Published on juli 25, 2024, 12:28 am
Image source: Fox News
```json { "TLDR": "Bitcoin bulls defend $65,500 to avoid drop, Mt. Gox funds distributed, market indecisive. Ether struggles near $3,411 support level, while BNB aims for $722 if rebound holds. Solana retraces after hitting $185, XRP holds above $0.57 with target at $0.74, Dogecoin finds support at $0.13 aiming for $0.15. TON nears crucial support at $6.77, Cardano dips but buyers may step in. Altcoins like AVAX & SHIB show short-term trends needing attention." } ```
Bitcoin bulls are currently working hard to defend the $65,500 level to prevent a potential drop to $62,000. In recent news, crypto exchange Kraken revealed that all funds have been distributed to Mt. Gox creditors sparking interest in the crypto world.
Despite these developments, Bitcoin’s (BTC) volatility hasn’t surged, indicating that recipients may not be rushing to cash out as expected. The introduction of spot Ether (ETH) exchange-traded funds (ETFs) also failed to create significant impact on Ether’s market, signaling a cautious approach from investors.
The cryptocurrency market has been in a state of consolidation, with Bitcoin and major altcoins showing signs of indecision between bullish and bearish sentiment. The price range remains crucial for Bitcoin as it hovers between $56,552 and $73,777, with key support at $65,000 and resistance at $70,000 and $72,000.
Ether experienced a bounce from the 50-day SMA ($3,411), but struggles to maintain momentum. A break below the 50-day SMA could lead to a drop towards the 20-day SMA ($3,272). On the other hand, breaking above $3,563 may pave the way for further gains.
Similarly, BNB faced resistance at $635 and pulled back to the 50-day SMA ($583). A strong rebound from this level could signal bullish strength aiming for $722. Conversely, breaking below the 50-day SMA might indicate further consolidation within the range.
Solana retraced after reaching $185 but maintained an upward trend supported by the 20-day SMA ($154). A break above $185 could push SOL/USDT towards $210 unless it re-enters a descending triangle pattern.
XRP held firm above the $0.57 support level amidst fluctuations. Breaking above $0.64 may trigger a move towards substantial resistance at $0.74 for XRP/USDT pair.
Dogecoin found support at the 50-day SMA ($0.13) with potential targets set at $0.15 and beyond if bullish momentum prevails.
TON is currently hovering near its range support at $6.77; a break below may indicate bearish pressure targeting lower levels conversely breaking through resistance points like the bears trying to mount tough defense near potential resistances.
Cardano dipped towards moving averages but buyers are expected to intervene around current levels aiming for targets beyond based on market sentiment shifts continuing rallying activity.Short-term weather shifts in trends also observed across multiple currencies like AVAX & SHIB needing release top down pressure or buying interest off moving average supports respectively.
As always when investing or trading in cryptocurrencies particularly altcoin options read up research benchmarks for self-sufficiency without shared resources
Original article posted by Fox News
