The broader cryptocurrency market stays beneath stress with Bitcoin (BTC) below $60,000 on Tuesday, while Solana (SOL), Zcash (ZEC) and Hyperliquid (HYPE) emerge as prime performers over the past 24 hours. Retail sentiment stays bearish with the Concern and Greed Index round 17 on Tuesday, throughout early Asian hours, sustaining an “Excessive Concern” sign.
Bitcoin stays muted close to $60,000
Bitcoin edges below $60,000 at press time on Tuesday amid a broader bearish bias, with value ready for the following catalyst for a directional push. The 50-day Exponential Transferring Common (EMA) is at $66,698, and the 200-day EMA is at $77,512, reaffirming the prevailing downtrend.
BTC can also be pinned just below the horizontal barrier at $60,000, while the sooner upward assist trendline now acts as a damaged structural reference close to $74,131. That stated, momentum is stabilizing on the every day chart as value consolidates close to $60,000. The Transferring Common Convergence Divergence (MACD) is popping marginally constructive above its sign line, and the Relative Power Index (RSI) is recovering towards 33, which hints at fading promoting stress however not but a decisive shift in pattern.
On the topside, rapid resistance seems on the $60,000 horizontal degree, adopted by the 50-day EMA at about $66,698, which reinforces the broader cap on recovery makes an attempt. Above that, the prior trendline break space round $74,131 and the 200-day EMA close to $77,512 mark deeper layers of overhead provide that might should be reclaimed to weaken the prevailing bearish construction.
Wanting down, a slip below the June 25 low at $58,115 may drop BTC towards the $53,485 assist degree, marked by the July 5, 2024 low.
SOL, ZEC and HYPE submit gentle recovery positive factors
Solana is buying and selling round $75 on Tuesday, following a 5% rebound the day before today. The recovery aligns with an influx of $5.52 million into SOL-focused Change-Traded Funds (ETFs) on Monday, suggesting contemporary institutional assist this week.
From a technical perspective, the 50-day and 200-day EMAs at round $75.23 and $98.03, respectively, reaffirm the capped long-term pattern. A decisive push above the 50-day EMA round $75.23 may additional lengthen positive factors towards the broader pattern barrier on the 200-day EMA close to $98.03.
Solana has bounced off latest lows, pushing the MACD and sign line increased towards the zero line, while the RSI at 55 crosses above the midline, hinting at a recovery section. But these constructive signals stay constrained by the overhead transferring common construction.
Zcash hovers round $400 on Tuesday, after an 8% rise on Monday, crossing above its 200-day EMA at $380. The privateness coin tasks a doable double-bottom reversal from the 20-day EMA, close to the 50% retracement degree at $356, measured from the $184 to $690 upswing.
Momentum exhibits a decline in bearish stress, with RSI at 42 indicating an uptick while the MACD prepares for a possible bullish crossover above its sign line.
If ZEC clears the 50-day EMA at $454, it may goal the 78.6% Fibonacci retracement degree at $520.
On the draw back, rapid assist is seen round $356, guarding the $300 spherical determine, adopted by the 23.6% Fibonacci retracement degree at $251.
Lastly, Hyperliquid exhibits regular conduct round $66 on Tuesday, following an almost 9% rebound from the 50-day EMA at $60.08 on Monday. Just like SOL, the rebound in HYPE coincides with a $2.23 million influx into US spot HYPE ETFs on Monday.
Momentum indicators on the every day chart recommend the broader uptrend is unbroken, with the RSI at 53 holding above the midline while the unfavorable MACD histogram contracts, hinting at waning draw back momentum.
The 78.6% Fibonacci retracement degree at $66.22 serves because the rapid resistance, measured over the upswing from $38.17 to $76.93. A decisive shut above this resistance zone may goal the all-time excessive degree of $76.93, adopted by the 127.2% Fibonacci extension degree at $93.08.
Seeking to the draw back, the 50-day EMA at $60.08 emerges as rapid assist, adopted by the 50% retracement degree at $54.19.
(The technical evaluation of this story was written with the assistance of an AI device.)
