Bitcoin and the wider crypto market have historically rallied in July, but traders are worried that the Mt. Gox repayments could impact the strength of this trend.) below the support of the $56,552 to $73,777 range has started a recovery. In a range, the price generally swings between the support and the resistance. The price action in the middle is random and volatile.on June 24. Bitcoin’s recovery could pick up pace in July if history repeats itself.
If bears want to prevent the upside, they will have to quickly yank the price below the channel’s support line. The index could then plummet to 104, where the buyers are expected to step in.Bitcoin’s tight range trading resolved to the upside with a break above $62,500 on June 30. The bulls are trying to strengthen their position further by pushing the price above the $64,602 resistance.If they succeed, the BTC/USDT pair could reach the 50-day SMA and later attempt a move to $72,000.
Contrarily, if the price turns down from the overhead resistance, the BNB/USDT pair may swing between $635 and $560 for a while. The short-term advantage will tilt in favor of the bears if they yank the price below $560. The pair may then slide to $536 and eventually to $495.The bulls purchased the dip and are again trying to shove the price above the resistance line. If they manage to do that, it will suggest that the correction may be over.
Toncoin bounced off the 20-day EMA on June 29, indicating that the bulls are buying on minor dips.The gradually upsloping 20-day EMA and the RSI in the positive territory suggest that the bulls have a slight edge. There is a minor resistance at $7.87, but if this level gets taken out, the TON/USDT pair may jump to $8.29.
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