Bitcoin and select altcoins may witness an upswing if the vote on the debt ceiling succeeds, but holding onto higher levels may not be easy.
on the debt ceiling in the United States House of Representatives could provide direction. If the vote succeeds, as is widely accepted, it could lead to a knee-jerk reaction to the upside. But if the vote fails, then Bitcoin is likely to break below $25,000.
The short-term charts of Bitcoin and select major altcoins suggest that the bulls may be losing their grip. What are the important support levels that the bulls need to hold to avoid a collapse? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin reversed direction from the downtrend line on May 29, indicating that the bears continue to sell near crucial resistance levels.
Buyers are expected to defend the zone between $24,000 and $25,250 with all their might because if it cracks, the pair may nosedive to $20,000. On the upside, the bulls will have to surmount the downtrend line to signal the start of a new up-move. The pair may first rise to $30,000 and later to $31,000.
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