Price analysis 7/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

cointelegraph.com:

The United States Consumer Price Index soared to 9.1% in June, exceeding expectations of an 8.8% rise year-on-year. Currently, the Fed funds futures point to an 81 basis points rate hike for July, suggesting that some participants anticipate a 100 basis points hike.

Several on-chain indicators have been pointing to a likely bottom in Bitcoin (BTC) but the analysts from market intelligence firm Glassnode are not convinced that the low has been made. In “The Week On-Chain” report on July 11, the analysts said that the market may have to fall further “to fully test investor resolve, and enable the market to establish a resilient bottom.”

While the short term remains bearish, strategists are confident about its long-term prospects. CoinShares chief strategy officer Meltem Demirors said on CNBC that Bitcoin may extend its “downward correction” in the near term but it is likely to make a new all-time high “in the next 24 months.”

What are the important levels on Bitcoin and the major altcoins that could arrest the decline? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin dropped back to the support line of the symmetrical triangle on July 12, indicating that the break above the triangle on July 7 may have been a bull trap.

The buyers are trying to defend the level but the long wick on the July 13 candlestick shows that the bears are selling near the 20-day exponential moving average ($20,796). Both moving averages are sloping down and the relative strength index (RSI) is in the negative zone, indicating that bears are in command.

If the price breaks below the support line, the BTC/USDT pair could drop to the $18,626 to $17,622 support zone. This is an important zone for the bulls to defend because if it