Traders are afraid that Bitcoin price is prepped for further downside, and this is bound to have a negative knock-on effect on most altcoins.
The recent developments in the crypto sector have rejuvenated the Bitcoin bulls. Software development firm MicroStrategy founded by Michael Saylor is planning to raise up to $750 million via a stock sale, with the aim to use the funds for working capital and. The firm already holds 152,800 Bitcoin worth about $4.5 billion at current prices.
Will buyers defend the immediate support levels in Bitcoin and altcoins or could the bears overpower the bulls? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin’s volatility picked up on Aug. 1. The bears pulled the price below the immediate support at $28,861 but the long tail on the candlestick shows aggressive buying at lower levels.The bulls propelled the price above the 20-day exponential moving average but they are struggling to clear the hurdle at $30,000.
The 20-day EMA is flattening out and the relative strength index is just below the midpoint, indicating a range formation in the near term. The boundaries of the range could be $30,050 on the upside and $28,585 on the downside. If buyers drive the price above this narrow range, the BTC/USDT pair could rise to the overhead resistance zone between $31,000 and $32,400. On the downside, a crack below $28,585 may start a downward move to $27,500 and then to $26,000.
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