Bullish crypto traders are struggling to clear the overhead barrier in Bitcoin and select altcoins, indicating that bears have not given up yet.
Bitcoin (BTC) continues to trade near the $31,000 level, making it an important resistance to watch out for in the short term. Some analysts believe the current consolidation could result in an upside breakout in Bitcoin.
The institutional investors also seem to be positive about the prospects of a further rally in Bitcoin. CoinShares’ head of research James Butterfill said in a recent report that 98% of all the digital asset inflows of $334 million went into Bitcoin-related products.
Although the short-term price action on Bitcoin and select altcoins looks positive, market participants should stay cautious due to the uncertainty regarding the macroeconomic issues. The crypto markets are likely to be influenced by the United States inflation figures and the Federal Reserve’s monetary action over the next few weeks.
What are the important near-term support levels on Bitcoin and altcoins that need to hold for the recovery to continue? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin broke and closed above the $31,000 level on July 3 but the bulls could not build upon this strength. This suggests that the bears have not yet given up.
The 20-day exponential moving average ($29,673) is the important level to watch out for on the downside. If the price rebounds off this level, it will suggest that the bulls are buying the dips.
That will enhance the prospects of a break above the $31,000 to $31,432 overhead zone. The BTC/USDT pair may then rise to $32,400 where the bears may again pose a strong challenge.
This positive view will be negated in the near term if the price turns down and breaks below the 20-day EMA. That could sink the pair to the 50-day simple moving average ($27,849).
Ether price analysis
Ether (ETH) turned down from the overhead resistance at $2,000, indicating that the bears are actively guarding the level.
The bears will have to sink and sustain the price below the moving averages to indicate that the ETH/USDT pair may continue its consolidation between $2,000 and $1,626 for some more time.
Alternatively, if the price rebounds off the 20-day EMA ($1,876), it will suggest that the sentiment has turned positive and traders are buying the dips. That will enhance the prospects of a break above $2,000. The pair may then soar to the $2,142 to $2,200 resistance zone.
BNB price analysis
Buyers tried to stretch BNB’s (BNB) recovery above the 20-day EMA ($245) on July 3 but the bears aggressively sold near the 38.2% Fibonacci retracement level of $252.
The price skidded back below the 20-day EMA on July 4, indicating that the bears remain active at higher levels. The flattish 20-day EMA and the RSI in the negative territory indicate that the BNB/USDT pair may continue to oscillate between $257 and $220 for a few more days.
Instead, if the price turns up from the current level and breaks above $257, it will suggest that the sentiment is gradually turning positive and the bulls are buying the dips. The positive momentum could pick up after buyers thrust the price above the $257 to $265 resistance zone.
XRP price analysis
The bears have held off the attempts by the bulls to drive and sustain XRP (XRP) above the moving averages, indicating that higher levels continue to attract sellers.
The bears will try to strengthen their position further by pulling the price below the immediate support at $0.44. If they can pull it off, the selling may intensify and the XRP/USDT pair could plunge to the strong support at $0.41.
The first sign of strength will be a break and close above the moving averages. That could open the doors for a potential rally to the $0.56 to $0.59 resistance zone where the bears are expected to mount a strong defense.
Cardano price analysis
The narrow range trading in Cardano (ADA) resolved to the downside on July 5. This suggests that the short-term bulls have given up and are booking profits.
If the price sustains below the 20-day EMA ($0.29), the bears will try to sink the ADA/USDT pair to $0.26. Such a move will suggest that the pair may remain stuck inside the $0.30 to $0.24 range for a few more days.
Conversely, if the price turns up from the current level and breaks above $0.30, it will suggest the start of a sustained recovery. There might be a minor pit stop at the 50-day SMA ($0.32) but it is likely to be crossed. Above this level, the pair could surge toward $0.38.
Dogecoin price analysis
The bulls again tried to push and sustain Dogecoin (DOGE) above the overhead resistance of $0.07 on…
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