A study by on-chain analytics company Glassnode ranked the current bear market for Bitcoin (BTC) as one of the worst. The Mayer Multiple dropped below the cycle’s low for the first time ever during this period. The loss of $4.23 billion that investors experienced on June 18 when the price of bitcoin dropped below $20,000 was a record loss for investors overall.
As of June 25, the analytics resource “Game of Trades” indicated that demand from whales holding 1,000 to 10,000 bitcoins seems to have started, indicating that the bottom may be imminent. The price of bitcoin increased significantly.
Another indication that traders are buying comes from Glassnode comments that claim that on June 26, the 30-day average change in the supply stored on exchanges fell by the greatest amount ever recorded—153,849 Bitcoin.
Could bulls maintain their buying on price reversals and create a higher low? Let’s look at the topmost cryptocurrency charts to find out.
BTC/USDT
Indicating that traders are still selling on small rallies and that the sentiment is still negative, Bitcoin moved lower from $22,000 on June 26. The bears will endeavor to drive the price down to the symbolic level of $20,000.
If the price moves back up from $20,000, it will indicate that bulls are buying on dips. This might cause the pair to trade sideways between $20,000 and $22,000 for a few days.
The 20-day EMA ($22,890) will need to be broken and closed above as the first indication of strength. This might pave the way for a potential rally to the $24,693 mark of the 50% Fibonacci retracement level.
ETH/USDT
On June 26, ETH ($1,300) reached the 20-day EMA, but bulls were unable to raise the price above the resistance. This indicates that the bears may not be eager to give up their advantage.
The bears will try to push the ETH/USDT pair down to $1,050 if the price drops from its present level. This is a crucial level to keep an eye on because a break below it might indicate that bears are in charge.
BNB/USDT
Since June 24, the 20-day EMA ($241) has been BNB/USDT BNB’s main support level. This implies that the bears are holding the level but that the bulls are still in it because they believe a move higher is still possible.
The BNB/USDT pair may increase in value until it reaches the 50-day SMA ($277) if buyers push the price over the 20-day EMA. If broken, the pair might try to climb toward $350. This level might once again pose a difficult barrier.
XRP/USDT
On June 24, Ripple (XRP) broke and closed above the overhead resistance at $0.35, but the bulls were unable to overcome the resistance at the 50-day SMA ($0.38). This implies that the bears are fiercely guarding the level.
A slight plus is that the bulls have prevented a return of the price below the 20-day EMA ($0.35). This implies that you should purchase when prices are low. The bulls will try to raise the price above the 50-day SMA once again if it rebounds off its present level.
If they are successful, it will indicate that the slump may be waning. At that point, the XRP/USDT pair might increase to $0.45. Another scenario is that bears drive the price back down to $0.35. If that does place, the pair may fall to $0.32 and then $0.28.