Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

cointelegraph.com:

Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011.

It is not all gloom and doom for crypto investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “Net Leverage metric” suggests that crypto’s deleveraging may be on its last legs. The eagerness of crypto companies with stronger balance sheets to bail out crypto firms in distress is also a positive sign.

Another positive view on Bitcoin came from Deutsche Bank analysts. In a recent report, the strategists said that the S&P 500 could recover lost ground and rally to the levels seen in January. This could benefit Bitcoin due to its close correlation with the S&P 500.

Could the downtrend resume or will lower levels attract buyers? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin plummeted below the immediate support at $19,637 on June 30 but the long tail on the candlestick indicates strong buying at lower levels. The bulls tried to build upon the momentum on July 1 and push the price toward the overhead resistance at $22,000 but the long wick on the candlestick shows that bears are active at higher levels.

If the price sustains below $19,637, the likelihood of a retest of the critical support at $17,622 increases. The downsloping moving averages and the relative strength index in the oversold zone indicate that bears are in control.

A break and close below $17,622 could signal the resumption of the downtrend. The next support is at $15,000.

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