Summary:
Bitcoin is battling between bulls and bears, with buyers trying to maintain a price range of $56,552 to $73,777.
Several altcoins, like SOL, DOT, NEAR, and KAS, could lead the recovery if Bitcoin pushes toward $60,000.
Solana (SOL) is forming a bearish descending triangle pattern, with potential for a rally if it breaks above the 20-day EMA.
Polkadot (DOT) showed strong buying at lower levels and could surge towards $7.29 if it clears the 50-day SMA.
NEAR Protocol (NEAR) might see a recovery if it breaks above the 20-day EMA, potentially reaching $5.63 and $6.11.
Kaspa (KAS) is trying to reclaim its position above the 50-day SMA, with potential for a rally towards $0.19.
Bitcoin's Recovery Stumbles: Altcoins in the Spotlight
Bitcoin (BTC) is locked in a tug-of-war between bulls and bears. While buyers aim to keep the price within the $56,552 to $73,777 range, sellers are pulling it lower. This recent fall has impacted several altcoins, but some have managed to hold their ground. These altcoins could lead the charge if Bitcoin pushes toward $60,000.
Bitcoin Price Analysis
Bitcoin slipped below $56,552 support on July 5, but buyers countered, defending the level on a closing basis. However, the bears are likely to make another attempt to push the price below $56,552, potentially bringing it down to $53,485 and ultimately to $50,000.
Key Levels to Watch:
- $56,552: Crucial support level. A break below could signal continued selling pressure.
- $53,485: Potential downside target if the bears prevail.
- $50,000: Solid support level to watch for a potential bounce.
Altcoin Analysis
Solana (SOL): Forming a bearish descending triangle pattern, SOL could rally if the price breaks above the 20-day EMA ($141). Otherwise, a break below $116 could lead to a decline towards $80.
Polkadot (DOT): DOT showed strong buying at lower levels and surged above the 20-day EMA ($6.08). Clearing the 50-day SMA ($6.54) could drive DOT toward $7.29 and potentially $7.77.
NEAR Protocol (NEAR): NEAR has traded between $4.28 and $8.58. While the downsloping moving averages suggest bearish pressure, a positive divergence on the RSI indicates weakening selling pressure. A break above the 20-day EMA ($5.17) could push NEAR towards $5.63 and potentially $6.11.
Kaspa (KAS): KAS closed above the $0.19 resistance on June 29, but the bears pushed it back down. A break above the 50-day SMA ($0.15) and the 20-day EMA ($0.17) could drive KAS towards $0.19.
Important Considerations:
- The market is volatile, and every investment carries risk.
- Conduct thorough research before making any trading decisions.
- These analyses are for educational purposes only and do not constitute financial advice.
Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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