Originally published on: August 02, 2024
As Bitcoin hovers around $63,100, the crypto market faces uncertainty amidst global equity market weakness. With August historically showing minimal gains for Bitcoin, the bulls are struggling to maintain key resistance levels.
Despite short-term challenges, analysts like Willy Woo remain optimistic about Bitcoin’s long-term potential. Financial institutions may boost Bitcoin to $700,000 with a 3% portfolio allocation.
The fate of Bitcoin’s $60,000 support level remains uncertain, impacting select altcoins like Ethereum, Binance Coin, Solana, and more. Let’s delve into the top 10 cryptocurrencies to uncover potential trading opportunities.
Bitcoin: While the bulls defend the $55,724 level, a breakout above $73,777 could signal a bullish trend. Conversely, a drop below $60,000 may lead to further selling pressure.
Ethereum: With support at $2,850, a break above moving averages could initiate a rally towards the downtrend line.
Binance Coin: Trading in a range between $495 and $635, a breach below $495 could intensify selling, while a move above $600 may push the price to $635.
Solana: Currently at $147 with support at $116, a rebound above the 20-day EMA could signal bullish momentum.
XRP: Fluctuating between $0.41 and $0.64, a break above $0.64 may indicate a bullish trend, while a drop below $0.41 could lead to further consolidation.
Dogecoin: With resistance at $0.12 and support at $0.10, a move above the moving averages could drive the price to $0.14.
TON Coin: Intense selling pressure may lead to a drop below $6.36, while a move above the 20-day EMA could fuel a rally to $7.26.
Cardano: Bears dominating below $0.38 may drive the price towards $0.33, with a breakout above moving averages signaling a potential trend reversal.
Avalanche: Holding strong above $24, a breach below could lead to a drop to $21.80, while a move above the moving averages may push the price to $29.
Shiba Inu: Gradual downside pressure may result in a drop to $0.000013, with a breakout above moving averages offering a potential rise to $0.000020.
With the crypto market facing uncertainty and key support levels in focus, traders need to stay vigilant for potential opportunities and risks in the coming days. Stay updated with critical market insights to refine your trading strategies and spot investment opportunities.