Bitcoin and select altcoins are at risk of slipping below their immediate support levels, signaling that bears are attempting a comeback.
) continues to attract the lion’s share of the funds, with last week alone accounting for $140 million in inflows.Morgan Creek Capital chief investment officer and founder Mark Yusko said in an interview with Cointelegraph thatand the markets are likely to “drift upwards toward that level.” Once this level is crossed, Yusko expects speculators to step in, resulting in a blow-off top sometime in 2024.
What are the important support levels that need to hold in Bitcoin and altcoins to prevent a deeper decline? Let’s study the charts of the top 10 cryptocurrencies to find out.Bitcoin slid below the 20-day exponential moving average of $30,124 on July 17 and tested the crucial support of $29,500 on July 18. The long tail on the day’s candlestick shows that lower levels continue to attract buyers.
The next trending move could begin on a break above $32,400 or a drop below $29,500. If the range breaks below $29,500, the pair may plunge to $27,500 and later to $26,000. On the contrary, if bulls push the price above $32,400, the pair may start a rally toward $40,000.
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