The Bitcoin (BTC) price had briefly climbed back above $61,000 before sellers managed to drag the asset down. The cryptocurrency has been down by over 2% in the past 24 hours and is currently trading under $60,950.
Bitcoin has been consolidating between a large price band between the $56,000 mark and the $73,500 mark. This indicates strong buying pressure near its support level and strong selling pressure near its resistance level.
Bears Trying To Sink Price
The past month has seen Bitcoin (BTC) shed 10% as sellers continue to target a critical support level and push the price below $60,000. Market watchers will be looking for a trigger to push BTC higher, with sellers looking to sink the price below $60,000. Bears have tried creating selling pressure on the back of the news that the German government is looking to sell their Bitcoin holdings. There is also the potential selling pressure that the Mt.Gox payout could create. However, buyers have been entering the market at lower levels closer to BTC’s support, defending this level and attempting to start a recovery.
Bitcoin’s recent weakness has spurred investors into action and begin accumulating again. Data shows around $31 billion in net inflows into spot Bitcoin ETFs after they recorded around $1.3 billion in outflows over the past couple of weeks.
Bitcoin (BTC) Price Analysis
The Bitcoin (BTC) price registered a sharp drop on Monday, falling to $60,330. The asset faced considerable selling pressure as sellers pushed the price as low as $58,474, shown by the long tail on the candlestick, indicating strong buying below $60,000. However, buyers were able to prop the price back above $60,000. Analysts expect bulls to be quite active between $56,500 and $60,000. This is because if BTC falls below this level, we could see a slide down to $58,000, where the 200-day SMA could prop up the price. If this level is breached, BTC could drop to $55,000.
Source: TradingView
As seen in the price chart, BTC has strong support at $60,000. This support held on Monday, and BTC made a relatively strong recovery on Tuesday, rising by 2.52% and moving to $61,848. Buyers attempted to push BTC above $62,000, with the price reaching a day high of $62,458 before dropping to $62,458. Wednesday saw sellers back in control as BTC dipped below $61,000, dropping to $60,854 after a drop of 1.61%. The current session sees BTC up marginally as buyers and sellers look to assume control of the session. Looking at technical indicators, we can see the RSI is close to the oversold region, which could indicate a bullish reversal in the near future.
If BTC is able to recover, It will first target the $62,000 level. Should BTC surpass this level, we could see a climb to $65,000, which is a key resistance level. If Bitcoin is able to break and close above $65,000, we could see a rally to $70,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has struggled to stay above its support level of $3,350 and could slide to its next significant support level at $3,000. ETH dropped by 2.16% on Sunday, slipping below the 50-day SMA and settling at $3,420. Monday saw selling pressure intensify, with ETH falling to $3,241. However, buyers entered the market at lower levels and pushed the price back above $3,300, with ETH eventually settling just above $3,350. Tuesday saw a marginal increase in ETH, which rose to $3,395, stopping just short of $ 3,400. However, sellers were back in control on Wednesday, with ETH registering a marginal drop to $3,369. The current session sees ETH at $3,383, with buyers and sellers struggling to control the session.
Source: TradingView
Moving ahead, ETH is facing considerable hurdles, with bears active above $3,400. This is why buyers are struggling to push ETH to the 20-day SMA at $3,500. If buyers can push ETH above this level, we should see an increase to $3,700. However, ETH must reclaim $3,400 for such a scenario to play out. Should sellers push ETH below $3,300, it could drop to $3,000. However, this level has strong support, and buyers are expected to defend it vigorously.
Solana (SOL) Price Analysis
Solana (SOL) has made a strong recovery since hitting a low of $122 on Monday. SOL faced considerable selling pressure in the previous week, ending in the red after dropping nearly 4% on Sunday to slip below the 200-day SMA and settle at $128.63. Monday began with selling pressure intensifying as bears pushed SOL down to $122, as indicated by the long tail on the candlestick. However, buyers could counter the selling pressure and push SOL back above $130 to $132. Despite the bullish sentiment, SOL was unable to move past the 200-day SMA on Monday.
Source: TradingView
Tuesday saw buyers retain control, and SOL was able to push above the 200-day SMA, rising to $136.59 after an increase of 3.22%. Wednesday saw considerable volatility as buyers pushed SOL to $140. However, sellers pushed the price back down, and SOL eventually settled back at $136. The current session is also witnessing a tug-of-war between buyers and sellers as each tries to take control of the session.
So, what does the future hold for SOL? The first major level of resistance SOL faces lies between $140 and $142. If SOL is unable to get past this level, we could see a drop back to $134, where the 200-day SMA could act as support. A drop to $130 can be expected if this level is breached. If sellers are able to push SOL below $130, the next level of support lies at $116. Buyers will be expected to defend this level, as any further drop could see SOL tumble to $100. However, if SOL is able to sustain its bullish sentiment, we could see the price surge towards $150.
Binance Coin (BNB) Price Analysis
Binance Coin (BNB) had dropped to a low of $551 on Monday, starting the week on a bearish note. However, sellers could not sustain the pressure, and BNB recovered to close at $568. The current week has seen some consolidation, with BNB rising by 1.78% on Tuesday to settle at $578. Wednesday saw buyers attempt to push BNB above $600. However, sellers defended this level and lowered the price to $572. The current session sees BNB down marginally, with buyers and sellers vying for control.
Source: TradingView
Any attempt by buyers to force a recovery from this level will face resistance at the $600 level, which is a strong level of resistance. If buyers are able to break above the 20 and 50-day SMAs, it could indicate waning bearish sentiment, and BNB could rally towards $650. A downturn from here could force the price back down to its support level of $560. If sellers are able to breach this level, BNB could drop below $500 and go as low as $471, where the 200-day SMA could prop up the price. Looking at the technical indicators, we can see that the AO (Awesome Indicator) has turned red, indicating considerable bearish momentum.
Polkadot (DOT) Price Analysis
Polkadot (DOT) has been facing considerable selling pressure and has lost nearly 23% over the past month. The cryptocurrency had been trading in a descending channel pattern and lost the crucial $6 level on June 18, leading to a significant liquidation event. However, DOT has seen a marginal reversal since losing this crucial level, with the price consolidating below $6. This marginal uptick and consolidation can be attributed to demand around the $5.5 mark. As we can see in the price chart, DOT is oscillating between the $5.50 support and resistance at $6.
Source: TradingView
If sellers continue to keep hold of the market, we could see DOT tumble towards $5.5 or even $5. However, should buyers enter the market at a level closer to $5.5, we could see DOT push back towards $6. While Polkadot has been on an extended downward trajectory, there are signs things may be about to change. There is an indication that investors are changing their outlook towards DOT, as evidenced by the Chaikin Money Flow (CMF), which turned positive after over a month. This indicates a significant surge in buying pressure, possibly because investors are showing a renewed interest in DOT.
However, if DOT is unable to break out of its descending pattern, it could drop toward $5, which could invalidate the bullish momentum.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) had dropped below the crucial $0.12 level at the beginning of the week, falling to a low of $0.114. However, buyers were able to push the price back, with DOGE eventually settling at $0.118. Tuesday saw buyers control the market, pushing DOGE back above the crucial $0.12 level, ending the session at $0.126 after an increase of over 6%. With the 200-day SMA acting as resistance, DOGE was unable to go past this level, and sellers returned to the market on Wednesday, pushing the price down by just over 3%. The current session sees DOGE in the red as sellers look to push DOGE back below $0.12.
Source: TradingView
DOGE is hovering between its support level of $0.12 and the resistance at $0.13. For a sustained recovery, buyers will have to push DOGE past the 200-day SMA and $0.12. If they are able to do that, DOGE could see a rally towards $0.15. However, if sellers are able to push DOGE below $0.12, we could see a drop to $0.10.
Shiba Inu (SHIB) Price Analysis
Like DOGE, Shiba Inu (SHIB) has also spent most of the week in the red. There are several reasons behind SHIB’s relatively muted performances over the past few days besides just broader market trends, such as Binance’s announcement of the delisting of TUSD pairs for SHIB. Despite the dip in SHIB prices, it has retained strong support from its community, as indicated by the SHIB burn rate, which has remained in the green.
SHIB started the current week with a drop of 2.80%, pushing the price down to $0.000017. Buyers tried to spark a revival on Tuesday, pushing SHIB to $0.0000182. However, with strong resistance at $0.000019, SHIB was unable to move any higher, eventually dropping to $0.0000174. Bearish sentiment returned on Wednesday, as SHIB fell by 3.44% to $0.0000171. The current session sees SHIB down by 1.46%, currently trading below the $0.000017 mark at $0.0000168.
Source: TradingView
As we can see from the price chart, SHIB has support at $0.000016. If sellers can push the price below this level, SHIB could drop to $0.000015. Further bearish sentiment could push SHIB as low as $0.000010. For bullish momentum to return, SHIB must go above the 200-day SMA at $0.000019 and the 20-day SMA at $0.000020. A close above this level could see SHIB rally towards $0.000025.
Uniswap (UNI) Price Analysis
Uniswap (UNI) has steadily declined since hitting $11.97 on June 16. Rejection from this level saw a sharp drop of 11.53% on June 17 and a further drop of almost 8% on June 18. This drop took UNI below the 20-day SMA and a crucial support level at $10. The price saw a rebound over the next couple of days, allowing it to climb back above $10 and settle at $10.03 on June 20. However, bearish sentiment has returned since then, with UNI ending the weekend below $10.
Source: TradingView
The current week started with sellers attempting to push UNI below $9. UNI fell as low as $8.75 before buyers pushed the price back above $9. However, UNI still registered a drop of 4.65%, slipping below the 50-day SMA and settling at $9.32. Tuesday saw a slight uptick, with UNI registering an increase of 1.94%. However, buyers were unable to push UNI beyond the 50-day SMA, with the asset experiencing considerable selling pressure on Wednesday as sellers attempted to push UNI below $9 once again. However, buyers were able to push back, and UNI eventually settled at $9.39. The current session sees the price down by almost 2% as bears look to push UNI below $9 yet again. However, buyers have been aggressively defending this level.
So, where does UNI go from here? If sellers push the price below $9, we could see a drop to around $8.70-$8.80, where the 200-day SMA could act as support. Any further bearish momentum could see a drop to $8. However, if buyers manage to reverse the current trend, we could see UNI attempt to retake $9.50 and push above the 50-day SMA. If the price closes above this level, we could see buyers attempt to push UNI above $10 and the 20-day SMA.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
