Despite bearish predictions, Bitcoin (BTC) has crossed $63,000, rebounding after hitting its support level of $60,000 on Friday, with buyers entering the market and pushing the price higher.
In the short term, analysts expect Bitcoin to stay between $60,000 and $64,000, with the potential to break out of this range after a couple of weeks.
A Tussle Between The Bulls And The Bears
Last week, Bitcoin dropped slightly below its support level of $60,000. However, lower levels attracted a large number of buyers, and their attempts to begin a recovery have seen BTC surge past the $63,000 mark. Looking at the bigger picture, Bitcoin is still stuck between the $57,000 and $73,000 range, indicating an intense tussle between the bulls and bears. At the moment, it remains difficult to predict a bullish or bearish breakout.
Investors themselves are conflicted about Bitcoin’s future price action, with some, such as former PayPal CEO Peter Thiel, stating that Bitcoin does not have much room to run on the upside. Thiel had stated,
“I’m not sure it’s going to go up that dramatically from here. We got the ETF edition, and I don’t know who else buys it. It probably still can go up some, but it’s going to be a volatile, bumpy ride.”
However, some investors, such as the popular trader BitQuant, are bullish on Bitcoin’s prospects. In a post on X, the trader stated that Bitcoin could reach $95,000.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has made a strong recovery over the weekend after hitting a low of $58,474 at the beginning of last week. However, with strong support at these levels, BTC was able to climb back above $60,000 and settle at $60,330. With bulls defending this level, BTC was able to register a 2.52% increase on Tuesday. However, Wednesday saw the return of bearish sentiment, with the price dropping to $60,854 before registering an increase of 1.38% on Thursday and settling at $61,691. BTC fell back in the red on Friday as significant selling pressure forced the price down to $60,412, as sellers looked to push the price below its support level of $60,000.
Bitcoin (BTC) rebounded strongly from this level over the weekend, as buyers pushed it to $60,987 on Saturday. Sunday saw an even greater increase, with BTC rising by 2.88% to $62,741. This saw BTC break past and close above a significant level of resistance at $62,500. The current session sees BTC trading above the $63,000 mark as buyers attempt to push it past $64,000.
Source: TradingView
Looking at the price chart, we can see that BTC has moved past the resistance at $62,500. The next key resistance lies at $64,000, which is where the 20-day SMA is also present. If Bitcoin is able to go past $64,000, we could see a push towards $66,500. However, should the sentiment return to bearish, BTC could slide back to its support level of $60,000. If sellers are able to breach this level of support, BTC could drop to $58,000, where the 200-day SMA could act as a dynamic level of support.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has been trading in a descending pattern since the beginning of June, as seen in the price chart. The cryptocurrency had dropped to its support level of $3,350 last Monday. However, since hitting this level, ETH has rebounded strongly and has nearly wiped out previous losses. ETH spent the previous week trading between $3,350 and $3,500, with both support and resistance levels holding firm. Buyers pushed ETH up by 1.28% on Tuesday but could not push the price beyond $3,400, with ETH settling at $3,395. Sellers were back in control on Wednesday, as ETH dropped to $3,369. ETH made a strong recovery on Thursday, registering an increase of $3,449. However, sellers were able to defend the $3,500 level, and the price fell back on Friday, dropping to $3,376.
Source: TradingView
The drop came after yet another attempt by buyers to push ETH above the $3,400 mark, with ETH reaching a day high of $3,486, before sellers were able to reverse the trend. The weekend started on a bearish note, with ETH registering a marginal drop. However, ETH made a strong recovery on Sunday, rising by 1.82% to close above the crucial $3,400 mark at $3,436. The current session has seen ETH push past the 20-day SMA, with the price currently at $3,484. Buyers are trying to push ETH past the resistance at $3,500, but so far, the sellers have managed to defend this level, pushing ETH down.
If ETH can move above $3,500, we can see an increase to $3,600. Any reversal will see ETH slip below the 20-day SMA and drop towards its support level of $3,350. If there is any further selling pressure, ETH could slide towards $3,100.
BNB Coin (BNB) Price Analysis
BNB Coin (BNB) had a mixed week after dropping to $568 last Monday, as sellers attempted to push the price below the $560 support zone. BNB reached a low of $551 before buyers were able to push the price back up. Tuesday saw a strong rebound, with BNB rising by 1.78% to $578. A highly volatile session on Wednesday pushed the price down to $572. Sellers attempted to push BNB back below $560 on Thursday. However, buyers entered the market at lower levels, with BNB eventually posting an increase of 1.48% and rising to $581.
Friday saw considerable selling pressure, with BNB dropping to $566 after a drop of 2.51%. Despite the selling pressure, BNB’s support at $560 held, and the cryptocurrency registered a marginal increase on Saturday. Sunday saw BNB register an increase of 2.12%, rising to $581, ending the week on a bullish note. The current session sees BNB up by 0.40% as buyers attempt to push the price above the 20-day SMA and $600.
Source: TradingView
As we can see from the price chart, BNB’s support and resistance levels have held firm so far. If buyers can push the price above the 20-day SMA and $600, we could see a strong push towards $700. However, for such a scenario to play out, BNB must first get past the 20-day SMA. A reversal could see the support at $560 tested once again.
Solana (SOL) Price Analysis
The Solana (SOL) price has surged following VanEck’s spot ETF application. The cryptocurrency has been bullish for nearly all of last week, surging after hitting a low of $122 on Monday. SOL was able to make a strong recovery from this point, ending the day at $132.33, just below the 200-day SMA. SOL moved past the 200-day SMA on Tuesday, registering an increase of 3.22% and settling at $136.59 after failing to move past $140. Wednesday saw a highly volatile trading session, with buyers attempting to push SOL above $140 while sellers defended this position and attempted to push SOL below $135.
Source: TradingView
SOL registered a significant increase of 9.40% on Thursday, an increase that saw it surge past the 20-day SMA. However, with considerable selling pressure at $150, SOL was unable to maintain its bullish momentum, settling at $149. SOL registered a significant drop of 6.51% on Friday, going below the 20-day SMA and settling below $140 at $139.90. SOL attempted to move back above the 20-day SMA on Saturday but could not, registering only a marginal increase. However, Sunday saw SOL firmly in bullish territory, as the price surged past the 20-day SMA after an increase of 4.57%, rising to $146.52. The current session sees SOL up by almost 1% as it looks to move above the crucial $140 mark.
There are several crucial levels to consider regarding any future price movements. SOL has support at $140 and $135. Should bearish sentiment return, we could see SOL drop to either one of these levels. However, if SOL is able to close above $150, we could see the price move towards the $170-$180 zone.
Polkadot (DOT) Price Analysis
Polkadot (DOT) has seen a strong recovery over the past week, as it rebounds after losing the crucial $6 level. Since then, the cryptocurrency has registered an increase of almost 13%. DOT started facing considerable selling pressure last Monday as sellers attempted to push the price below $5.50. However, with buyers present at this level, DOT was able to recover and settle at $5.72. DOT continued its upward trajectory on Tuesday, registering an increase of 2.10% as buyers attempted to reclaim the crucial $6 level. However, they were unable to do so, and DOT dropped by 0.68% to settle at $5.80 on Wednesday.
Thursday saw a strong showing by DOT as the price surged over 8% to go past the 20-day SMA and $6 to settle at $6.28. DOT attempted to push above $6.50 on Friday, but with sellers active at this level, it dropped by 1.59% to $6.18. Selling continued on Saturday as bears attempted to push DOT below $6. However, they were unable to push the price below $6, with DOT settling at $6.07, with buyers entering the market and pushing the price up by 2.31% on Sunday to end the weekend on a bullish note. The current session sees DOT up by 1.93%, as buyers make another attempt to push the price above $6.50.
Source: TradingView
As we can see in the price chart, DOT faces resistance at $6.50 and $6.70. If it is able to get past these levels, we could see a push towards $7. However, if the price is rejected at these levels, DOT could drop back to its support level of $6 and enter a period of consolidation.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has been trading between $0.120 and $0.130 since June 18, unable to move past the 20-day and 200-day SMAs. After a period of sideways consolidation, DOGE attempted to move past the 200-day resistance on Tuesday, registering an increase of over 6% to move to $0.126. However, bears pushed back, with DOGE dropping by just over 3% on Wednesday. Thursday saw yet another attempt by buyers to break past the resistance. However, they were unable to push above $0.130 and settled at $0.127. Friday saw DOGE drop by 3.07%, and another drop of 1.54% saw the price drop to $0.121 on Saturday. DOGE was able to recover from this level, rising by 2.56% on Sunday and settling at $0.124. The current session sees DOGE up by 1.77%, trading at $0.125.
Source: TradingView
Cardano (ADA) Price Analysis
Cardano (ADA) had a relatively strong showing during the previous week, with support at $0.37 holding, allowing buyers to enter the market. ADA registered an increase of 3.70% on Tuesday, rising to $0.39. However, it was unable to move past $0.40 and dropped by almost 2% on Wednesday to $0.38. Thursday and Friday saw similar movements as buyers and sellers struggled for control.
Source: TradingView
The weekend saw buyers attempt to push ADA past the 20-day SMA, with the price reaching an intra-day high of $0.40. However, sellers regained control and pushed ADA back down to $0.38. ADA started Sunday on a positive note, moving to $0.39. The current session sees ADA at $0.40 as buyers attempt to push ADA above this crucial level. If ADA is able to maintain this bullish momentum, we could see the price climb towards $0.45.
Uniswap (UNI) Price Analysis
Uniswap (UNI) registered a sharp drop on Friday after failing to get past the 50-day SMA and $9.50. The price dropped by 5.39% to just under $9, a crucial level of support. However, sellers were able to push UNI lower on Saturday, with the asset registering a drop of 1.69% to $8.83. Buyers were able to enter the market at this level, with the 200-day SMA acting as a dynamic level of support.
Source: TradingView
As a result, UNI registered a strong increase on Sunday, rising by 5% and reclaiming the crucial $9 level to settle at $9.27. The current session sees UNI at $9.33 as buyers and sellers struggle to control the session. UNI faces two levels of resistance, one at $9.50 and the other at $10. Should UNI retake $9.50, we could see a push towards $10. However, should sellers retake the current session, selling pressure could force UNI back to its support level of $9.
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.
