The Bitcoin (BTC) price fell as low as $58,474 on Monday as it shuttled between its support and resistance levels. BTC has been gradually falling towards its support level after failing to break past resistance.
Whether sellers can push BTC below its support level and completely take control of the market remains to be seen.
BTC Whales Cautious
Bitcoin whales have become a cautious lot since the asset slipped below its support level on Friday (June 21). Data from Santiment shows that whale transactions dropped to 9,921 transactions of more than $100,000. This is a sharp drop from the 17,091 transactions just two days prior. However, long-term traders could look at the dip as a buying opportunity, with Metaplanet, a Tokyo-based investment and consulting firm, outlining plans to issue 1 billion yen worth of bonds to raise money and purchase Bitcoin.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) continued its downward trajectory over the weekend, ending the previous week with a drop of 1.70% on Sunday to settle at $63,170. The current week began with BTC firmly in the red, as sellers controlled the session on Monday, pushing the price as low as $58,474. However, buyers entered the market at this level, pushing BTC back above $60,000. Eventually, the price settled at $60,330.
Source: TradingView
BTC has strong support at $60,000, and as a result, buyers entered the market at this level, pushing the price up by 1.04% during the current session. Currently, BTC is trading just under the $61,000 mark. So where does BTC go from here? As mentioned earlier, there is a strong level of support at $60,000, which is expected to attract buyers should BTC reach this level. Any uptick in price will face resistance at the $65,500 level, where the 20 and 50-day SMAs have completed a bearish crossover. Should sellers regain control, the support at $60,000 could be tested, and if breached, BTC could drop toward the $57,500 mark. Looking at the indicators, we have already mentioned the bearish crossover. A look at the Choppiness Index indicates that the market is range-bound, and the RSI is also in the oversold territory, indicating that the bears are currently in the driving seat.
Ethereum (ETH) Price Analysis
The Ethereum (ETH) price has been on a downward trajectory ever since it was rejected at the $4,000 resistance level. ETH’s latest test of this resistance level was on May 27, when it reached a high of $3,972. However, the elusive $4,000 mark remained out of reach. Over the past month, ETH has dropped over 10%, and selling pressure has intensified over the past few days. ETH dropped below the 50-day SMA on Sunday after a drop of 2.16% pushed the price to $3,420. Crucially, this drop took ETH below the $3,500 mark as well.
Source: TradingView
The current week began with intense selling pressure, pushing ETH as low as $3,241. However, buyers were able to push the price up, with ETH eventually dropping by just over 2% to $3,352. The current session sees ETH marginally up as buyers look to recover, but with strong bearish sentiment dominating the market, a reversal could see bears target the crucial $3,000 support zone. As we can see from the price chart, the 200-day SMA is also present at this level, further increasing the level’s importance.
The RSI has also dropped below 50, indicating a strengthening bearish sentiment. Should sellers breach the crucial support zone at $3,000, ETH could drop towards $2,800 and even $2500.
Solana (SOL) Price Analysis
Solana (SOL), which faced considerable selling pressure all through the previous week, has made a positive start to the current week. On Monday, SOL faced considerable selling pressure as bears looked to push the price below $130, a crucial support level. This support has been tested twice in April, with SOL rebounding impressively. So, could we see a similar recovery, or will SOL be dragged lower due to the Bitcoin factor?
Source: TradingView
On Sunday, SOL dropped as low as $128.19, but with buyers entering the market at this level, the price rebounded on Monday, but not after facing considerable selling pressure. SOL dropped to $121.97 before buyers pushed the price significantly, eventually helping SOL move past the crucial $130 level and settle at $132.33. The current session sees sellers remain in control, with SOL up 1.61% and trading at $134.46. Should SOL continue its upward trajectory, it could move past the 20-day SMA and test $150. However, if sellers can regain control and breach $130, we could see SOL drop to as low as $100.
Toncoin (TON) Price Analysis
Toncoin (TON) ended the previous week positively, registering an increase of 2.51% on Sunday to settle at $7.51. However, TON faced considerable resistance at this level, indicating that bears are vigorously defending the resistance level. As a result, TON faced significant selling pressure on Monday, dropping as low as $7.09. TON has a strong level of support at $6.60, and with the 50-day SMA acting as another prop, buyers were able to push the price back up to $7.46.
Source: TradingView
TON has registered a 4% increase over the past 24 hours as buyers look to test resistance levels once again. Should TON move past this level, we could see a jump to $8. However, if sellers regain control, the $6.60 support level could be tested again. If this level is breached, it could start a decline to $6 or even lower. The RSI is currently at a neutral level, giving TON a fair bit of room for positive price movements.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has shown incredible resistance, climbing above $0.12 despite facing considerable selling pressure on Monday. DOGE had been fairly bearish over the weekend, ending Sunday with a 1.61% drop to settle at $0.12. Monday saw bears tighten their grip as DOGE went as low as $0.11. However, the current session has seen a recovery of sorts, with DOGE up by 2.53% and back above $0.12.
Source: TradingView
$0.12 is a crucial support level for DOGE. If sellers can push the price below this level, DOGE could drop to $0.11 and go as low as $0.09. Such a scenario would indicate complete dominance by sellers. However, should bullish sentiment return and push DOGE above $0.12, we could see the price climb towards $0.15 on the back of sustained bullish pressure. For such a scenario, DOGE must first go past the 200-day and 20-day SMAs.
BNB Price Analysis
Binance Coin (BNB) has been on a downward trajectory since it hit its all-time high of $720 on June 6. Since then, selling pressure has pushed the price below $600. On Sunday, BNB closed below the ascending trendline support, indicating a bearish move. The RSI sitting below 50 further supports BNB’s bearish turn, as can be seen in the price chart below.
Source: TradingView
Currently, BNB has support at the $560 level. However, should sellers breach this level of support, BNB could see a 10% decline, which could push the price below $500 and retest its March low of $498. The current session sees buyers and sellers struggling to take control of the market. BNB had pushed up to $578 but is now trading at $571, indicating strong pushback.
Cardano (ADA) Price Analysis
Cardano (ADA) has been on a downward trajectory since the beginning of the month, with the 20-day SMA acting as resistance and pushing the price lower. ADA has consistently been rejected at the 20-day SMA, dropping as low as $0.35 on June 18 before recovering and settling at $0.38. Since then, ADA has been oscillating between $0.35 and $0.40. ADA has strong support at $0.35, a level where buyers are entering the market. However, ADA could plummet towards $0.30 if this support level is breached.
Source: TradingView
Should bullish sentiment return, ADA could climb and test the resistance at $0.40. If it is able to get past this level, the next target for ADA will be $0.45.
Shiba Inu (SHIB) Price Analysis
SHIB’s downward trajectory has mirrored the broader correction in the crypto markets. SHIB dipped below the 200-day SMA on June 18 after registering a drop of 6.42%. Since then, DOGE has witnessed considerable volatility, with selling pressure increasing closer to $0.000019, where the 200-day SMA was acting as resistance. DOGE dropped to $0.000017 on Monday, bringing it close to a critical support level at $0.000016. The current session sees DOGE up by 1.41% as buyers enter the market.
Source: TradingView
Analysts have predicted that DOGE could drop to $0.000016 and rebound, potentially rising to $0.000020. DOGE has also witnessed some consolidation over the past few days, as indicated by data from IntoTheBlock, which has shown a decline in whale transactions.
Polygon (MATIC) Price Analysis
MATIC has experienced a considerable decline since the beginning of the month, with its price dropping from $0.72 on June 6 to the current $0.57. While it has registered an increase of nearly 4% over the past 24 hours, it has dropped over 20% over the past month, indicating that the overall sentiment around the asset remains bearish. If Polygon’s bearish trend continues, we could see MATIC drop to $0.50, taking the price to a low not seen since October 2023.
Source: TradingView
However, should buyers build on the current session and counter the selling pressure, MATIC could test the resistance at $0.60 and look to move past the 20-day SMA. The asset could make moderate gains in the next few months if market sentiment improves.
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.
