Published on juli 8, 2024, 4:25 pm
Image source: Fox News
```json [ { "TLDR": "Bitcoin needs to stay above $53,500 for altcoins like SOL, DOT, NEAR, and KAS to recover. Recent market battle kept Bitcoin between $56,552-$73,777. US ETFs saw $143.1M inflow on July 5th. Altcoins holding support levels could lead a recovery if Bitcoin aims for $60,000. Crossing 20-day EMA ($61,231) is crucial for Bitcoin's stability. Solana shows bearish pattern under $116; Polkadot resilient near $4.91; NEAR consolidating between $4.28-$8.58 with weakening selling pressure; Kaspa closed above resistance at $0.19 but facing bearish pressure." } ] ```
To initiate a recovery in altcoins like SOL, DOT, NEAR, and KAS, buyers will need to hold Bitcoin above the $53,500 mark. The recent battle between bullish and bearish sentiments in the crypto market has kept Bitcoin trading within a range of $56,552 to $73,777. Despite a dip close to $53,500 on July 5th, the bulls stepped in to buy at lower levels.
In the United States-based Spot Bitcoin exchange-traded funds sector, significant net inflows of $143.1 million were noted on July 5th – the highest in a month. This surge indicates growing interest among investors. According to Bitwise Asset Management CEO Hunter Horsley, those without exposure to Bitcoin have an opportunity to enter the market as its potential seems robust.
Bitcoin’s recent decline has impacted several altcoins; nonetheless, some have managed to cling onto their support levels. These resilient altcoins might lead a recovery if Bitcoin shows movement towards breaching the $60,000 mark.
For Bitcoin investors looking for signs of a potential uptrend, crossing crucial resistance levels is imperative. The virtual currency must surpass the 20-day EMA ($61,231) to signal continued stability between $56,552 and $73,777 for some time ahead.
Analyzing specific cryptocurrencies such as Solana (SOL), Polkadot (DOT), NEAR Protocol (NEAR), and Kaspa (KAS) reveals unique patterns and support levels essential for predicting future price actions.
Solana is exhibiting a bearish descending triangle pattern nearing completion below $116 unless bulls intervene successfully. Conversely, Polkadot plunged on July 5th but showed buying resilience near $4.91 indicating potential bullish momentum building up.
NEAR Protocol has been consolidating between $4.28 and $8.58 with indicators suggesting weakening selling pressure despite downward moving averages favoring bears. On the other hand, Kaspa closed above key resistance at $0.19 before facing bearish pressure that can be negated if it continues above key levels.
As observed from technical analyses across these altcoins linked closely to Bitcoin’s performance trends reflect critical levels that might dictate future price movements in this volatile cryptocurrency market environment.
Original article posted by Fox News
