CoinWorld reports:
Bitcoin is undergoing an intense battle between bulls and bears. Buyers are trying to keep the price within the range of $56,552 to $73,777, while bears are attempting to push the price down. Sellers brought the price down to around $53,500 on July 5, but the lower price attracted buying interest from bulls.
The recent decline in Bitcoin has intensified the selling pressure on several altcoins, but some of them have managed to hold onto strong support levels. If Bitcoin starts moving towards $60,000, these altcoins may lead the recovery.
Bitcoin Analysis
On July 5, Bitcoin broke below the support level of $56,552, but bulls bought the dip and successfully defended that level at the close.
However, bears are unlikely to give up easily and will attempt to push the price down again and keep it below $56,552. If they succeed, the BTC/USDT pair could drop to $53,485 and eventually to the strong support level of $50,000.
The downward 20-day exponential moving average (EMA) of $61,231 indicates bearish dominance, but the positive divergence of the relative strength index (RSI) suggests that the bearish momentum may be weakening.
Buyers must push the price above the 20-day EMA to indicate that the range between $56,552 and $73,777 may continue for some time.
On the 4-hour chart, the 20-EMA is flattening, and the RSI is slightly below the midpoint, indicating a weakening selling pressure. The downward trendline is a key level to watch for an upside breakout. A close above that line would indicate that the correction may have ended. The currency pair could then rise to $64,602.
On the flip side, a drop and close below $56,552 would indicate that bears continue to sell on rallies. This could put the level of $53,485 at risk of being breached.
Solana Analysis
Solana is forming a bearish descending triangle pattern, which will be completed on a breakout and close below $116.
One bullish point is that the RSI shows signs of forming a positive divergence. This suggests that selling pressure may be easing. If bulls push the price above the 20-day EMA ($141), the SOL/USDT pair could attempt a rebound to the 50-day simple moving average (SMA) ($153) and then the downward trendline.
On the other hand, if the price falls below the 20-day moving average and breaks below $116, the bearish setup will be completed. The currency pair could then plummet to $80.
The strong bounce from $121 suggests that bulls are firmly defending the support level of $116. If the price rises from the current level and breaks above $145, the next target could be $155. This level could once again serve as a solid barrier, but if it is broken, the currency pair could rise to the downward trendline.
On the downside, if bears push the price below $130, they will have the upper hand. This would put the support level of $121 at risk of being breached. If that happens, the currency pair could drop to $116.
Polkadot Analysis
Polkadot plummeted to $4.91 on July 5, but the long tail on the candlestick indicates robust buying at lower levels.
Bulls continued to buy on July 6, pushing the price above the 20-day moving average ($6.08). This suggests that bears are losing control. If buyers break above the 50-day moving average ($6.54) barrier, the DOT/USDT pair could attempt a rebound to $7.29 and then rise to $7.77.
On the other hand, if the price falls below the 50-day moving average, it indicates that bears are active at higher levels. If the currency pair breaks below the support area of $5.38 to $4.91, selling pressure could intensify.
On the 4-hour chart, the currency pair has seen a V-shaped recovery from $4.92. The 20-EMA has started to rise, and the RSI has reached the positive zone, indicating that bulls are attempting a comeback. If buyers push the price above $6.60, the currency pair could gain momentum and rise to $7.29.
On the contrary, if the price drops and breaks below the 20-EMA, it suggests that bulls are exhausted. Selling pressure could intensify, and if the currency pair falls below $5.60, it could retest the strong support level of $4.91.
NEAR Analysis
NEAR has been trading between $4.28 and $8.58 for the past few days. Bears brought the price below the support level on July 5 but failed to sustain it at lower levels.
Although the downward moving averages indicate bearish dominance, the positive divergence of the RSI suggests that selling pressure may be weakening. A breakout and close above the 20-day moving average ($5.17) would be the first strong sign of strength.
The NEAR/USDT pair could rise to $5.63. This level could act as resistance, but if broken, the currency pair would complete a short-term double bottom pattern with a target price of $6.11.
Alternatively, if the price falls below $4, it indicates the start of a new downward move. The currency pair could drop to $3.50 and then to $3.
On the 4-hour chart, the 20-EMA is flattening, and the RSI is slightly below the midpoint, indicating a balance of supply and demand. If bulls push the price above the 50-SMA, the currency pair could rise to $5.63. This level could be a strong resistance, but if broken, the currency pair could start rising towards $6.71.
If the price drops significantly from the current level and falls below $4, bears will have the upper hand. This could trigger a new downward trend, with a drop to $3.50.
Kaspa Analysis
On June 29, Kaspa (KAS) closed above the resistance level of $0.19, but bears failed to capitalize on the breakout.
The price dropped on June 30 but found support below the 50-day moving average ($0.15) on July 5. This indicates that bulls are actively defending the 50-day moving average. Buyers are trying to push the price above the 20-day moving average ($0.17) and sustain it. If they succeed, it would indicate that the correction may have ended. The KAS/USDT pair could rise to $0.19.
If the price falls below the 50-day SMA, this bullish view would be invalidated in the short term. This could push the price down to $0.13 and eventually to $0.10.
On the 4-hour chart, bears are attempting to prevent a recovery above the 50-SMA. If the price rises from the current level or from $0.16, bulls will once again attempt to break the barrier of the 50-SMA. If they succeed, the currency pair could rise to $0.19.
On the other hand, if the support level of $0.16 is broken, it indicates that bears are still active and selling on rallies. This could push the currency pair down to the strong support level of $0.14. Bulls are expected to strongly defend this level.
