After the recent sharp sales in the cryptocurrency market, the search for balancing in major assets came to the fore. After Bitcoin lost its support between 72 thousand and 74 thousand dollars, it fell to the lower region of 60 thousand dollars with a rapid retreat. On the other hand, purchases in the range of 61 thousand to 63 thousand dollars indicated that the selling pressure had weakened in the short term.
The critical threshold in Bitcoin was between 64 thousand dollars and 72 thousand dollars
Bitcoin showed a reaction rise towards 66 thousand dollars after the sharp decline. This picture suggests that the market still sees the relevant region as an important accumulation area. The calmness in transaction volume also indicates that sales have slowed down after the first wave of panic.
However, the technical outlook has not fully gained strength. Bitcoin continues to trade below its 50-day and 100-day moving averages. The $72,000 level, which was previously viewed as support, is now a strong resistance. The fact that the rising trend line that supported the recovery in April and May has also broken down strengthens the hands of sellers in wider time frames.
The strong reaction in Bitcoin from the 61 thousand to 63 thousand dollar region shows that the market has not entered a completely bearish trend after the last decline, but the technical structure still remains fragile.
The RSI indicator, known as the relative strength index, has recovered from the oversold region and started to approach the neutral area. Mini dictionary: RSI is a technical indicator that measures the speed and strength of price movement. It is often used to evaluate overbought and oversold conditions. Although this recovery does not confirm the change in direction on its own, it shows that the sharp negative momentum during the first crash has weakened.
Shiba Inu tries to recover, but pressure continues
Shiba Inu showed a limited response, forming a temporary bottom around $0.0000044 after a steep decline at the beginning of the month. However, the chart shows that the short-term recovery has not yet turned into a permanent strengthening. The asset remains below its 50-day, 100-day and 200-day moving averages, and the downtrend of these averages supports the overall bearish trend.
Although there may be a small rising support structure in the short term, the fact that the multi-month wedge formation that shaped the price throughout the spring has broken down outweighs it. Regaining the $0.0000050 to $0.0000055 range for SHIB will be critical for the outlook to significantly improve.
On the SHIB side, the decline in sales volume after the first wave of panic suggests that sellers may lose influence; However, for a strong return, more significant participation on the buying side is required.
Although the RSI indicator has moved out of the oversold zone, it remains below the neutral level. This shows that the market is trying to balance rather than a strong rise. While the possibility of the price heading towards the June bottom is discussed if the current support is lost, the possibility of a recovery of at least 10 percent is evaluated if the close moving averages are exceeded.
A recovery attempt is being watched in Ethereum and XRP
Ethereum has been more resilient than many altcoins in the recent market correction. ETH, which fell from the $ 2,300 to $ 2,400 band, found support around $ 1,670 and started to form a recovery base there. The increase in volume during the sell-off and subsequent reaction period indicated active participation in the market.
Despite this, there are strong resistances ahead of Ethereum. The first important threshold is at $1,800, and this zone is close to the 50-day moving average. Further up, there is a stronger resistance cluster formed by the 100-day and 200-day averages between $2,000 and $2,350. As long as ETH remains above the recent low, there is a chance of gaining momentum towards $1,800.
On the XRP side, the recovery attempt is weaker than it seems at first glance. After failing to overcome the $1.30 resistance, the asset fell to $1.13 and later found support with purchases. Although the price reacted towards $1.20, this move was not enough to produce a new peak and XRP entered a horizontal squeeze.
Technically, XRP also remains below its 50-day, 100-day and 200-day moving averages. While the first significant resistance is around $1.20, the $1.25 to $1.35 band must be overcome for the market perception to change more significantly. On the other hand, the fact that the June bottom has been preserved despite sellers’ attempts to bring the price down in recent weeks shows that buyer interest continues at the lower levels.
