Home Altcoins News Crypto Market Analysis: Bitcoin and Altcoins Grapple with Resistance Amidst Bearish Pressure

Crypto Market Analysis: Bitcoin and Altcoins Grapple with Resistance Amidst Bearish Pressure

altcoins

Bitcoin and altcoins find themselves embroiled in an intense struggle against formidable resistance levels, signaling the continued dominance of bears in the market. This situation calls for caution among traders who navigate the ever-evolving crypto landscape, where uncertainty looms large.

Bitcoin, the leading cryptocurrency, currently lingers near the $31,000 mark, making it a crucial threshold to monitor closely in the short term. While it managed to break and close above $31,000 on July 3, the subsequent failure to sustain this upward momentum highlights the prevailing bearish sentiment that has yet to loosen its grip.

At the heart of the battle lies the 20-day exponential moving average (EMA) at $29,673, a critical support level that demands careful attention. A rebound from this level would signify a display of bullish strength, igniting hopes for further price appreciation. In such a scenario, Bitcoin might surpass the overhead resistance zone spanning $31,000 to $31,432, setting its sights on the $32,400 milestone. However, a downward spiral below the 20-day EMA could potentially lead the price towards the 50-day simple moving average (SMA) positioned at $27,849, signifying a bearish shift in momentum.

Ether (ETH), the second-largest cryptocurrency by market capitalization, faces its own share of challenges as it encounters resistance at the pivotal $2,000 level, staunchly defended by the bears. If the price remains below the moving averages, it suggests a continued consolidation phase, with Ether oscillating between the $2,000 and $1,626 ranges. Conversely, a rebound from the 20-day EMA at $1,876 would rekindle positive sentiment and indicate a renewed appetite for buying dips. This could potentially pave the way for a breakthrough above $2,000, with eyes set on the resistance zone spanning $2,142 to $2,200.

Binance Coin (BNB) also finds itself in the midst of a challenging struggle as buyers endeavor to push its recovery above the 20-day EMA. However, their efforts are met with strong selling pressure near the 38.2% Fibonacci retracement level at $252. As a result, the BNB/USDT pair may continue to navigate within the confines of the $257 to $220 range, characterized by price oscillation. A decisive break above $257 would signify a shift in sentiment, with bulls gaining confidence and actively seeking opportunities to buy on dips. Such positive momentum could potentially lead to the breach of the $257 to $265 resistance zone, paving the way for further upward movement.

Other altcoins, including XRP, Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Polygon (MATIC), face their own unique challenges as they battle against bearish pressure and attempt to overcome key resistance levels. Traders should closely monitor the support and resistance levels specific to each cryptocurrency, keeping a watchful eye for potential breakthroughs or reversals in these ever-changing market conditions.

Caution should be exercised by traders due to the prevailing macroeconomic uncertainties that continue to cast a shadow over the crypto market. The release of United States inflation figures and the Federal Reserve’s forthcoming monetary decisions hold immense potential to influence the market dynamics in the coming weeks. Staying informed about these critical developments will provide valuable insights necessary to navigate the volatile crypto landscape successfully.

In conclusion, Bitcoin and altcoins find themselves locked in an intense struggle against stubborn resistance levels, with bears firmly in control. Navigating this challenging market demands cautious decision-making from traders. Whether it’s closely monitoring crucial support and resistance levels or staying attuned to macroeconomicdevelopments, a vigilant approach is necessary. The battle between bears and bulls rages on, shaping the future of the crypto market. As traders tread cautiously, the fate of Bitcoin and altcoins hangs in the balance, awaiting a breakthrough that could potentially tip the scales in favor of bullish momentum. Stay informed, stay alert, and brace yourself for the next chapter in this captivating crypto showdown.

Read more about:
Share on

Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.