Bitcoin
Will the bulls return in July?
The cryptocurrency market has seen weak price action since the beginning of the month, indicating an increase in selling pressure within the crypto space. Furthermore, the global cryptocurrency market capitalization saw a 10.27% drop in valuation from $2.53 trillion on June 1 to $2.27 trillion on June 30.
Furthermore, elite cryptocurrencies continue to hover close to their crucial support levels, highlighting the rising bearish sentiment in the cryptocurrency market.
With the cryptocurrency market experiencing increasing volatility, will the top three tokens see a bullish reversal in July or will they fall towards their new lows? Dive in as we cover Bitcoin, Ethereum, and XRP price analysis and targets for the coming week in this article.
BTC price forms a channel pattern:
Bitcoin (BTC) price has formed a parallel channel pattern on the 1D timeframe, suggesting weak price action for the star cryptocurrency in the market. Furthermore, the BTC Price is hovering near its crucial support level of $60,819.50, the outcome of which is unpredictable.
TradingView: BTC/USDT
The Simple Moving Average (SMA) is about to record a bullish crossover on its price chart. This highlights an increase in buying pressure over selling and a strong possibility of a bullish reversal for the Bitcoin Price in the cryptocurrency space.
On the other hand, the technical indicator, RSI, successfully retested its oversold range. This resulted in the BTC token experiencing a positive convergence.
If the market sustains the Bitcoin crypto price above its crucial support level of $6,819.50, the bulls will head towards its resistance level of $67,775. On the other hand, if the bears continue to dominate the market, the BTC price will plunge towards its lower support trendline.
ETH coin price exhibits major bearish action:
Amidst the ongoing cross-border market correction, the Ethereum Price has formed a descending channel pattern and has been trading within it since the beginning of June. Furthermore, the leading altcoin has lost 3.37% in the last seven days and 9.40% in the last 30 days.
TradingView: ETH/USDT
The 50-day EMA constantly acts as a resistance to the Ethereum Price chart on the 1D timeframe, suggesting weak bullish price action in the crypto market.
Furthermore, the Moving Average Convergence Divergence (MACD) showed a steady decline in the red histogram. Furthermore, the averages present a high possibility of an optimistic convergence, suggesting a potential positive reversal in the near future.
If the bulls regain momentum, ETH price will break out of its resistance trendline and prepare to test its $3,730 resistance level during the next week. However, if the bears gain control, the Ethereum crypto will plunge towards its lower support level of $3,000.
Ripple Price About to Test Its Crucial Support:
O XRP Price has formed a symmetrical triangle pattern on the 1D timeframe and has continued to trade within it since mid-April. Furthermore, with a drop of approximately 3% over the past seven days, the altcoin has fallen close to its crucial support trendline.
TradingView: XRP/USDT
The technical indicator, MACD, displays a constant flat line on its price chart, suggesting weak buying and selling pressure within the crypto space. Furthermore, the averages show a neutral trend, highlighting the uncertainty in future price action for the XRP crypto.
If the market regains momentum, the Ripple Price will prepare to retest its symmetrical triangle pattern resistance trendline during the next week. Negatively, the bearish price action may pull the XRP coin price towards its low of $0.420 in the next period.