Bitcoin (BTC) is back in the red during the current session after failing to break past the $64,000 mark on Tuesday.
Many were buoyed by Bitcoin’s recent price movements and expected the recent price rise to signal the end of the asset’s recent correction, with the price set to reach new highs.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has started the current session firmly in the red after ending Tuesday just above the $62,000 mark, as sellers made a strong comeback. BTC started the weekend on a positive note after bears failed to push the price below $60,000, a strong support level. BTC rose to $60,987 on Saturday, and a 2.88% increase on Sunday pushed the price to $62,741 as buyers looked to pass the crucial $64,000 level. Monday saw a strong push towards $64,000, but BTC could not maintain momentum and settled at $62,894 after reaching a day high of $63,850.
With considerable selling pressure around $64,000, BTC declined on Tuesday, dropping by 1.25% to $62,106. The current session sees sellers firmly in control, with BTC down by almost 2%, trading at $60,905. BTC’s support level of $60,000 has already been tested twice during the past week, proving to be solid and preventing any further decline. So, what can we expect from BTC in the near future?
Source: TradingView
Considering how bullish the market has been since the weekend, it could be possible that the market is constructing a new bottom at the $60,000 level and could begin a new, even stronger rally. However, this scenario is valid only if the support at $60,000 and at $58,000, where the 200-day SMA is located, remains intact. A return of bullish sentiment could see another attempt at surpassing $64,000. Should this happen, BTC could quickly move to $65,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has been dropping since being rejected at the $4,000 level. However, it had found a strong level of support at $3,350, stabilizing the price. Since then, bulls have been eying a key level at $3,500. If successful, it could indicate the correction for ETH could be over, and we could see a sustained uptick. Ethereum bulls made a concerted effort to claim this level over the weekend, with ETH rising by 1.82% to $3,436 on Sunday. Monday saw buyers attempt to push above $3,500 once again, with ETH reaching a day high of $3,517.
Source: TradingView
However, sellers were able to push the price back down, with ETH eventually registering only a marginal increase and settling at $3,441. Bearish sentiment returned to the market on Tuesday as ETH fell to $3,418. The current session sees ETH down by 1.77% as bears attempt to push ETH below its support level of $3,350. The ETH price can go one of two ways from here. If bullish sentiment returns to the market, ETH could test the $3,500 level again. If ETH is able to reclaim and close above this level, we could see a strong rally toward $4,000. Should the opposite happen and sellers manage to push ETH below $3,350, we could see a significant drop, with ETH falling to $3,100, where the 200-day SMA could prop up the price.
Solana (SOL) Price Analysis
Bullish signals had driven Solana (SOL) above $150 on Tuesday. The past week has seen SOL gain almost 9%, driven by the news of VanEck’s spot ETF. The recent bullish market also pushed SOL’s RSI into positive territory for the first time in over a month. The funding rate has also returned to being consistently positive. SOL has been bullish since the weekend, registering a 4.57% increase on Sunday that took the asset past the 20-day SMA to settle at $146.52. Monday saw a marginal increase as sellers pushed the price down from a day high of $149.14, with SOL closing at $146.61.
SOL was able to move above the crucial $150 mark on Tuesday after registering an increase of almost 5% to rise to $153.86. However, with the 20-day SMA acting as a strong level of resistance at $155, SOL could not move any higher. The current session saw the price down by almost 3% as sellers attempted to push the price back below $150. Solana bulls will try to reclaim $150 and $155, both of which have been strong levels of resistance, as you can tell from the price chart. SOL could see a surge towards the $200 mark if they can be flipped into a support level.
Source: TradingView
If buyers fail to move past the 50-day SMA but stay above $150, we could see some consolidation before buyers attempt another breakout. A drop below $150 could see SOL drop back to its support level of $140.
BNB Price Analysis
BNB failed to move above the 20-day SMA on Tuesday, as sellers aggressively defended this level. Since the weekend, BNB has attempted to move past this level and push above $600. Sunday saw an increase of 2.12%, with BNB rising to $581.8. Buyers attempted to move past the 20-day SMA once again on Monday, with BNB reaching a day high of $587.9. However, intense selling pressure at this level pushed the price back down, with BNB dropping by 0.91% to settle at $576.5. A marginal increase on Tuesday saw BNB move to $579.6. However, it was unable to push above $580 yet again.
Source: TradingView
The current session sees SOL back in the red, down by 2.02% and trading below $570. If selling pressure continues, BNB could drop to its support level of $560. BNB must push above $580 for any bullish momentum to return. Should this happen, we could see a move towards the 50-day SMA, currently at $605.
Toncoin (TON) Price Analysis
Toncoin (TON) may have seen a drop during the current session, but it is trading in an ascending channel, indicating long-term bullish sentiment. This means we could see TON recover despite losing $8 during the current session. TON has been quite bullish since the weekend, as buyers looked to push the asset above a critical resistance level at $8. With the 20-day SMA acting as support, TON registered an increase of 2.30% on Saturday, rising to $7.65. Sunday saw a strong battle between buyers and sellers, with buyers looking to drive up the price further while sellers attempted to push it below the 20-day SMA.
The current week began on a highly positive note, as TON rose by just over 2% to $7.80. With bullish momentum building, TON was able to push above $8 on Tuesday, rising to $8.09. Many investors were hopeful for the rally to continue, expecting TON to test its all-time high, set just over two weeks ago. However, the current session opened in the red, as strong selling pressure at higher levels forced the price back below $8. Currently, TON is trading just below $8, with sellers in control.
As we can see from the price chart, TON faced considerable resistance at $8, a level it overcame on Tuesday. If TON can remain above this level, we could see the price recover and test its ATH, which is TON’s next crucial level of resistance. As we can see from the price chart, buyers are attempting to keep TON above $8. However, should this level be breached, TON could drop back to $7.60, where the 20-day SMA is acting as a dynamic level of support. Other crucial levels of support for TON are $7.50 and $7, where the 50-day SMA is currently located.
Source: TradingView
Looking at TON’s technical indicators can tell a few things about any future movement. The RSI has pushed above 80 and currently sits at 89, indicating an overbought status. Thus, we could see a temporary pullback.
Chainlink (LINK) Price Analysis
The Chainlink (LINK) price has seen some level of consolidation this week after ending the previous week on a positive note. LINK registered an increase of 5.50% on Sunday, rising to $14.27. However, it was unable to move past the 20-day SMA. Monday saw a marginal increase as LINK looked to move above $14.50. However, it faced significant selling pressure and registered an increase of only 0.34%. Tuesday saw more of the same, as LINK reached a day high of $14.74 before dropping down to $14.40, up only by 0.54%. The current session sees LINK at $14.47, up by 0.55%.
So where does LINK go from here? Analysts have predicted a recovery for LINK, pointing to a lack of network participation and hinting at investors’ holding behavior. In fact, data from on-chain analytics platform Lookonchain has indicated that whales have been accumulating the asset in large numbers, with whale wallets having scooped up over 2 million LINK. The trend is in line with LINK whales, who have generally refrained from moving their holdings to exchanges. The net ratio of LINK large holders to exchanges, which is the metric that assesses the proportion of crypto transferred by whales to exchanges, currently sits at -0.06. A negative value for this metric is generally indicative of a bullish signal, as it means whales are accumulating instead of offloading.
Source: TradingView
So will LINK recover? The asset has strong support at $13 and has moved past the 20-day SMA, which was acting as resistance. If LINK can flip this level to support, we could see LINK push above the resistance at $14.70 and move to $15.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) hit a six-month low in June when its price crashed to a low of $7.61. Since then, ICP has been slow to recover, ending June at $8.16. However, July began with ICP back in bearish territory, dropping by 1.10% on Monday. ICP’s slide continued on Tuesday, as it dropped by 2.60% to $7.86. The current session sees ICP down by 2.16%, with the cryptocurrency currently trading at $7.69. As we can see, ICP is facing a strong downtrend. For any recovery, ICP must push above the 20-day SMA at $8.35. A further decline could see ICP go as low as $7.
Source: TradingView
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
