Key Points:
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Bitcoin is aiming to find support near $112,000, but higher levels are likely to trigger selling from bears.
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The significant pullback in various altcoins suggests that a new upward move may take time.
Bitcoin (BTC) bulls are working to keep the price above $115,000, but they are encountering strong resistance from bears. Arthur Hayes, Chief Investment Officer of Maelstrom Fund, remarked on X that a sluggish credit market and slower job creation could drive BTC down to $100,000 and Ether (ETH) to $3,000.
US spot BTC and ETH exchange-traded funds (ETFs) also reflected cautious sentiment among traders. Bitcoin ETFs saw net outflows of $812.25 million on Friday, and Ethereum ETFs experienced $152.26 million in outflows, ending a streak of inflows lasting 20 days, according to SoSoValue data.
Nevertheless, the recent uncertainty hasn’t deterred public companies from increasing their BTC and ETH holdings. Japanese investment firm Metaplanet announced on Monday that it acquired 463 BTC at an average price of approximately $115,895, raising its total to 17,595 BTC.
Similarly, SharpLink purchased 30,755 ETH at an average price of $3,530, bringing its total holdings to 480,031 ETH.
Could BTC surpass its overhead resistance? Would this spark a recovery in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) climbed to a new all-time high on Thursday but observed profit-taking at those elevated levels.
On Friday, selling pressure continued, bringing the price below the 20-day simple moving average (SMA) (6,306). Bulls are attempting to regain control by pushing the price back above the 20-day SMA on Monday. Success could lead the index to retest its all-time high of 6,427.
If the price, however, declines from the 20-day SMA, it suggests that higher rallies are being sold. The index might then fall to the 50-day SMA (6,139), which is likely to attract buyers.
US Dollar Index Price Prediction
The US Dollar Index (DXY) broke above the 50-day SMA (98.29) on July 28 but faced resistance at 100.54 on Friday.
Bulls are trying to halt the pullback near the moving averages, indicating that selling pressure is easing. A price rise above 100.54 could lead to a recovery toward the 102 level. A breakout and close above 102 would indicate a potential short-term bottom.
Sellers must pull the price below the moving averages to maintain their advantage. If they achieve this, the index might drop to 97.10.
Bitcoin Price Prediction
BTC fell below the neckline of the inverse head-and-shoulders pattern on Friday but found support at the 50-day SMA ($112,262).
The 20-day SMA ($117,237) is starting to decline, and the relative strength index (RSI) is just below the midpoint, indicating that bears are attempting a resurgence. The anticipated relief rally may encounter selling between the neckline and the 20-day SMA.
Related: Bought the $112K dip? 5 signs Bitcoin’s bull run is about to return
The risk of a drop below critical support at $110,530 rises if the price retreats from the resistance zone. In such a scenario, the BTC/USDT pair could decline to $105,000 and then to $100,000.
Buyers need to push the price above the 20-day SMA to take control. If successful, the pair could retest the resistance zone between $120,000 and $123,218.
Ether Price Prediction
ETH is finding support between the 50% Fibonacci retracement level of $3,422 and the 61.8% retracement level of $3,300.
The relief rally may face selling at the 20-day SMA ($3,652); however, if bulls prevail, the ETH/USDT pair could rise to $3,941 and eventually to $4,094. Sellers are anticipated to mount firm defense at $4,094.
If the price declines from the 20-day SMA and falls below $3,354, it indicates that bulls are losing their hold, increasing the risk of a drop to the 50-day SMA ($3,013).
XRP Price Prediction
XRP (XRP) dipped below $2.95 on Saturday but rebounded off the 50-day SMA ($2.66) on Sunday, signaling buying at lower levels.
The XRP/USDT pair could rise to the 20-day SMA ($3.19), where bears are expected to reenter. If it declines from the 20-day SMA, the pair might remain range-bound between the moving averages for additional days.
A breakout and close above the 20-day SMA would pave the way for a rally to $3.33 and then $3.66. Conversely, a drop below the 50-day SMA indicates the start of a deeper correction toward $2.40.
BNB Price Prediction
BNB (BNB) fell below the 20-day SMA ($769) on Friday, reaching solid support at $732 on Saturday.
The BNB/USDT pair rebounded off $732 on Sunday, but the recovery may face significant selling at the 20-day SMA. If the price sharply declines from here, bears will aim to push the pair below $732, potentially dragging it down to the 50-day SMA ($702).
Conversely, a breakout and sustained close above the 20-day SMA suggests strong buying on dips, with the pair possibly climbing to $794 and then $815.
Solana Price Prediction
Sellers pushed Solana (SOL) below the 50-day SMA ($161) on Saturday but couldn’t maintain those lower levels.
The relatively flat moving averages and RSI in the negative zone do not provide a clear advantage to either bulls or bears, suggesting the SOL/USDT pair may trade within the moving averages for some time.
A breakout and close above the 20-day SMA ($179) would favor the bulls, potentially leading to a rally toward $195. However, a close below $155 would grant bears an advantage, potentially driving the pair down to $144 and then to $137.
Dogecoin Price Prediction
Dogecoin (DOGE) has been trading within a broad range between $0.14 and $0.29 for several months.
The flat moving averages and negative RSI indicate that this range-bound behavior might continue for some time. A break and close below the 50-day SMA ($0.19) could lower the price to a key support level at $0.14.
The first sign of strength would be a close above the 20-day SMA, allowing the DOGE/USDT pair to rise to $0.26 and eventually to $0.29. Sellers are expected to defend the $0.29 level vigorously.
Cardano Price Prediction
Cardano (ADA) rebounded from the 50-day SMA ($0.68) on Sunday, indicating demand at lower levels.
Both moving averages have flattened out, and the RSI is at the midpoint, suggesting a balance between supply and demand. This could keep the ADA/USDT pair range-bound for a while.
Sellers are likely looking for opportunities to retract the price below the 50-day SMA. If they succeed, it could extend the pullback towards solid support at $0.50. Buyers must push to keep the price above the 20-day SMA to gain the upper hand.
Stellar Price Prediction
Stellar (XLM) is attempting to rebound from the 61.8% Fibonacci retracement level of $0.34, but the relief rally may encounter resistance at the 20-day SMA ($0.43).
A sharp decline from the 20-day SMA would indicate negative sentiment, with traders selling on rallies, which could bring the price down to the 50-day SMA ($0.33), a critical support level. If the 50-day SMA fails, the XLM/USDT pair could fall to $0.29.
Buyers need to sustain the price above the 20-day SMA to signal a potential recovery, which could then allow the pair to rise to $0.46 and eventually to $0.49.
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.
