Published on juli 4, 2024, 12:32 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin and altcoins are facing bearish pressure with uncertainty about the continuation of the current bull market. Bitcoin struggles at $60,000 support level. Potential buying opportunities seen at lower levels due to U.S.-based spot Bitcoin ETFs. Other top cryptocurrencies face challenges and opportunities based on technical analysis against key moving averages. Traders and investors need to be vigilant about critical support and resistance levels amid increased volatility." } ] ```
Bitcoin price has been struggling to trade above $60,000, facing significant bearish pressure. This struggle is mirrored by the altcoins, which are also showing signs of weakening bullish momentum. The question looming now is whether this signifies the end of the current bull market in cryptocurrencies.
Bitcoin’s recent revisit to the $60,000 support level on July 3 indicates a sustained selling pressure from bears. Breaking through the $60,000 to $56,552 support zone might prove challenging as bulls are expected to defend this zone vigorously. The uncertainty surrounding Bitcoin’s price movements is further heightened by potential selling pressure from Mt. Gox creditors who might seek to capitalize on their repayments received in early July.
However, amidst this turmoil, there are indicators suggesting potential buying opportunities at lower levels driven by U.S.-based spot Bitcoin exchange-traded funds, accumulating substantial net inflows since their inception in January. The interaction between these opposing forces could lead to increased volatility in the coming days.
Moving beyond Bitcoin into other top cryptocurrencies, such as Ethereum (ETH), Binance Coin (BNB), Solana (SOL), XRP, Dogecoin (DOGE), TON Coin (TON), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB); each coin faces its own set of challenges and opportunities based on technical analysis.
For instance, Ethereum saw resistance near the 20-day EMA ($3,451) on July 1, implying bearish sentiments prevailing at higher levels. On the other hand, Binance Coin experienced rejection near the 20-day EMA ($585) on the same day.
The dynamics of different altcoins against key moving averages and levels like 50-day SMA present varying scenarios for traders and investors alike. Understanding these critical support and resistance levels becomes paramount for those navigating the crypto market landscape.
It’s essential to note that this article does not offer investment advice but rather aims to provide insights into the current market conditions of various cryptocurrencies. As with any investment or trading decision in the volatile cryptocurrency space, thorough research and caution should always be exercised by readers before taking any actions.
Original article posted by Fox News
