advantage. The pair could then fall to $0.28.

Shiba Inu Price Analysis

The bulls are protecting the Shiba Inu (SHIB) $0.000017 level but have failed to initiate a strong recovery. This suggests there is no strong buying at current levels.

SHIB/USDT daily chart. source: Trading View

The 20-day EMA ($0.000021) and the RSI in the oversold zone indicate that the path of least resistance is to the downside. If it breaks above the $0.000017 level, SHIB/USDT could fall to $0.000014.

If the bulls want to prevent a downtrend, they will need to quickly push the price above the 20-day EMA. If they do, it will indicate that the markets have refused to collapse. The bullish movement could accelerate above the 50-day simple moving average ($0.000023).

Avalanche Price Analysis

The bulls are trying to reclaim Avalanche (AVAX), which is facing a sell-off at the $29 breakout level.

AVAX/USDT daily chart. source: Trading View

If the price drops from $29, it will indicate that the bears have tipped the level to the resistance level. This will increase the likelihood of a fall below $25. If this happens, the price of the AVAX/USDT pair could fall to $20.

Buyers will need to push the price above the 20-day EMA ($30.95) to weaken the selling pressure. The pair could then reach the 50-day simple moving average ($34.39), suggesting that a break below $29 could be a trap for the bears.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.

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