Bitcoin (BTC) is witnessing a tough battle between the bulls and the bears. The buyers are trying to keep the price inside the $56,552 to $73,777 range, while the bears are attempting to yank the price lower. Sellers pulled the price near $53,500 on July 5, but lower levels attracted buying by the bulls.
According to Farside Investors, United States-based Spot Bitcoin exchange-traded funds witnessed net inflows of $143.1 million on July 5, the largest in one month. Bitwise Asset Management CEO Hunter Horsley said in a post on X that investors who do not have exposure to Bitcoin have a “chance to buy the dip” as its outlook “has never been stronger.”
Crypto market data daily view. Source: Coin360
Bitcoin’s recent fall has intensified selling in several altcoins, but a few have managed to hold on to their strong support levels. These altcoins could lead the recovery if Bitcoin starts a move toward $60,000.
What important resistance levels need to be crossed for buying to pick up in Bitcoin and altcoins? Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin plunged below the $56,552 support on July 5, but the bulls purchased the dip and managed to defend the level on a closing basis.
BTC/USDT daily chart. Source: TradingView
However, the bears are unlikely to give up easily and will make one more attempt to sink and sustain the price below $56,552. If they do that, the BTC/USDT pair could slide to $53,485 and eventually to solid support at $50,000.
The downsloping 20-day exponential moving average ($61,231) indicates advantage to bears, but the positive divergence on the relative strength index (RSI) suggests that the bearish momentum could be slowing down.
Buyers will have to shove the price above the 20-day EMA to indicate that the range-bound action between $56,552 and $73,777 may continue for some more time.
BTC/USDT 4-hour chart. Source: TradingView
The 20-EMA on the 4-hour chart is flattening out, and the RSI is just below the midpoint, suggesting that the selling pressure is reducing. The downtrend line is the crucial level to watch for on the upside. A…
..
