Crypto Price Analysis 7-04 BTC, ETH, SOL, BNB, ADA, UNI, DOGE, APT

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Bitcoin (BTC) has seen a sharp drop during the week, with selling pressure continuing to mount. The cryptocurrency is struggling to trade above $60,000 and is down by over 2% during the ongoing session.

Additionally, the gains made by altcoins are also beginning to turn red as the crypto market sees a significant slide. Is this a correction, or are we seeing the bull market ending?

Bitcoin (BTC) Dives Below $60,000

Bitcoin (BTC) fell to a low of $59,317 on Wednesday and has continued its downward trajectory during the current session, losing the crucial $60,000 level. Bears have maintained their selling pressure and are now looking to push BTC below $58,000. However, bulls are expected to defend at this level, which means that BTC could stay within its trading range for some time. A continuation in BTC’s downward trajectory can be attributed to the selling pressure created by Mt. Gox creditors, who may look to book profits after receiving their repayments later in July.

BTC could see buying from US-based spot Bitcoin ETFs, which have registered a staggering $14.8 billion in net inflows since their launch in January. For the short term, BTC faces considerable uncertainty because it is difficult to predict just how much BTC Mt. Gox creditors will dump in the open market. A significant chunk of BTC will also go to OTC trading desks. This uncertainty could lead to a considerable level of volatility in the markets.

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Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has been on a downward trajectory since it was rejected at $64,000 on Monday. Sellers pushed back as BTC fell considerably, eventually registering only a marginal increase of 0.24% on Monday. This was in stark contrast to the 2.88% it gained just a day prior. With the 20-day SMA bearing down, increasing selling pressure pushed BTC down by 1.25%, as it fell to $62,106 on Tuesday.

BTC continued to drop on Wednesday, dropping by just over 3% to $60,215. This was after it fell to a day low of $59,317. However, buyers were able to prop the price back above the support level of $60,000. The current session sees bears attempting to overwhelm the support level at $60,000, with the BTC price currently down to $58,925. We could see the price drop further, but the 200-day SMA could act as a dynamic level of support and prop up the price. However, if the bears can strengthen their position, we could see a drop to $56,000, a level buyers are expected to defend vigorously. This is because if sellers are able to overwhelm the lower end of BTC’s trading range, it could start a downtrend, dragging BTC’s price to $50,000.

Source: TradingView

Should BTC rebound from its support levels, bulls could push the price back above $60,000. A sustained upward momentum could also see BTC test the 20-day SMA.

Ethereum (ETH) Price Analysis

Ethereum (ETH) fell below its crucial support level of $3,350 as selling pressure dragged the price below $3,300. ETH started the week on a bullish note and tested the $3,500 level on Monday. However, bears pushed the price down, with ETH eventually slipping back below the 20-day SMA and settling at $3,441. Buyers were unable to push ETH above the 20-day SMA, with ETH turning bearish on Wednesday and registering a drop of 0.66% to $3,418. ETH’s drop from $3500 indicates that bears are very active at higher levels.

Bears cracked the crucial support at $3,350 on Wednesday, as ETH dipped by 3.64%, dropping to $3,293. The current session sees ETH at $3,224 as sellers look to push the price below $3,200. So, where does ETH go from here? Currently, the bears have an edge, as can be seen by the downward sloping 20-day SMA and the RSI. With the increasing selling pressure, bears will attempt to push ETH down to $3,000, which bulls will be expected to defend.

Source: TradingView

For any substantial recovery, ETH must reclaim its support level of $3,350 and push above the 20-day SMA. A close above this level could see ETH attempt to go above $3,500 and move towards $3,700. Key resistance levels lie at $3,460 and $3,550.

Solana (SOL) Price Analysis

Solana (SOL) has registered a drop of over 9% over the past 24 hours, with the price struggling thanks to the uncertainties around Bitcoin and the larger crypto market. SOL started the week on a positive note, registering a 4.57% increase on Sunday, rising to $146.62. This increase also took SOL past the 20-day SMA, as buyers attempted to push the price past $150. After a marginal increase on Monday, SOL rose by nearly 5%, as strong bullish sentiment took the price past $150, with SOL settling at $153.86 on Tuesday.

The markets turned bearish on Wednesday, as SOL dropped by 8.53%, falling back below $150 and settling at $140, where the 20-day SMA acted as a level of support. However, with selling pressure intensifying during the ongoing session, sellers were able to push the price below $140. SOL is currently down by over 4% and trading below the 200-day SMA at $134.53.

Source: TradingView

So, will bearish sentiment continue to drag SOL lower, or will there be a recovery? The price chart shows that the 20-day SMA is flattening out, while the RSI is located around the midpoint, indicating a balance between supply and demand. If SOL is unable to push back above the 200-day SMA, we could see the price slide to $120. However, if this level of support holds, SOL could attempt to retake $140. A close above this level could fuel a push back toward $150.

BNB Price Analysis

BNB has seen considerable market fluctuations over the past week as buyers and sellers struggled for control. BNB traded between its support level of $560 and $590 for almost all of last week. After ending the previous week on a positive note, BNB registered a drop of 0.91% after failing to move past the 20-day SMA. Tuesday saw a marginal increase, but with bearish sentiment growing, BNB dropped by 4% on Wednesday, a drop that saw bears breach the support level at $560. The current session sees BNB continue to drop, with the price slipping below $550 as well. Currently, the cryptocurrency is trading at $534, down by almost 4%.

Source: TradingView

With the bears having managed to breach $560 and $550, we could see BNB drop all the way to $500, where it could find support. If we do see a rebound, it could be indicative of strong demand at lower levels. However, bulls will have to push BNB above $560 and $600 levels to suggest that the correction is over. Overall, the signals are bearish for BNB, with the RSI close to lower levels and the MACD also indicating bearish signals, as seen in the price chart above.

Cardano (ADA) Price Analysis

Cardano (ADA) had been trading between $0.35 and $0.40 since June 20, as buyers and sellers attempted to take control of the market. Market sentiment began changing over the weekend when bulls mounted an attempt to push ADA above the 20-day SMA. ADA reached a day high of $0.40 on Saturday, but with bears defending this level, the price retreated, eventually registering a marginal drop of 0.26%. However, Sunday saw bulls establish control, with ADA rising by 2.08% to $0.39. Despite this increase, ADA was unable to move past the 20-day SMA.

Source: TradingView

That happened on Monday, as ADA registered an increase of almost 3%, rising above the 20-day SMA to $0.40. Tuesday saw ADA push above the resistance level, rising to $0.41 after an increase of 3.72%. However, with bears active at higher levels, ADA registered a 2,63% drop on Wednesday, dropping back to $0.40. The current session sees ADA down by 3.44%, with the price holding just above the 20-day SMA. Any upward movement will face strong resistance at $0.40 and $0.43, where the 50-day SMA currently sits. However, if ADA fails to stay above $$0.40, we could see a drop to its support level of $0.35.

Uniswap (UNI) Price Analysis

Uniswap (UNI) has seen bearish sentiment take center stage this week, with the price registering a sharp decline since Monday, allowing bears to breach crucial support levels. After surging past $9 on Sunday, UNI attempted to push above $9.50. However, it was rejected at this level and registered a drop of 1.46%, falling to $9.14. Tuesday saw bears continue to dominate the market, with UNI dropping to $8.98. A drop of over 5.10% on Wednesday saw UNI slip below the 200-day SMA, which was acting as a dynamic level of support, and settle at $8.53. The current session sees UNI down by just over 5% as bears look to push the price below $8.

Source: TradingView

So, where does UNI go from here? If bears continue to dominate the market as they have, we could see the price drop below $8. If UNI can rebound from this level, we could see a push above $8.50 and then towards $9. However, at the moment, conditions around the cryptocurrency remain bearish.

Dogecoin (DOGE) Price Prediction

Dogecoin (DOGE) failed to push above the 20-day SMA on Monday, indicating strong selling pressure and a lack of demand at higher levels. As a result, DOGE fell to $0.123. Buyers made another attempt to push DOGE above the 20-day SMA, with the price rising to $0.125. However, the bulls could not sustain momentum, and DOGE dropped by 5.90% on Wednesday, and bears pushed the price below the crucial $0.120 level to $0.118. The current session sees DOGE firmly in the red, trading at $0.112, which is a decline of 4.49%.

Source: TradingView

With DOGE losing the $0.120 support level, we could see the price decline to $0.10. Bulls must push DOGE back above $0.120 if they want to prevent such a scenario. A close above this level could see DOGE rebound towards the 20-day SMA.

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Aptos (APT) Price Analysis

Aptos (APT) has lost nearly 30% over the past month as it continues its downward trajectory. The cryptocurrency has been trading below the 20-day SMA, which has been acting as a dynamic level of resistance. After a positive weekend, APT bulls attempted to push above the 20-day SMA, with the price rising to a day high of $7.23. However, selling pressure and a lack of demand pushed the price back down, with APT ending the day in the red. Tuesday saw the continuation of bearish sentiment, with the price dropping below $7 and closing at $6.95. Selling pressure intensified on Wednesday, with APT dropping by over 5% to $6.59. The current session sees APT down by 5.12%, trading at $6.25. If APT continues to decline, we could see the price drop to $6, where we could see some buying activity.

Source: TradingView

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.