Despite the recent recovery from the June lows, the technical outlook for Bitcoin and some major altcoins remains weak. Although the prices of the assets examined react in the short term, the general structure indicates that the medium-term downward trend continues. The common point that stood out in the analysis was that the recent increases were evaluated as a limited relief movement rather than a permanent trend reversal.
Resistance zone stands out in Bitcoin
After breaking down sharply from the $75,000 to $78,000 range, Bitcoin fell to the $60,000 region with a high-volume selling wave. Although the recovery that followed attracted attention, the fact that the price is still below the 20, 50, 100 and 200-day moving averages shows that the market structure is in favor of the sellers for now.
The current recovery in Bitcoin appears to be a short-term reaction movement within a broader downward trend rather than a clear trend reversal at this stage.
The most critical resistance area for Bitcoin is between $67,000, where the 20-day exponential moving average is located, and $74,000, where the 50-day simple moving average is located. The price needs to settle above this zone to signal that buyers are taking control again. Otherwise, bullish attempts may encounter sellers looking for an exit opportunity.
The RSI, known as the Relative Strength Index, has recovered from the oversold region and approached the 50 level, which is considered neutral. RSI is a common technical indicator that measures the speed and strength of price movements. Although this outlook suggests that the downward momentum is weakening, it does not by itself confirm that the upward trend has begun. Below, the $60,000 level remains the main support; If this level is lost, deeper support zones may come to the fore again.
SOL recovers, but technical risk remains
A structure similar to Bitcoin draws attention in SOL, the local presence of the Solana network. SOL broke out sharply from the upper $80s to the lower $60s, following months of lower highs and lower lows. Although the price’s recent approach to $74 indicates a recovery, it is stated that the technical risk has not disappeared.
The asset is currently trading below all major moving averages. While the 20-day exponential moving average between $74 and $75 is watched as the first resistance, the 50-day simple moving average at $81 and the 100-day simple moving average at $85 create a more intense resistance area that may limit the upside. The fact that the 200-day moving average is around $102 shows that the long-term strong structure is still far away.
The fact that the RSI indicator has recovered from oversold and approached the midpoint suggests that seller pressure has decreased in the short term. However, it is stated that the indicator has not yet become clearly clear in either an upward or downward direction. If SOL can climb above $75 and maintain this level, a fresh move towards the low $80 region could be seen. On the other hand, if the resistance is not overcome, the possibility of retesting the recent bottoms in the $ 63 to $ 65 band may increase.
Volume gave support in XRP, structure remained weak in SHIB
On the XRP side, a recovery effort came to the fore after the multi-month falling triangle structure broke down. The price was stuck between the downslope resistance line and the $1.25 support for a long time before the breakout. As the selling pressure increased, XRP retreated to the range of $ 1.05 and $ 1.10, then buyers stepped in again. Although it is seen as positive that the price has returned to the old support area between 1.22 and 1.25 dollars with the recent rise, the general trend remains close to negative.
The fact that the volume that increased in XRP during the sales wave remained high during the recovery period indicates that the movement may not be limited to just the technical reaction.
XRP also continues to trade below the 20, 50, 100 and 200-day moving averages. While the first important test is the 20-day exponential moving average, the 50-day simple moving average between $1.32 and $1.38 stands out as stronger resistance. Although the RSI rising above the 50 level indicates that momentum is increasing, the 50-day average must be exceeded for a more permanent return. As long as the price remains above $1.22, the possibility of a recovery towards the $1.35 to $1.40 band remains.
SHIB is considered to have the weakest technical structure among the assets examined. The asset, which formed a rising wedge formation for several months, fell sharply towards its recent lows at 0.0000045 as this structure broke down. Although the price later recovered to the 0.0000051 level, it is stated that this movement is still at an early stage and unconfirmed. While the 20-day exponential moving average acts as close resistance, regaining the broken wedge support between 0.0000055 and 0.0000057 is monitored as the main target in the short term.
