After a short pullback, Bitcoin (BTC) has resumed its march toward the psychological resistance of $70,000. This suggests that every minor dip is being purchased. CryptoQuant CEO Ki Young Ju said in a post on X that “358K BTC has moved to permanent holder addresses” in July, suggesting that Bitcoin is “in an accumulation phase.”
World’s largest Bitcoin miner, Marathon Digital Holdings, added $100 million in Bitcoin to its Bitcoin holdings over the past month to take its total to more than 20,000 Bitcoin. The firm’s CEO and chairman, Fred Thiel, said in a July 25 X post that Marathon will “now go full HODL” in keeping Bitcoin as their strategic treasury reserve asset.
While most analysts are bullish for the long term, some have turned cautious in the near term. Capriole Investments founder Charles Edwards told Cointelegraph that the launch of Ether (ETH) exchange-traded funds (ETFs) in a somewhat weak market may create sell pressure in Bitcoin if some Bitcoin ETF institutional investors plan to diversify their holdings.
Will Bitcoin reach $70,000, or could higher levels witness aggressive selling by the bears? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin rebounded off the 20-day exponential moving average ($64,283) on July 25, signaling that the sentiment remains positive.
The bulls will try to clear the hurdle at $68,500 and reach the overhead resistance at $72,000. Sellers are expected to mount a fierce defense in the $72,000 to $73,777 zone. If the price turns down sharply from the zone but finds support at the 20-day EMA, it will signal that the bulls remain in control. That will improve the prospects of a break above $73,777.
The 20-day EMA remains the key level to watch out for on the downside because a break below it will suggest that the bulls have given up. That may sink the BTC/USDT pair toward $60,000.
Ether price analysis
Ether broke below the moving averages on July 24 and extended the slide on July 25, indicating that the bears are trying to form a lower high at $3,563.
The moving averages have started to turn down, and the RSI is just below the midpoint, suggesting a minor advantage for the bears. If the current recovery falters at the moving averages, it will increase the possibility of a drop to $3,000.
Conversely, if buyers push the price above the moving averages, it will signal that lower levels continue to attract buyers. The ETH/USDT pair may climb to $3,563 and subsequently to the downtrend line.
BNB price analysis
BNB (BNB) slipped below the 20-day EMA ($570) on July 25, but the long tail on the candlestick shows buying at lower levels.
The bulls will make another attempt to propel the price toward the overhead resistance of $635. Sellers are expected to defend this level with all their might because a break above it will clear the path for a rally to $722.
This optimistic view will be negated in the near term if the price turns down and breaks below $550. Such a move will signal that the BNB/USDT pair is likely to spend some more time inside the $495 to $635 range.
Solana price analysis
Solana (SOL) bounced off the downtrend line on July 25, indicating that the bulls are trying to flip the level into support.
The upsloping 20-day SMA ($163) and the RSI in the positive territory suggest that the bulls have the advantage. A break and close above $189 will open the doors for a rally to the overhead resistance of $210.
Alternatively, if the price turns down from $189 and breaks below the 20-day EMA, it will suggest that the demand dries up at higher levels. The pair may then drop to the 50-day SMA ($149).
XRP price analysis
XRP (XRP) turned down from the overhead resistance of $0.64 on July 25, indicating that the bears are active at higher levels.
The XRP/USDT pair is stuck between $0.57 and $0.64. The upsloping 20-day EMA ($0.56) and the RSI in the positive zone suggest that the bulls have the edge. If the price breaks above $0.64, the pair could start its journey toward the formidable hurdle at $0.74.
Contrarily, if the price turns down and breaks below the 20-day EMA, it will indicate that the short-term bulls are booking profits. That may start a move down toward the 50-day SMA ($0.50), signaling a large range formation between $0.41 and $0.64.
Dogecoin price analysis
Dogecoin (DOGE) bounced off the critical support at $0.12 on July 25, indicating that the buyers are trying to guard it.
The bulls will try to strengthen their position further by pushing the price above the $0.14 resistance. If they can pull it off, the DOGE/USDT pair could rise to $0.18, where the bulls are likely to face solid selling by the bears.
This positive view will be invalidated in the near term if the price turns down sharply and plummets below $0.12. That may accelerate selling and sink the pair to $0.10, where the bulls are expected to step in.
Toncoin price analysis
Toncoin (TON) broke and closed below the $6.77 support on July 25, completing a double-top pattern.
The bulls are trying to push the price back into the range on July 26, but they are likely to face stiff resistance from the bears at higher levels. If the price turns down from the 20-day EMA ($7.12), the bears will make another attempt to sink the TON/USDT pair to $6 and eventually to $5.50.
If buyers want to prevent the downside, they will have to swiftly drive the price above the moving averages. The pair could then climb to $7.72, where the bears will try to stall the recovery.
Related: Why is Bitcoin price up today?
Cardano price analysis
Cardano (ADA) pulled back below the moving averages on July 25, but the lower levels are attracting buyers.
If the price rises and maintains above the moving averages, it will suggest that the sentiment is turning positive and traders are buying on dips. The ADA/USDT pair could rally to $0.46 and then to $0.52.
On the contrary, if the price turns down sharply from the moving averages, it will suggest that the bears are trying to gain the upper hand. The pair could slide to the strong support at $0.35.
Avalanche price analysis
Avalanche (AVAX) broke below the moving averages on July 25, but the bears are struggling to sustain the lower levels.
The bulls are trying to push the price back above the moving averages and the resistance at $29. If they succeed, it will suggest that the AVAX/USDT pair has formed a higher low. The pair may then climb to $34 and later to $37.
Instead, if the price turns down from $29, it will suggest that the markets have rejected the higher levels. The bears will then try to pull the price down to the strong support at $24 and thereafter to $21.80.
Shiba Inu price analysis
Shiba Inu (SHIB) broke below the 50-day SMA ($0.000017) on July 23, but the bears have been unable to sink the price below $0.000015.
Buyers are trying to push the price back above the moving averages. If they do that, it will suggest that the SHIB/USDT pair may consolidate between $0.000015 and $0.000020 for a few days.
Contrarily, if the price turns down from the moving averages, it will suggest that the bears remain in charge. That will increase the likelihood of a break below $0.000015. The pair may then retest the support at $0.000013.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
