Crypto Price Analysis 7-10 BTC, ETH, SOL, UNI, AVAX, WIF, APT

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Bitcoin (BTC) has bounced back after falling to a day low of $53,591 on Friday and is moving towards $60,000. However, analysts have warned that markets will remain volatile for the foreseeable future. 

Analysts have predicted that markets will have to absorb between $4 billion and $7 billion worth of BTC selling pressure in the middle of the year, which will weigh on prices as the year progresses. 

Markets Recover, But Is Rally Short-Lived?

The cryptocurrency market has rebounded, with Bitcoin (BTC) leading the charge and pushing towards $60,000. Markets were spooked after the crypto market tanked due to the liquidation of the German government’s BTC holdings and Mt. Gox creditors potentially selling their BTC in the open market once they are repaid sometime later this month. Almost all cryptocurrencies have rebounded as market fears were largely allayed. Cryptocurrencies that made significant gains included Solana (SOL), Ethereum (ETH), Bitcoin (BTC), Avalanche (AVAX), and Internet Computer Protocol (ICP). 

However, some analysts, such as Markus Thielen, the co-founder of 10x Research, believe the rally will be short-lived. 

“The $55,000-$56,000 range is forming a base from a technical analysis perspective. However, given the medium-term technical damage, we anticipate no more than a short-term tactical bullish countertrend rally. We anticipate Bitcoin could rally back to nearly $60,000 before experiencing another decline to the low $50,000 range, creating a complex trading environment.”

Additionally, seasonal trends are also against BTC, with the third quarter historically offering low or weak returns. Analysts at K33 Research have estimated that the BTC market will have to absorb around 75,000 to 118,000 BTC from Saxony and Mt. Gox customers, worth between $4.3 billion to $6.8 billion at current prices. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) had recorded a sharp drop during the previous week, dropping to a low of $53,591 on Friday. However, thanks to strong demand at lower levels, BTC recovered and settled at $56,742, registering a marginal drop of 0.62%. The price recovered on Saturday, rising by 2.76% to $58,309. However, buyers could not push the price above the 200-day SMA, and it fell back in the red on Sunday, dropping by just over 4% to settle at $55,909.

Source: TradingView

BTC saw considerable volatility on Monday, as can be seen in the price chart, with buyers and sellers attempting to control the market. Eventually, buyers won out, with BTC rising by 1.53% to $56,574. BTC continued its upward trajectory on Tuesday as markets recovered, registering an increase of 2.32% to settle at $58,081. The current session sees BTC up by 1.64% as buyers look to push the price above the $59,000 mark and the 200-day SMA. Currently, BTC is trading just above $59,000. With buyers having successfully defended BTC’s support levels, a slide towards $50,000 does not look to be on the cards, at least for the near future. If BTC can consolidate above the 200-day SMA, we could see a push above $60,000 and the 200-day SMA, a crucial resistance level. However, bears are expected to defend the $59,000 and $60,000 levels.

Ethereum (ETH) Price Analysis

Ethereum (ETH) pushed above $3,000 at the beginning of the week after bears failed to breach its support level of $2,800 despite pushing the price below $3,000 on Friday. ETH was quite bearish during the previous week, dropping to a low of $2,824 on Friday before recovering and settling at $2,983, a decline of 2.51% from a day earlier. ETH was able to push back above $3,000 on Saturday as it rose by almost 3% to $3,069. However, it was back in the red on Sunday, dropping by 4.50% to end the weekend back below $3,000 at $2,931.

Source: TradingView

However, sellers were unable to maintain momentum, and after ETH experienced significant volatility on Monday, buyers were able to regain control, with ETH rising to a day high of $3,093. However, sellers were active around the $3,100 level, and ETH fell back to settle at $3,020, an increase of just over 3%. ETH continued to remain in the green on Tuesday, rising by 1.57% to $3,067. Despite this, it was still unable to break the resistance at $3,100. The current session sees ETH up by 1.29% as buyers attempt to push the price above $3,000 and the 200-day SMA. However, sellers are actively defending this level, and if ETH is unable to move past it, we could see a drop back to $3,000 or lower. On the other hand, if ETH can push above the 200-day SMA, we could see a rally towards the 20-day SMA and the $3,300 level. 

ETH’s recent upswing can be attributed to developments related to its spot ETF.

“First S-1 just rolled in today from VanEck.. they already had their fee, so there’s nothing to see here, really; they’re just putting the ball back in SEC’s court. Expecting the rest today except for Bitwise, who did theirs last week.”

Solana (SOL) Price Analysis

Solana (SOL) has been on an absolute tear since Monday, registering an increase of 17% between July 7 and July 9. The gains went a long way in recouping SOL’s losses when it had dropped to a low of $121 on Friday. This came after a drop of 9.15% on Thursday which saw SOL slip below the 20 and 200-day SMAs to $140. Despite facing significant selling pressure on Friday, SOL was able to make a strong recovery, eventually ending Friday up by 5.11% and settling at $134.40, significantly higher than its day low of $121. The weekend began with SOL moving above the 20 and 200-day SMAs on Saturday, rising to $143.10.  However, it fell into the red on Sunday, registering a drop of 7.99%, slipping below the 200 and 20-day SMAs to $131.66.

Source: TradingView

SOL rebounded on Monday, registering a 6.24% increase to settle at $139.88. The rebound also saw SOL back above the 20 and 200-day SMAs. Tuesday saw increased volatility as both buyers and sellers looked to exert control. Sellers were able to push SOL to a low of $136.59 before buyers regained control to take SOL above $140 to $141.49. The current session sees SOL up by just over 2%, with a move to $150 potentially on the cards.

SOL’s trading activity has also registered a significant jump after VanEck and 21Shares submitted applications for a spot Solana ETF to the Securities and Exchange Commission. This is one of the reasons why SOL has registered a jump during the week. The applications were confirmed by the Chicago Board Options Exchange (CBOE) filings. If SOL’s current recovery continues, it will face its first test in the 50-day SMA, which lies around the $150 level. If SOL can overcome this level, we could see a push towards $200. A reversal could lead to a drop to the $130 mark.

Uniswap (UNI) Price Analysis

Uniswap’s (UNI) recovery has not been as strong as its peers, with the asset currently trading in the red as buyers and sellers battle to exert control. The asset has seen a drop of almost 9% over the past seven days. UNI slipped below its support levels on Thursday, as buyers were able to breach $8 and push the price down to $7.62. Friday saw bearish sentiment intensify, with sellers pushing UNI below $7 and dragging it to a low of $6.77. However, strong demand at lower levels allowed buyers to enter the market, with UNI eventually settling at $7.77, an increase of 1.93%.

Source: TradingView

Saturday saw buyers retain control, with UNI registering an increase of 5.38% to push back above $8 to settle at $8.19. However, the bears were back in control on Sunday, pushing UNI back into the red. This meant the price fell by 6.77%, slipping back below $8 and settling at $7.63. The current week began with the market in the green, and UNI registered an increase of 5.22% to move to $8.03. Buyers continued to control the market on Tuesday, allowing UNI to move to $8.19. However, the current session sees UNI in red as sellers attempt to push the price back below $8.

UNI faces strong resistance at $9. However, buyers have yet to mount a…