Bitcoin (BTC) is struggling for the $ 20,000 level at the time of writing. The outcome of the bullish and bearish conflict will determine the next breakout. The sharp decline in cryptocurrencies has pushed the total market capitalization of cryptocurrencies below $ 900 billion. According to CoinGoLive, 72 of the top 100 cryptocurrencies are down more than 90% from all-time highs. By comparison, the top 10 cryptocurrencies outperformed this fall, averaging 79% lower than their all-time highs.
bitcoin (BTC), has fallen more than 70% from its all-time high, but the bulls are struggling to stop the decline. Jurrien Timmer, global director of macros at Fidelity, pointed out that Bitcoin may be “cheaper than it looks” considering the price / network metric similar to the price / earnings ratio used in the stock market. The bulls are trying to hold Bitcoin above the psychological support of $ 20,000 but are facing a strong resistance at $ 23,362. This shows that the bears did not give up and continued to sell in the rallies. If the bulls push the price above $ 23,362, the pair could move up to the 20-day exponential moving average (EMA) ($ 26,574). Since altcoins are highly correlated with Bitcoin, investors need to closely observe the movements of BTC.
The battle of the bulls for Ethereum continues. The bulls bought the low $ 1,014 on June 15, as seen from the long tail on the day’s candlestick. However, the recovery was short-lived as bears pushed the price back below $ 1,100 on June 16. If the bears push the price below $ 1,000, the selling pressure could accelerate and the ETH / USDT pair could drop to $ 900. While the bearish sloping moving averages are showing the advantage for the bears, the oversold level on the RSI suggests that a relief rally may be just around the corner.
The bulls will need to push and hold the price above $ 1,268 to initiate a sustained recovery. Above this level, the pair could reach the 20-day EMA ($ 1,547), where the bears could form a strong resistance again.
to be held on 29 June Vasil rigid fork it could have triggered a strong rally but general market conditions cardan (ISLAND) suppresses the price. Cardano (ADA) bounced off $ 0.44 on June 14, and the bulls pushed the price to the 20-day EMA ($ 0.54) on June 15. The bears defended this level aggressively and the price fell on June 16th.
The price is stuck between the 20-day EMA and $ 0.44, but this narrow range move is unlikely to continue for long. If buyers push the price above the 20-day EMA, the ADA / USDT pair could rise to the 50-day simple moving average (SMA) ($ 0.59). A break above this level starts the rally aiming for a zone between $ 0.69 and $ 0.74.
Weakened by network outages, SOL has been hit hard by recent sales. wither (LEFT), attempted a recovery on June 15 and returned from the $ 35 level. The price fell on June 16, but the bulls are trying to protect the $ 30 level. Buyers will make another attempt to push the price above the general area between $ 35 and the 20-day EMA ($ 37). If successful, the SOL / USDT pair could move up to the 50-day SMA ($ 52).
Conversely, if the price falls from the high zone, it will indicate that the bears continue to sell at resistance levels. The bears will then try to push the pair below $ 26 and continue the bearish trend. The next downside support is at $ 22 followed by $ 20.
Avalanche (AVAX) is consolidating in the downtrend and the bulls are trying to protect the support at $ 14.50. Buyers tried to push the price to the breakout level of $ 21.35 on June 16, but higher levels continue to attract sales.
If the price drops and falls below $ 14.50, it could mark the start of the next leg of a downtrend. The AVAX / USDT pair could drop to $ 13 later. Conversely, if the bulls successfully defend the support of $ 14.50, the pair may make another attempt to climb to $ 21.35. This is an important level to watch out for as the bears will try to turn it into resistance and drag the pair down to $ 14.50. Buyers will need to move the price above the 20-day EMA ($ 21.94) and hold it there to signal a possible trend change.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk and should execute their transactions in line with their own research.