Bitcoin (BTC) is in a tough spot with bulls unable to hold $65,000 for long due to continuous selling pressure. Slight support at the 50-day SMA could indicate stabilization, but further losses toward $62,000 are possible while selling pressure persists.
Crypto liquidations rise sharply as Bitcoin and Ether prices crash, causing widespread disruption in the market. This decline comes at a time when other markets in the US are also declining, with the Nasdaq Composite Index dropping by more than 3%.
Bitcoin BTC
Bitcoin (BTC) continued to drop along with other cryptocurrencies, causing a significant fall in the overall US markets, affecting the entire segment. BTC, which tends to follow tech stocks, dipped below $65,000.
Long-term trends indicate that BTC oscillates between $56,552 and $73,777, below which is the buying zone and above which is the selling zone. BTC made bullish patterns over the weekend by touching $66000 on Friday and going beyond $67500 on Sunday; however, there was remarkably selling pressure visible in the price chart.
BTC began the week with ups and downs, reaching as high as $68,000 but closing at $67,597. Tuesday became bearish with a 2.52%. Wednesday saw a brief recovery to $67,117, but BTC fell by 0.75% to $65,397.Today, BTC is going lower, declining by 1.75%, and trading at $64,275.
BTC may find support at the 50-day SMA as its next level of support; a break below that may lead to a further decline to $62,000 or $60,000. A rebound would aim at recouping $65,000 and $66,000; however, current market sentiment is bearish, encouraging bulls to defend crucial support levels to avoid further loss.
Solana SOL
Solana (SOL) experienced declines as the broader crypto market faced declines due to US market tensions, but SOL remained above $170 with bullish support. Even though the weekend’s high was at $184.50, SOL fell to nearly $185 due to bears and closed 2.96% on Monday at the active selling pressure.
SOL reduced by 3 on Tuesday. undefined 11 which was surrounded by bearish sentiment yet bounced above $170. An attempted recovery on Wednesday saw SOL rise to as high as $180 before retesting the $178 level. 11, which represent nearly 3% growth from the previous year with occasional selling pressures. At the moment, SOL is down by 4%, and sellers are pressuring the key $170 support level in the current trading session.
SOL continues to trade above $170 as bulls support the critical level, with bears dominating the market. A break below $170 could push SOL toward $150; conversely, higher levels could target resistance at $180 and $185 again.
Ripple XRP
XRP managed to bounce back from a slide of 9% on July 18, which is established above $0.57, despite bearish attempts to breach it. By Monday, XRP rose to $0.60, but Tuesday was somewhat bearish as sellers probed for support again. On Wednesday, buying pressure rebounded as bulls focused on piercing through the $0.65.
In the current session, XRP is down by 1.10%, which is justified above $0.57 by buyers against the selling pressure. A reversal could target $0. 64 next, with the potential to test $0.70 if resistance at $0.65 is violated; sellers target XRP to remain below $0.57 to avoid further rising up.
BONK
The Solana-based meme coin BONK is still in a downtrend and trading around $0.000027, with anticipation of becoming stable at $0.000026 thanks to very high liquidity. Buyers have endeavored to raise it over $0.000030 this week; selling pressure remained bearish and forced BONK to drop to nearly 6% on Tuesday and an additional 2.69%.
At the moment, BONK continues to fall, with sellers aiming at $0.000025; low volatility indicates that the stocks may have a great deal of liquidity, which means that the price is likely to rebound. However, if BONK recovers from the bearish trend, weak buying pressure may push it back to the red zone.
