Crypto Price Analysis 7-25 BTC, ETH, SOL, DOT, XRP, RNDR, BONK

I have been closely following the cryptocurrency market for several years now, having personally invested and traded various digital assets during this time. Based on my observations and analysis of the current market trends, it appears that Solana (SOL) has faced some significant selling pressure in recent days, pushing the price below $180. Despite a brief recovery attempt, SOL was unable to sustain momentum, and I believe sellers will continue to target the $150 level if they can breach the current support at $170.

Bitcoin (BTC) enthusiasts have relinquished control over the important resistance level at $65,000 as bearish forces intensify, causing the price to decline further. A potential support level for BTC lies at its 50-day Simple Moving Average (SMA), which could halt the downward trend. However, if selling pressure persists, Bitcoin may slide even lower towards $62,000.

The cryptocurrency market is experiencing mass sell-offs, causing turmoil as Bitcoin and Ethereum prices plunge. This market instability coincided with a larger slide in the US stock market, represented by a 3% decrease in the Nasdaq Composite Index.

Liquidations Reported

As a researcher studying the cryptocurrency market, I’ve discovered that long positions worth over $220 million and short positions worth around $32 million were liquidated during the last 24 hours. Among those, Ethereum (ETH) saw approximately $17.5 million in liquidations, making it the second most affected asset after Bitcoin (BTC), which experienced around $14.8 million in liquidations. Notably, CoinGecko reports that ETH suffered a 8% plunge, while BTC dropped by nearly 3%, resulting in BTC losing its significant level at $65,000. This decline seems to correlate with the sharp downturn in tech stocks’ value.

Experts notice a correlation between Bitcoin’s price fluctuations and tech stocks, as well as broader market trends. Multiple elements contribute to the recent decline, including ongoing political events in Washington, President Biden’s exit from the presidential race, and the Democrats’ potential re-engagement with the crypto sector. Analysts anticipate increased volatility in the cryptocurrency markets over the short term.

Despite some short-term setbacks, the long-term view on Ethereum’s price remains positive. QCP, a Singapore crypto firm, stays optimistic about Ethereum for several reasons. Firstly, the approval of spot Bitcoin ETFs is expected to boost Bitcoin prices, and in turn, potentially lift Ethereum as well. Secondly, increasing institutional investment in Ethereum could push its value back up towards previous highs. Contrarily, recent earnings reports from tech companies like Alphabet triggered a sell-off, causing their shares to drop due to higher-than-expected capital expenditures.

Mt. Gox Creditors In No Rush

Mt. Gox’s creditors received their distributed funds from Kraken, according to a report. Yet, this event failed to significantly influence Bitcoin’s price, indicating a lack of urgency among creditors to realize gains.

“The Trustee in charge of distributing the remaining funds from the Mt. Gox estate, which includes Bitcoin and Bitcoin Cash, has effectively utilized Krakenfx for this task. This process began approximately a decade ago when Kraken was chosen by the Trustee to manage the investigation and return of client assets.”

As a researcher examining Kraken’s cryptocurrency trading data, I haven’t observed any noticeable increase in hourly trading volumes or substantial Bitcoin outflows from the exchange. According to Ki Young Ju, CEO of CryptoQuant, this suggests that creditors are holding onto their crypto assets and not selling in large quantities.

Approximately 4 hours ago, Mt. Gox creditors received Bitcoins. Since then, there hasn’t been a notable increase in Kraken’s hourly spot trading volume or Bitcoin outflows.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) experienced a notable decline, amplified by a substantial drop in the US markets, resulting in a negative impact on the cryptocurrency market. Reflecting the trend of tech stocks, BTC continued its downward spiral and fell below the key $65,000 mark. In the long term, Bitcoin’s price remains situated between $56,552 and $73,777, with investors buying at support levels and selling at resistance points. Over the weekend, Bitcoin exhibited a bullish trend, reaching a peak of $66,652 on Friday. However, by Sunday, it surpassed $67,500 but encountered strong selling pressure, as evidenced in the price graph.

In recent developments, Bitcoin started the week displaying substantial volatility, with buyers aiming to push the cost beyond $68,000 while sellers fiercely guarded that level. The cryptocurrency ultimately recorded a minimal decrease and closed at $67,597. Pessimistic feelings grew stronger on Tuesday as sellers seized control of the market, causing Bitcoin to plummet by 2.52% and reach a closing price of $65,894. Buyers attempted a comeback on Wednesday, pushing Bitcoin to touch a daily peak of $67,117; however, they failed to maintain their effort, leading to a further decrease of 0.75%, leaving the digital currency at $65,397. Presently, the market session shows Bitcoin continuing its descent, with a current loss of 1.76% and a trading value of $64,275.

Should Bitcoin’s price continue to decrease, the 50-day Simple Moving Average (SMA) could act as a support and halt the decline. If this resistance is broken, however, we might witness a drop towards $62,000 or even $60,000. Conversely, if Bitcoin recovers, it will attempt to retake the $65,000 and $66,000 price points. Presently, though, sellers are dominating the market, and bulls need to safeguard essential support levels to thwart a substantial decline.

Ethereum (ETH) Price Analysis

In recent trading sessions, Ethereum (ETH) has experienced a steep decline, dropping approximately 9% since the past two days. This downturn came after ETH’s initial correction following the launch of spot Ethereum Exchange-Traded Funds (ETFs). However, several other factors have contributed to ETH’s loss of crucial support levels.

On Wednesday, bearish investors regained control, causing Ether (ETH) to dip below $3,400 and the 50-day Simple Moving Average (SMA). This move opened up the possibility for a more substantial decline. True to form, ETH fell by approximately 4% to hit $3,336. With an essential support threshold violated, ETH has continued its downward trend during the current trading session and is now 5% lower. The loss of both the $3,200 level and the $3,400 resistance level further adds to the bearish outlook for ETH. Several factors have contributed to this decline, including the substantial drop in the broader US markets and the waning initial enthusiasm surrounding the launch of Ethereum spot ETFs, which has led to a correction in the market for ETH. The Relative Strength Index (RSI) indicates that bears are currently in control, suggesting that ETH could experience further declines.

If Ether (ETH) has dipped below the 200-day Simple Moving Average (SMA), its price outlook appears uncertain. Should pessimistic market feelings continue to prevail, sellers might challenge the $3,000 mark. However, if ETH manages to bounce back, it’s essential for it to retake the significant resistance levels of $3,200 and $3,400 first.

Solana (SOL) Price Analysis

During the recent trading session, Solana (SOL) followed the trend of the larger crypto market and experienced a decline. This downturn was mirrored in the broader US markets, causing a ripple effect. Nevertheless, Solana has managed to stay above $170 thus far, as buyers have been attempting to protect this level. Over the weekend, SOL exhibited strong bullish sentiment, reaching a high of $184.50 on Sunday as buyers put up resistance at that level. However, sellers became active and prevented Solana from breaching $185, resulting in a drop of 2.96% to $179.04 on Monday.

Pessimistic outlook prevailed on Tuesday, causing Solana (SOL) to slide further. SOL ended up losing 3.31% and closed at $173.11. Attempts by sellers to force the price below $170 were thwarted, as shown in the price chart. Buyers stepped in around $170 on Wednesday, helping SOL rebound and move towards $180 once more. However, it failed to maintain its momentum, leading sellers to push SOL below $180. Despite this setback, SOL managed to increase by nearly 3% to close at $178.11. Currently, the market session sees SOL down by over 4%, with sellers aiming for a price below $170.

Bulls are holding their ground around the $170 mark for Solana (SOL) as anticipated, while the bearish trend continues. The overall market is experiencing a downturn as well. If SOL falls below $170, it may slide towards $150. Conversely, if SOL recovers, it could challenge resistance levels at $180 and $185 once more.

Polkadot (DOT) Price Analysis

As a researcher studying the cryptocurrency market, I’ve noticed that Polkadot (DOT) has experienced a notable drop in investor attention recently, prompting concerns among analysts about its ability to hold above the crucial $6 mark for the second time this month. These fears were validated this week as DOT continued to trend bearishly, dipping below $6 and remaining there despite strong selling pressure. However, DOT managed to close the weekend on a slightly positive note, rising to $6.44 before succumbing once more to sellers at around $6.50. This resulted in a sharp decline on Monday, with DOT falling by 5.28% and settling at $6.10 – a price point that also caused it to fall beneath both the 50-day and 20-day Simple Moving Averages (SMAs).

On Tuesday, DOT experienced a significant decrease, dropping 2.95% to land at $5.92. The bearish trend persisted on Wednesday, with DOT losing an additional 2.87%, bringing its price down to $5.75. As of now, the session is seeing DOT continue in a negative trajectory. Sellers successfully drove the price as low as $5.57 during the day, but buyers countered, potentially signaling demand and pushing the price back up to $5.70. Despite this, DOT still remains 0.87% lower than its previous day’s price.

Moving forward, what’s next for DOT? If DOT manages to hold steady around $5.50, it may try to regain the $6 mark. However, if selling pressure persists, we could witness a decline to $5. The technical outlook for DOT is quite unfavorable. Its Sharpe Ratio stands at -0.99, implying that potential returns on investment might be meager in the near term. Moreover, social volume related to DOT has been decreasing, suggesting reduced enthusiasm towards the token currently. The Relative Strength Index (RSI) indicates that sellers are now dominating the market.

Ripple (XRP) Price Analysis

On July 18, XRP experienced a significant decline of approximately 9%. Despite bears’ efforts to drive the price beneath the $0.57 support level, they failed. By Monday, XRP regained strength and climbed back up to $0.60. However, sellers attempted another push below the support level on Tuesday but were met with resistance from buyers, pushing the price back up to $0.59. Buying activity picked up on Wednesday as bulls aimed to surpass the $0.65 resistance.

In the present trading situation, XRP has dropped by 1.10%. There was an attempt by sellers to drive XRP beneath the $0.57 mark, but buyers managed to thwart their efforts and lift the price back up. If XRP manages to shift the negative trend, it may advance towards $0.64 in the upcoming period. A surge above this level could potentially lead to a rally towards $0.70. Conversely, sellers aim to keep XRP below the resistance at $0.65 and push it back down towards $0.57 to prevent such an outcome.

Render (RNDR) Price Analysis

Based on my extensive experience and analysis of the cryptocurrency market, it appears that RNDR had a challenging week. After surging above $7 on Sunday, the coin encountered strong resistance at this level and experienced a sharp decline, dropping by 8.55% to close at $6.56 on Monday. Sellers attempted to push the price below $5 on Tuesday, but buyers showed up at lower levels and managed to lift the price back above its 20-day Simple Moving Average (SMA) to $6.50. Overall, RNDR saw a weekly decline of 1.01% compared to the previous day. This rollercoaster ride in RNDR’s value is not uncommon in the volatile world of cryptocurrencies and underscores the importance of staying informed about market trends and being prepared for potential fluctuations.

On Wednesday, bears successfully drove RNDR‘s price down to $6.20, which represented a 4.58% decrease. In the ongoing trading session, RNDR has experienced a decline of over 3% as sellers strive to force the price beneath $6.

BONK Price Analysis

Paraphrasing: The Solana-linked meme token BONK has persisted in losing value, with market analysts anticipating it to find a footing around the $0.000026 mark due to substantial liquidity in that region. In the past week, BONK has been trading in the red, dropping as low as $0.000030 following a 7.51% decrease. The bearish trend continued on Tuesday when BONK hit $0.000028 after a nearly 6% drop. Buyers attempted to rebound the price above $0.000030 on Wednesday, but their efforts failed to gain traction. Consequently, sellers regained control, and BONK closed the day at $0.000027, shedding 2.69% of its value.

In the ongoing trading session, BONK remains below the zero line as sellers aim to lower its value to $0.000025. Due to the substantial liquidity available at this price point, there’s a possibility of a price bounce-back. Nevertheless, the waning buying demand could result in another dip for BONK, sending it back into negative territory after a brief recovery.

2024-07-25 14:09